All Credit articles – Page 8
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White papers
Rate Reduction Bonds - Finding Value in an Esoteric Market
Born out of deregulation in the 1990s, rate reduction bonds (RRBs) are increasingly used by utilities to fund costs associated with natural disasters and help fund the transition to clean energy. Securitized by fees charged to a utility’s customers, they typically provide predictable cashflows and are of generally high credit quality.
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White papers
Keeping Your Balance as the Credit Cycle Turns
Striking the right balance between interest-rate and credit risk can be a good idea in the late stages of a credit cycle. We think it’s a particularly good idea in this credit cycle.
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Podcast
All The Credit, Ep. 41 - Quantitative Tightening: Unwinding Central Bank Balance Sheets
Quantitative tightening (QT), the unwinding of the large scale of purchases of a broad range of financial assets by central banks, has become a feature of monetary policy since the great financial crisis. Though central banks around the world have already started this process, given the many distractors in the market, such as the global banking crisis and the U.S. debt ceiling brinkmanship, QT has gone on somewhat unnoticed.
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White papers
How to Get the Most From Private Placement Debt
Private Placement Debt can offer fixed income investments enhanced diversification, risk-adjusted yield and downside mitigation. We anticipate growing recognition of the role it can play in a wide range of investor portfolios.
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White papers
Cross Asset Investment Strategy – special edition: mid-year outlook 2023
“A central bank pause supports the case for bonds. Investors will have to assess the inflation path and the earnings outlook moving into 2024, in the search for opportunities in equities.”
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White papers
Equities from 10,000 Feet Up
Three of Allspring’s equity leaders identify trends they believe will be evident as well as potential risks and opportunities for equity investors in the second half of 2023.
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Video
Opportunities in US high-yield credit
Shannon Ward, fixed income portfolio manager, discusses numerous factors she believes are creating a compelling opportunity in US high-yield bonds.
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Blog
Will the Fed’s Policy Bundle Morph into a Bungle?
The Federal Reserve’s decision to hold monetary policy steady was expected but its arrival carries a set of nuanced ramifications.
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Podcast
All the Credit, Ep. 40 - Breaking the Bank? Weighing Looming Risks in the Commercial Property Sector
Banking is again front and center as investors weigh systematic risks from another prospective real estate crunch - this time in the commercial property sector.
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White papers
Decoding success in Fixed Income: The power of security selection
Franklin Templeton Fixed Income believes there will be no Fed rate cuts this year but global central banks must continue to be vigilant, and expects a short, shallow recession in the United States and the euro area. Fixed Income Views presents the team’s third-quarter 2023 outlook.
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White papers
Navigating Uncertainty 2.0 - Are bonds in the sweet spot?
Since the start of the year, the potential long term investment opportunity for fixed income has increased. Problems in the banking sector have raised the prospect that central banks will now pivot toward ensuring financial stability and either pause, or start cutting, rates. This increases the chances monetary policy could shift from a headwind for bond markets to overcome into a tailwind supporting results.
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Webinar
Fallen angels: unlocking price recovery potential
In our latest webinar, Ashton Parker and Anando Maitra, co-managers of LO Funds – Fallen Angels Recovery explored the attractive risk-adjusted return potential from fallen angel investing, throughout market cycles.
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White papers
Looking beyond traditional LDI instruments as de-risking gathers steam
In 2022, we saw one of the most unprecedented movements in global financial markets in modern history. A combination of global geopolitical problems and supply-demand imbalances of goods and services due to the pandemic left the Federal Reserve (Fed) with no option but to try and slam the inflationary brake by hiking short-term interest rates to stop the economy from overheating.
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White papers
GCC/MENA Bond Market Update
Fixed income markets fell in May, mainly due to stronger-than expected US data, though outside of the United States (US) the figures released were more downbeat. Early in the month, the US Federal Reserve (Fed) raised its federal funds rate by 25 basis points (bps), and accompanying comments by policymakers appeared to suggest an end to the hiking cycle.
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White papers
Credit crisis? Why this time may be different for REITs
“Credit crisis” and “banking stress” are dominating headlines and creating uncertainty for capital markets. Real estate is a capital-intensive industry and depends on well-functioning capital markets to thrive.
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White papers
Private Placement Debt is an All-Weather Investment Strategy
The unique characteristics of private placement debt help position the asset class to perform well despite the potential for an economic slowdown or recession. Private placement debt is predominantly investment grade, comes with structural protections, and offers the potential for incremental income.
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White papers
Investing in quality credit for net zero
An eventful start to 2023 saw sticky inflation and a banking crisis on the macro front, and further government action in climate policy. We review the landscape for corporate bond investors in the net-zero transition during an action-packed first quarter.
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White papers
Structured credit market outlook: Opportunity in volatility
Alcentra explores the current CLO market opportunity and why investors should consider exposure to this asset class today to take advantage of meaningful potential upside.
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White papers
The decade ahead for private credit
In this special issue of Private Debt Investor, Nuveen CEO Jose Minaya and Churchill President and CEO Ken Kencel reflect on the evolution of private credit over the past decade: today, it has not only become an established part of the institutional investor allocation mix, but is increasingly seen as the primary source of financing for middle market companies and their private equity owners. Having proven its worth to the market, the industry is set for further change and growth.
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White papers
Institutional Ownership and the Resolution of Financial Distress
We analyze the distressed firm’s decision between Chapter 11 and an exchange offer. We construct a comprehensive data set on the financial characteristics and capital structure of 269 distressed firms, which, unlike previous studies, uses quarterly information and includes exhaustive data on equity and bond ownership by institutional investors.