All Emerging Market Debt articles – Page 15
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Why it’s so Hard to go Bankrupt… And Why That Will Change
Massive policy response has firms awash in liquidity, but 2021 will bring solvency challenges that investors need to watch closely.
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Heading into 2021, what do we think about credit markets?
We think that a combination of improving fundamentals and ongoing monetary stimulus will push spreads towards new record tight levels. We see also room for spread compression in high yield. Sustainably low financing costs make high debt levels much more manageable. Consequently, investors should now focus more on the ability of companies to generate profits rather than their level of debt.
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2021 Outlook: The Uneven Recovery
The recovery in many ways looks real and durable—but it also looks uneven and, in some cases, quite unpredictable. In this discussion, investment professionals from the public and private markets discuss where they expect to see risks and opportunities in the year ahead.
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Emerging Market Debt: A Wider Range Of Opportunities, And Challenges, In 2021
Reasons to consider emerging-market debt from Nicholas Hardingham.
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Europe, US and China tomorrow: Will it be possible to avoid geopolitical and economic traps?
There are many pitfalls looming. Some concern China, the United States and Europe, while others are more targeted, notably on China or on the relationship between China and the United States. Some traps concern geopolitics (the Thucydides trap, the Kindleberger trap, the Herodotus trap, the Tacitus trap, the Chamberlain - Daladier trap and the cold war trap), while others deal with purely economic issues (the middle-income trap, the inflation trap, the stagflation trap and the debt trap).
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Fixed Income: Knowledge Drives Confidence, Confidence Drives Growth
Dr. Sonal Desai shares her thoughts on the latest wave of the Franklin Templeton–Gallup Economics of Recovery Study, including the value of trusted advice in navigating financial and investment concerns.
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Markets Unscripted: 2020 U.S. Election Series
Ashok Bhatia, Neuberger Berman Deputy CIO – Fixed Income, shares his perspective on investment implications as a result of the U.S. election and recent COVID-19 vaccine news.
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Market Perspectives A (temporary) Covid ‘leg down’
The rise in new Covid-19 cases and renewed lockdowns across Europe are casting long shadows over the economic recovery and markets.
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EMD: A Strong Tailwind, But Risks on the Horizon
Segments of the EM debt market have been bright spots in fixed income this year. Will EMs outperform DMs in the months ahead—or are the risks too great? It may come down to country and credit selection.
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Uncorrelated Through COVID
The rollercoaster ride of the COVID-19 market crisis presented the toughest challenge imaginable to the concept of “uncorrelated strategies”—did they live up to it?
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China Property: Recovery From the COVID-19 Lockdown
After initial shocks, China’s property markets have regained strength. Strong home price growth and overheated land prices could attract policy intervention as regulators seek to instill a stable housing market, economy and financial system.
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How might monetary policy evolve in a post-pandemic world?
Are central banks running out of ammunition to combat the next recession? In a word: no. In two words: no, but…
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You asked, we answer
Our Global Views team attempts to answer some of the questions often asked by our clients.
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Fixed income dynamics in the current monetary and fiscal landscape
The global economy rebounded quickly during the summer from the coronavirus pandemic. In this phase of recovery, central banks played a key role in the massive supply of credit to governments and companies. To tackle the health crisis, almost all governments implemented large-scale fiscal stimulus and support measures, including corporate loan guarantees. At the same time, major central banks increased their purchases of sovereign debt to levels never seen before, played a backstop role in the corporate debt market and provided cheap liquidity to banks (in the case of the ECB).
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Contraction > recovery > late cycle: the cycle round trip is confirmed Advanced Investment Phazer: top-down assessment
The global recovery continues at different speeds and compositions at the regional level. Policies are pivotal in shaping the recovery trajectories, influencing market participants’ narratives and rebuilding confidence.
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Notes on a crisis: from the rear-view mirror to the road ahead (part I)
Rallying credit markets at the turn of the year were followed by the swift, pandemic-induced drawdown in March, ushering in a period of heightened volatility and some of the worst liquidity conditions since the financial crisis. As we emerge from a tumultuous six months, we consider what has changed in markets and what might lie ahead for fixed-income investors.
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Fixed Income: A Strong Recovery, Many Challenges Ahead
While the US economy has been staging a strong recovery from the COVID-19 pandemic, the challenge is far from over, says Dr. Sonal Desai.
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Can EM Issuers Pay Their Debt—And Will They?
Emerging markets have been hit hard by COVID-19 but opportunities exist for investors able to navigate choppy waters. In this episode, Dr. Ricardo Adrogue assesses EM issuers’ ability to satisfy their debt obligations—and just as importantly, their willingness to do so.
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Economic Outlook: Will the debt matter?
In his latest quarterly Economic Outlook, Neil Williams, Senior Economic Adviser to the International business of Federated Hermes examines the impact that various pandemic-related stimulus packages have had on both global government debt and the efficacy of monetary and fiscal tools available to policy-makers.
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The day after #11 - Post-crisis narratives that will drive financial markets
The Covid-19 crisis has thrown up a sequence of images from the past (pandemics, wars, the Great Financial Crisis) that have pushed central banks (CB) and governments to act in unprecedented ways (in terms of magnitude and speed of action). This has defined the current ‘day after’ narrative.