Fixed Income – Page 54
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Spotlight on fixed income - The value view – finding opportunities in adversity
Asset markets have been subject to extreme volatility in recent days. M&G’s institutional public debt team has been maintaining a close watch on credit markets with a view to identifying attractive opportunities.
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Fixed Income: The Fed speaks loudly and carries a big stick
Reaction to the US Federal Reserve’s dramatic action. CIO Sonal Desai, Franklin Templeton Fixed Income, calls the Fed’s response “massive and well crafted.”
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High Drama in High Yield
Coronavirus and the OPEC price war combine for a one-two punch to high yield markets.
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Distressed Debt: Capturing Late-Cycle Value
Barings’ Stuart Mathieson and Bryan High discuss how recent macro events and credit market dynamics are impacting the outlook for distressed debt.
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Middle Market Direct Lending
Middle market direct lending, embraced by institutional investors, has developed into a mature asset class over the last two decades. The strategy has many attractive attributes: the potential for strong risk-adjusted returns, current income payout, lower volatility compared to other fixed income alternatives, and less correlation to traditional asset classes. With the proliferation of investors allocating capital to the space, it is imperative to recognize that not all direct lending managers are the same.
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Pricing ESG risk in sovereign credit: an emerging divergence
In 2019, we partnered with research house Beyond Ratings to demonstrate a robust relationship between environmental, social and governance (ESG) scores and sovereign credit-default swap (CDS) spreads. In the second instalment of this two-part paper, we consider whether the results differ for developed and emerging markets.
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Broadening global investment-grade horizons
UK investors considering whether to allocate to global investment-grade credit may discover the broader diversification benefits can significantly improve a portfolio’s overall risk dynamics.
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South Africa Inflation
South African inflation came out higher in January: 4.5% yoy compared to 4% in December but is in the middle of the inflation target (3-6%) of the South African Central Bank (SARB). This acceleration in inflation is mainly explained by a sharp rise in transport prices linked to base effects of fuel prices (+ 13.7% in January against 2.4% the previous month).
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Global high yield outlook: Be confident, but not complacent
Last year was a strong year for global bond markets, which were supported by the accommodative stance of the main central banks and strong investor demand. US, European and EM high yield (HY) bonds all returned more than 14% swapped into US dollars. The performance was led by the higher-quality segments of the market, such as BB-rated bonds, as well as the strong performance of CCC bonds in Europe. This was due to the search for yield across credit products, helped by positive risk sentiment.
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Fixed-income investing in unprecedented times
In a live recording from our Fixed Income Forum 2020, we assess the macroeconomic and market drivers for this asset class – and conclude that we are in unchartered territory.
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Are CLOs Unfairly Vilified?
Despite the late-cycle environment, we believe the recent negative headlines on CLOs are somewhat overstated, and do little justice to the many benefits of the asset class—which has delivered impressive risk-adjusted returns and low defaults over time.
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Checking in on BBBs
Improved credit conditions are reflected in spreads, but volatility may create opportunities.
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Private credit: Middle market opportunities to meet today’s challenges
Private credit has historically been an attractive investment.
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IG Credit: The Hidden Risks of “Safe” Bond Strategies
Traditional investment grade bond strategies are meant to help their owners sleep at night. But hidden credit and interest rate risks make benchmark-hugging more hazardous than many realize. Counterintuitively, CLOs, ABS and EM debt may be part of the solution.
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Turkey: Inflation And Monetary Policy
January’s inflation report and last inflation figures: The Governor of the CBRT debriefed last week on the first inflation report of the year January inflation figure released at 12.15% yoy, higher than in December (11.84%). The rise in housing, electricity and energy were the main drivers pf this increase. ...
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Sentiment Shift Fuels Lower-Rated Rally
Uncovering relative value across high yield in 2020 may require looking in less obvious places.
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EM Local Debt’s Time to Shine?
Emerging markets (EM) local currency denominated debt may be poised to outperform.
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Risk-on, Risk-off & Repeat
Sentiment continues to swing back and forth in the collateralized loan obligation (CLO) market, but bifurcation remains the constant.
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Rates, Rallies & Risks
Investment grade credit markets posted a banner year in 2019; can the good times continue to roll?
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Europe needs new approach to escape economic malaise
With monetary policy seemingly reaching the limits of its effectiveness, another approach is required for the continent to avoid ‘Japanification’. We believe a focus on productive sustainable investment could not only stimulate growth, but also bring about social and environmental benefits