Fixed Income – Page 56
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White papersSeeking protection in mispriced miners
The copper price – a gauge for the wellbeing of the global economy – has defied supply disruptions and remained broadly flat for the past year. Despite this, the credit spreads of several large mining firms are trading at their lowest levels in 12 months, indicating subdued risk. We think that credit markets have failed to account for several risks that miners face – from a weak macroeconomic outlook to environmental, social and governance issues – and we have sought defensive positions within the sector.
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White papersScreen The Euro Fixed Income Market In The Era Of Three ‘Lows’
As 2020 approaches, the uncertainty in the market has receded but there are still risks ahead involving macroeconomic, political and technical factors. Under such a scenario and with central banks being accommodative, we do not envisage a major increase in European core bond yields from their current levels given the limited growth potential and the scarcity of tools left in the ECB’s toolkit to stimulate the economy. Should the economic situation deteriorate, there could be room for yields to fall, but probably not to the lows reached in late August/early September.
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White papersComeback Time for International Equities?
Because the U.S. equity market is broad and deep, there will almost always be opportunities—but in aggregate, we think international equity markets may be more compelling over the next year.
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White papersFear of Fallen Angels May Be Overblown
Many headlines over the last year have called attention to the growth of the lower-rated BBB portion of the investment grade market—and predicted a wave of fallen angels to high yield. But in the last year, we have seen more HY companies upgraded to IG than the other way around.
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White papersA Bright Spot in Higher-Yielding EM Corporate Debt
Many EM regions have been engulfed in uncertainty for weeks or months. While these situations certainly represent risks, we also continue to find value—often in globally diversified companies that have been unfairly punished by markets because of where they’re domiciled.
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White papersAmid Rising ‘Mequity’ Risk, Boring Can Be Beautiful
In both the U.S. and Europe, there is significant pressure both at the top and bottom ends of the middle market. As a result, we’re seeing potentially attractive value today in the more traditional, true middle market.
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White papersNovember Macro Dashboard
Global leading indicators edged higher in October; but remain in contraction territory. And while global central banks continue to maintain an accommodative monetary policy stance as downside risks to growth persist.
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White papersCLOs: Triple C's and Market Unease
Taryn Leonard and Melissa Ricco, Co-Heads of Barings’ Structured Credit Investment Team, discuss the recent loan market weakness, and how technical pressures are creating value opportunities in the CLO market.
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White papersHeadwinds in Global Growth Outlook, but a Smooth Landing Expected
Global growth outlooks are the weakest since the recession and the U.S.-China trade deal may be delayed through the new year. Meanwhile the FOMC is likely to remain on hold in December.
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White papersDespite All The Focus on Trade, Inflation Remains Low
U.S. trade trouble continues with a “Phase One Deal” less than imminent, the IEA asserts how U.S. shale-oil production will reshape global energy markets and don’t hold your breath on a December Fed rate cut.
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White papersAre Negative Rates Really That Negative?
So far, they seem to work in practice, just not in theory. Negative yields seem to have helped extend the cycle, but they carry risks if they linger for too long.
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White papersECB QE2 Starts On A Strong Foot With A Tilt To The Private Sector
ECB QE2 started off on a strong foot, according to data released on Monday regarding the very first week of purchases. The overall increase in holdings of the four QE programmes was quite high for just one week relative to the announced monthly path of EUR 20 bn, as it totalled around half of this amount , at EUR 9 bn. Most of the increase in holdings was driven by the public sector (roughly EUR 4.5bn) and corporate bond programme, at almost EUR 2.8 bn. The CSPP portfolio expanded from EUR177.1bn at the end of October to EUR181.1bn on 8 November. With the data reflecting settled securities, this number should cover just four trading days of purchases.
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White papersCase for GDI – A Diversified Approach to Risk-Adjusted Income
Seeking to maximize income per-unit of risk with a dynamic, multi-asset multi-manager solution. The theme of late-cycle volatility, spurred by geopolitical tensions and slowing global growth, has been well documented. Low global interest rates continue to present challenges to meet income needs and control risk.
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White papersUnlocking human capital in emerging economies
All developing countries have a seriously under-tapped resource: their people. That’s important for emerging debt investors to bear in mind.
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White papers360 Webinar: Hermes Flexible Credit
Throughout this webinar series, the Hermes Fixed Income team will discuss key performance drivers of our portfolios, and provide their assessments of risks and opportunities across the credit spectrum.
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White papersSeeking Big Opportunities in Small Companies
As Europe finds itself in a climate of lackluster growth and political volatility, with an equity market that has been on an unprecedented 10-year bull run, investors are searching for pockets of value. A long-term allocation to small-cap equities is one potential solution.
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White papersEM Debt: Warding Off Headwinds with Active Management
In this Q&A, Barings’ Head of Global Sovereign Debt and Currencies, Ricardo Adroguè, addresses the many risks facing the global economy—specifically China, Argentina and the Middle East—and explains why a skilled active manager is critical to performance.
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White papersABS: Uncovering Opportunities Beyond the (IG) Index
Amid an ongoing search for yield and with a number of potential risks on the horizon, there may be benefits to exploring opportunities outside of traditional corporate and government bonds—such as certain parts of the asset-backed securities (ABS) universe.
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White papersItalian real estate market
The relation between Italian Government bond rates and the local real estate market.
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White papersNo Need To Panic—Keep Calm And Carry On
Fixed Income Views the US economy to be continuing to hold up relatively well and partly compensating for a mixed outlook in the rest of the globe.
