Fixed Income – Page 66
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White papersTurkey: 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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White papersSentiment Shift Fuels Lower-Rated Rally
Uncovering relative value across high yield in 2020 may require looking in less obvious places.
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White papersEM Local Debt’s Time to Shine?
Emerging markets (EM) local currency denominated debt may be poised to outperform.
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White papersRisk-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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White papersRates, Rallies & Risks
Investment grade credit markets posted a banner year in 2019; can the good times continue to roll?
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White papersEurope 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
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White papersStrategic Relative Value – Q1 2020
Persistent central bank liquidity and easing geopolitical tensions should support a continued rally in risk assets this year. However, the significant disconnect between elevated valuations and only modest economic growth means risk assets are vulnerable to a deterioration in sentiment so investors should also maintain some defensive positioning.
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White papersFlexible credit: six drivers of conviction
What are the key determinants of an active credit fund manager’s decision to invest? From curve and convexity through to sustainability and sizing, we assess six drivers of conviction.
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White papersWhy fixed-income investors should factor sustainability into investment decisions
Why should fixed-income investors factor sustainability into their investment decisions, and what are the approaches available to them? What drives an impactful engagement with a credit issuer? These are some of the key questions that our clients and prospective investors ask about ESG and engagement in fixed-income markets.
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White papersEconomic Resilience, Fed And Elections To Drive Us Markets In 2020
2019 proved a strong year for US assets, with US equity markets recording the strongest annual total return since 2013 and the US aggregate bond index up almost 9.0%. In addition, the past decade proved the best ever for the S&P 500 index, which returned 256% overall, well above its historical average. It was also the decade when US equities dominated other markets, with an outperformance of more than 90% versus the MSCI World index.
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White papersBlog: Emerging market fixed income – the outlook
Despite a sometimes challenging environment, emerging market debt generated strong returns in 2019. All four principal emerging market debt categories generated double-digit returns in 2019, led by hard currency emerging market debt.
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White papersBlog: Investing for tomorrow – applying ESG principles to emerging market debt
In the past, investors often balked at the idea of applying environmental, social and governance (ESG) criteria when investing in emerging markets. We believe such an attitude is based on outdated associations of low income with political, social or economic disadvantages. Many EM countries have undergone significant progress and now have middle-income status.
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White papersBlog: China themes for 2020 – growth and policy (2/2)
What to expect economically from superpower China in 2020? In the final part of this two-part series, senior economist Chi Lo discusses the outlook for inflation, growth and central bank policy.
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White papersCredit selectivity at the fore in European high yield bond and senior loan investing
The European leveraged finance market is recognised for its potential to offer a compelling income advantage versus other, more traditional fixed income asset classes. Current market factors such as low default rates for speculative-grade debt and further stimulus from the European Central Bank are expected to continue to lend support to this asset class, which has enjoyed strong performance in 2019. Still, a prudent perspective would view the market as standing on relatively fragile ground in a period of low yields, lackluster economic activity and weakening growth outlook.
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White papersA supportive environment for investment grade credit
The macro environment we face is one of low economic growth, low inflation, and loose monetary policy. That can be considered something of a sweet spot for investment grade credit. Corporate earnings are strong enough for the moderate leverage in the asset class, and investors’ search for high-quality yield supports bond prices.
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White papersEmerging market debt rally set to moderate
Emerging market (EM) debt started 2019 at attractive valuations. This followed a nine-month slide as the US Federal Reserve moved to normalise monetary policy and raise interest rates, which naturally strengthened the dollar and increased EMs’ funding costs.
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White papersBuilding on 2019’s green bond resurgence
In almost whatever country you care to mention, climate change and social inequality are exploding into the public consciousness. Extinction Rebellion in the UK or the Gilets Jaune in Paris are just two of the more high-profile signs. Yet in the financial markets, too, green, social and sustainability bonds are growing in number and sophistication.
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White papersQuality is key in a slow economy
The outlook for Europe’s high yield market was getting darker as we moved into 2019. Third quarter earnings reports at the end of 2018 had mostly missed expectations, industrial activity was slowing and world markets had just suffered a sharp sell-off. Like most others, we were expecting returns for 2019 to be only moderately positive or even flat.
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White papersImpact investing in public fixed income markets
Across Nuveen, our commitment to responsible investing (RI) is based on three core principles:(1) integration of environmental, social and governance (ESG) factors into our investment processes and decision-making; (2) proactive engagement with issuers and other industry stakeholders on a variety of ESG-related topics; and(3) impact, the ability of our investment practices to deliver competitive financial performance and document the intended environmental and social outcomes.
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White papersFixed Expense Investing
Low and even negative yields have turned some fixed income investing into “fixed expense” investing—but there are still good reasons to hold negative-yielding bonds.
