All Fixed Income articles – Page 101
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White papersMarket Perspectives - Patience is a virtue
Sunny spots are rare this winter. Economic data in in Europe and China have continued to underwhelm. Key euro area indicators including PMIs, Ifo and Sentix are at multi-year lows, following a sharp contraction in industrial production in Q4. China reported a slump in trade and the slowest annual growth in three decades.
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White papersThe inflation story: 2019 and beyond
In this issue of Ahead of the Curve, we assess the prospects for inflation in the US and the eurozone.
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EM Debt—A Brightening Picture?
Barings’ Ricardo Adroguè and Omotunde Lawal highlight opportunities they’re seeing from Mexico and Brazil to more challenged geographies like Turkey and Argentina—and provide insight into how they’re thinking about political hotspots like Venezuela.
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White papersAn Underappreciated Subset of High Yield
For investors willing to surrender a nominal amount of yield in favor of greater protection given a default, global senior secured bonds can be an attractive option in a recessionary environment.
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China: Looking at Growth Past the Trade War
China’s growth is decelerating, it is loaded with debt and is involved in a high stakes trade war with the United States. Despite these issues, China’s economy appears to be holding up better than one might have expected. In fact, China’s growth could even accelerate in 2019 in response to aggressive monetary easing.
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White papersAn Underappreciated Subset of High Yield
For investors willing to surrender a nominal amount of yield in favor of greater protection given a default, global senior secured bonds can be an attractive option in a recessionary environment.
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White papersHigh Yield Five Takeaways For The Months Ahead
A market dominated by volatility and dramatic headlines—if this environment feels familiar, perhaps it’s because it is.
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White papersAn Underappreciated Subset Of High Yield
As we enter what may be the twilight hours of an elongated credit cycle, an increase in defaults is not only possible, but probable. Against this backdrop, a credit-intensive, global approach to high yield investing is key.
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White papersCov-lite loans: the new normal, but at what cost?
Lending protections are eroding in Europe: cov-lite loans are now the norm in the large-cap loan segment, while cov-loose loans and add-backs to EBITDA are gaining ground in mid-market deals. Today, we explore the implications of loosening covenants and explain why we avoid these instruments, focusing instead on mid-market deals, which are governed by more robust loan documentation and offer attractive returns under strict risk controls.
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White papersSecuritised credit: Main Street versus Wall Street
We take a closer look at how asset-backed securities can be used as a defensive asset for those seeking stable income in today’s investment environment.
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White papersCross Asset Investment Strategy - February 2019
After a tough December, which led to an abrupt valuation reset, risk assets rebounded in the first weeks of the year, boosted by a market-sympathetic turn in Fed rhetoric and an increased optimism on trade negotiations. As the current reasons for optimism should be confirmed, we believe it is time to re-approach the areas of risk assets where the correction has brought value back, especially in emerging markets.
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White papersA changing tide: what the move from QE to QT means
If 2018 was the year where quantitative tightening started to take hold, 2019 is the year it’s likely to strengthen its grip. After a decade where central banks flooded the markets with liquidity in order to stoke the economy, they began to reverse this pro- cess last year, looking to shrink their balance sheets and normalise interest rates after years of unconventional monetary policy.
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White papersInvesting in the Low-Carbon Economy
Private capital has never been given such an important role in tackling climate change and de- carbonising the economy. As Philippe Le Houérou, CEO of International Finance Corporation (IFC), says, the private sector “holds the key,” noting that it “has the innovation, the financing and the tools.
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White papers2019 Outlook: Expect a tougher climb
Slower growth. Rising rates. More volatility. 2019 looks to be a year that could be challenging for investors. Yet we believe the markets offer a range of opportunities, and we are finding a number of investment ideas for our clients.
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Investment Grade Credit—Rates, BBBs and ABS
From inverted yield curves to potential BBB downgrade risk, Barings’ David Nagle discusses some of the key challenges facing investors in the IG markets today.
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White papersThe Changing Face of Investment Grade Credit
In a recent interview, David Nagle, CFA, portfolio manager in the Investment Grade Fixed Income Group, discussed the investment grade credit market, including some of the issues garnering headlines recently and how the market has evolved through the years.
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White papersMarket Perspectives: When it rains, it pours
When it rains, it pours. Already the Flash crash in February was severe; then October saw the most severe monthly equity sell-off (MSCI World) since 2012. A further drawdown by mid November aggravated the year-to-date losses. Tech stocks entered bear market territory.
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White papersGlobal Perspectives: 2019 Outlook
The new year brings new challenges and new opportunities for investors. The investment professionals of Principal Global Investors look at the regional macroeconomic outlooks and examine the major asset classes.
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White papersEuropean Asset -And Mortgage- Back Securities Ten Years On
How do the European asset- and mortgage-backed securities fare today a decade after the financial crisis they have been incriminated in? We make an assessment of the asset class, comparing today’s market conditions with those of ten years ago.
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White papersStrategic Relative Value: Q4 2018
The investment climate is becoming more challenging as previous easy monetary conditions are being reversed. Risk/return expectations need to be re-evaluated, but investment opportunities still exist around the world.
