All Fixed Income articles – Page 105
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Tempering Enthusiasm for Mexico’s Corporate Bond Market
Omotunde Lawal, Head of EM Corporate Debt, reports back from a recent trip to Mexico, where the Barings team conducted on-the-ground research through meetings with a wide variety of corporate issuers, economists and ratings agencies.
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Central Banks Support A Sharp Market Rebound
Markets transition from a momentum-driven to a range-trading environment.
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Video: Direct Lending - Market outlook
Securing yield through long-term lending partnerships.
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Fixed Income: Trade Wars—The Dog That Didn’t Bark
In the Sherlock Holmes story “The Adventure of Silver Blaze,” during the night a prized race horse gets spirited away from his stable and its trainer gets murdered. In the investigation, Sherlock Holmes calls attention to what didn’t happen: The dog on the property did not bark.
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Insurers Need High-Tech Solutions in a Low-Liquidity World
Liquidity has become a precious commodity in fixed-income markets since the global financial crisis. Post-crisis regulations have made broker-dealers reluctant to warehouse large risks on their books, which in turn has made it more difficult for insurers and other institutional investors to trade large blocks of bonds quickly and efficiently.
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Strategic Relative Value Q1 2019
A quarterly look at how macro events are driving relative value around the globe.
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Savings behaviour in a low rate world: what can we learn from Japan?
We examine whether Japanese households have taken on more risk in search of higher returns, and consider the implications for other developed markets.
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Debt Ceiling Back in Play
The twin threat of a technical debt default and potential government shutdown could resurface later this year, likely affecting equities and Treasuries.
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Market Resilience: Strength In Numbers
Concerns about where the financial markets are heading are at the forefront of many investors’ minds. The risks of a US or global recession this year continue to persist amid slowing global growth, trade tensions and worries about potential geopolitical shocks.
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Market Perspectives Spring fever
It’s winter still, but the weather has been exceptionally warm; markets too have got spring fever. After a dismal last quarter 2018, global equities have recouped most of their losses. And thanks to a dovish U-turn by the Fed and falling core yields, fixed income assets have done rather well, too, despite the sharp rebound in risk sentiment.
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Valuations, BBBs And Policy Change - European Investment Grade Outlook | March 2019
Companies in most developed market economies have enjoyed years of super-low borrowing costs The European IG market has increased in size from a face value of around €800 billion in 2005 to more than €2.1 trillion by the end of January But what might happen to companies were borrowing ...
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Risk-on for Southeast Asian bond markets
Local currency debt markets in Southeast Asia have enjoyed a sharp turnaround in fortunes and their upward momentum is supported by improving economic trends.
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The Potential Benefits of Global Senior Secured Loans
In the current environment, senior secured loans are gaining traction for their potential to offer a blend of attractive yield and protection against both credit and interest rate risk.
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Is the Green Bond Market Running out of Steam?
Growth in green bond issuance has been extraordinary given they offer no credit enhancement to other bonds and carry additional reporting requirements. Demand from investors with an environmentally focussed agenda appears to be driving green bond prices to a premium. A potential opportunity exists to identify ‘unlabelled’ debt, supportive ...
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In Credit - Life in the slow lane
Government bonds remain supported by evidence of a slowing in the global economy. This was reflected in the decline in Machine Tool Orders in Japan (See chart of the week), which were lower by 29% on an annual basis at the most recent reading. The US market outperformed last week with yields falling by 4bps for 10-year bonds.
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Consumer delinquency - Thank u, next!
Headlines on consumer delinquency have taken a negative spin. Recent auto delinquency data is at near-peak levels despite today’s low unemployment. But it’s important to examine exactly what is being reported as “delinquency” when reviewing the data.
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Fixed Income: Modern Magical Thinking
Why should investors be concerned about the growing size of the US deficit? Sonal Desai, our Fixed Income CIO, explains why there is dangerous thinking behind some political agendas.
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Default Probability Measure
In a world of integrated global financial markets, accurately predicting company default risk is important not only in traditional fixed income credit analysis but also more broadly across the financial industry.
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Cross Asset Investment Strategy - March 2019
If an investor had woken up today after three months and looked at the markets, he/she could reasonably say that not much had changed. The year started on strong footing and risk assets experienced a massive rebound in the first weeks of 2019, erasing most of the losses experienced in one of the most awful Decembers in history. As a result some valuation gaps have been closed somewhat, though not exhausted. Markets switched rapidly from a “fear” to a “greed” mood. Catalysts of the renewed optimism have included the dovish shift in the Federal Reserve’s strategy, and increasing signs of progress in the trade negotiations between the US and China.