All Fixed Income articles – Page 39
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White papersClimate Transition Credit at Allspring
Investors can pursue both their climate objectives and financial goals through their bond allocations. In this blog post, we outline the opportunity in climate transition credit.
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BlogA Fresh Approach to Analyzing Bank Capital Bonds
2022’s volatility taught investors that, to certain bank issuers and regulators, the economics of voluntary bond redemptions outweigh the reputational cost of not calling bank capital securities.
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White papersNon-Investment Grade Defaults: Up From the Lows, but Contained
With defaults rising off of all-time lows, but likely remaining well below recession norms, we remain constructive on high yield and non-investment grade credit.
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PodcastThe Investment Podcast: What does good ESG in ABS look like?
The evolution and implementation of ESG across asset classes has not been homogenous. While there is a development of good outputs for corporates and equities, there has been less of a focus on ABS. This episode considers how ESG in ABS differs and asks: What does good look like?
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White papersMixed messages. Messy markets.
When macroeconomic data give mixed messages about the path ahead, markets are bound to become more challenging. That could be a good opportunity for using volatility to position for an eventual recovery.
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White papersWhy Securitized & Why Now: $12.5 Trillion Market Goes on Sale
Today’s securitized market presents a rare opportunity to add diversification via an asset class with the potential to provide defensive opportunities with outsized returns.
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White papersEmerging Markets Debt: will 2023’s bright start last the course?
Maybe it’s an optimistic time of the year or maybe it’s just a good investment case? Whatever you identify as the driver, there is no denying that 2023 has begun in extraordinary fashion for emerging markets debt (EMD).
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VideoThe Credit Call: strategies update, February 2023
Fraser Lundie, CFA, Head of Fixed Income – Public Markets, Orla Garvey, Senior Fixed Income Portfolio Manager and Anna Chong, Deputy Head of Corporate Credit Research provide an update on the current opportunity set and why current market conditions bode well for credit investors in 2023.
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White papersFixed Income Themes for 2023: The Return Of Market Discipline
We think the next 12 months are likely to see this cycle’s peaks in inflation, policy tightening, bond yields and market volatility; and troughs in GDP growth, earnings growth and market valuations. But don’t see the pendulum swinging back to the post-2008 “new normal”.
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White papersCentral Banks Tighten, Markets Loosen
While some pessimism has lifted from central bank messaging, we still think the market may be hearing only what it wants to hear.
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White papersInsurance Asset Allocation in the New Regime
After a year in which fixed income yields and capital market assumptions adjusted dramatically to a new regime, we believe it’s an opportune time to re-think insurance asset allocation.
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White papersThe More Things Change
Has recent strong data changed the fundamental economic and market outlook, or just the timeline?
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White papersItaly: where prudence meets potential
Italy’s large dependence on Russian gas and other commodity imports left it vulnerable to the war in Ukraine.
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White papersNFL Alpha: Appraising Arizona
For the 20th year, Allspring’s Systematic Edge team applied its quantitative research on low volatility stocks to the NFL in an effort to predict the postseason playoff winners and the winner of Super Bowl LVII.
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White papersMarket Scenarios and Risks - February 2023
We revise the probabilities of our alternative scenarios. Some of the risk factors we identify may occur in our central scenario, which is probably not yet fully priced in, especially by equity markets.
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White papersWhy and what if inflation falls faster than expected?
”As fiscal support should wane, this could lead to lower inflation pressures in the second half of 2023 and to a faster decline in inflation”
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White papersChina’s Reopening Bodes Well for Asian Fixed-Income Markets
Markets have responded warmly to China’s easing of its zero-COVID policy, although it’s not clear yet how quickly or smoothly the country’s economy will recover. While some bumps in the road are likely, we expect China’s reopening could lead to further gains in Asian credit and currencies in 2023.
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White papersCan inflation end without a meaningful increase in unemployment?
In the latest instalment of Simply put, where we make macro calls with a multi-asset perspective, we ask whether a shared belief in the prospect of a soft-landing is enough to bring it about.
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White papersFed continuing to downshift: 31 January-1 February FOMC review
The Federal Reserve hiked the fed funds rate by 25bp, to 4.50-4.75%, a step down after the Fed hiked by 50bp in December. The slowing in the pace of rate hikes was widely expected.
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White papersEuropean leveraged loans: Defensive against rising rates and uncertainty?
2022 represented the end of the more than decade-long bull run and the impact for European loans was a dislocation to yields of c.10%. For long-term investors, we believe this provides an interesting investment opportunity for a senior secured defensive asset class with typically higher risk-adjusted returns than comparable credit risk asset classes.
