All Fixed Income articles – Page 83
-
White papers
#TheZero
With financial repression here to stay for what could be a prolonged period, there is a need to solve the problem of #TheZero.
-
White papers
“European defaults likely to stay low” and what it means for High Yield and crossover markets.
Correlations between defaults and macroeconomic variables suggest European defaults may rise, however, monetary and fiscal support are set to contain the impact. In this scenario, we deem the rating migration risk now more serious for Investment Grade and BBB in particular, hence – within the crossover space – we think investment opportunities can be found in fallen Angels
-
White papers
Solving for 2021: The world after the coronavirus
As we approach the end of the year and look forward to 2021, our senior investment leaders will share what they envision as the main market drivers in our Solving for 2021 series.
-
White papers
Expert Roundtable: Sustainable High Yield Investing
We believe environmental, social and governance (ESG) considerations matter in high yield investing, and that, as providers of new capital, bondholders may have more influence than they think.
-
White papers
Markets Unscripted: 2020 U.S. Election Series
Ashok Bhatia, Neuberger Berman Deputy CIO – Fixed Income, shares his perspective on investment implications as a result of the U.S. election and recent COVID-19 vaccine news.
-
White papers
Investment Grade Credit: Corporate Decision-Making in the Post-COVID-19 Economy
For the investment grade credit market, the first three quarters of 2020 can be characterized as nothing short of unprecedented.
-
White papers
Corporate Hybrids Come of Age
We believe the nearly €200 billion corporate hybrid market just got its first true test—and passed with flying colors.
-
White papers
Non-IG News: Record High Yield New Issuance in a Pandemic?
Despite the COVID-19 pandemic and a significant contraction in global GDP, the U.S. High Yield Market saw record levels of new issuance in the second and third quarter, which was a surprising development to most investors.
-
White papers
Missing Pieces: A Better Approach to Sovereign ESG Analysis
ESG integration has built considerable momentum in recent years, but the case for incorporating ESG in sovereign-credit analysis isn’t always clearly articulated. In developing a more rigorous ESG model, we’ve created a framework that enhances traditional sovereign-credit analysis and provides fresh insights into the drivers of long-run economic performance.
-
White papers
New order: navigating the energy transition
The energy transition is an existential long-term risk for oil and gas companies, as the move away from fossil fuels towards low-carbon technologies impacts demand for hydrocarbons. How can debt issuers future-proof their businesses to survive – and indeed thrive – in a net-zero global economy?
-
White papers
Bonds that are not really binding
Should the €2,800 billion in sovereign bonds or the equivalent* that are on the European Central Bank’s balance sheet be treated just like any other bonds? This question, which has come up regularly over the past several months, is far from being of mere academic interest.
-
White papers
HY default cycle and rating changes: how it is “different” this time
Despite a severe macro contraction, policy reaction to the covid-crisis limited most of corporates’ rating migration and HY defaults to low-rated debt. This piece outlines our expectations on both rating and default cycles to come.
-
White papers
The road less travelled: 360°, Q4 2020
What is our current view of fixed-income markets? And where do we see the best relative value? In our latest edition of 360°, Andrew ‘Jacko’ Jackson, Head of Fixed Income, and his team of specialist investors considers the areas that have the potential to deliver superior risk-adjusted returns.
-
White papers
Market Perspectives A (temporary) Covid ‘leg down’
The rise in new Covid-19 cases and renewed lockdowns across Europe are casting long shadows over the economic recovery and markets.
-
White papers
The Priority Pyramid
Tuesday’s election matters—but it is the top of a pyramid whose base is, in our view, supportive of fixed income and credit whatever the outcome.
-
White papers
Fixed Income Investment Outlook - Q4 2020
With a sharp market recovery since early in the pandemic, spreads on many fixed income securities have narrowed to close to pre-crisis lows. Economies are generally regaining strength, but their trajectory could be heavily influenced by the coronavirus, the potential for vaccines and political uncertainty.
-
White papers
From Buddha to Bagehot: how global banks are keeping the liquidity flowing
In previous editions, we have explored asset quality, the value of collateral and capital. This time, Fiorino turns his attention to another core concept of banking – liquidity – and considers how banks are keeping it plentiful amid the coronavirus-induced freeze.
-
White papers
CLOs: A Bias Toward Quality
CLOs continued their rebound in the third quarter, but the potential for volatility going forward is high. In this environment, there may be benefits to moving up in quality.
-
White papers
Credit investors: delivering into the imperatives of Paris
In this video Anna Karim, Investment Director Fixed Income, and Mitch Reznick, Head of Research and Sustainable Fixed Income, discuss how to decarbonise portfolios within fixed income and the imperative of aligning investment strategies with the Paris Agreement.
-
White papers
ESG in Action: Protecting the Amazon by Investing in Brazilian Beef
Blazing wildfires and a shift in Brazilian government policies away from environmental stewardship have thrust deforestation into the international spotlight. AB equity and credit portfolios’ large positions in Brazilian beef producers provide an opportunity to promote sustainable practices that can help protect tropical forests while mitigating environmental and investment risks.