All Fixed Income articles – Page 88
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White papersCoronavirus & Inflation in Advanced Economies: Slower for Longer
If consumers manage to recover quickly and healthily, thanks in part to so much public money being put in their hands, supply may fall short and inflation could come back.
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White papersA risk-based approach to harnessing alternative sources of income
The income-generating potential of alternatives seems to be largely underappreciated, despite the trend toward larger allocations to alternative asset classes and the need for yield. Investors can enhance their ability to capitalize on the yield and diversification benefits of alternatives by focusing on the risks that drive returns in each specific segment of the alternatives universe. Executing this, however, is no simple task. If done incorrectly, investors risk negating some of the diversification benefits that make alternatives such valuable contributors to stronger, more resilient portfolios.
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White papersFiorino: the purpose of pandemic banking
In the latest instalment of Fiorino, our blog focused on deciphering complexity in global financials, we assess the resilience of banks as they prepare to finance businesses during the disruption caused by the pandemic.
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White papersSpotlight on Sterling credit - Identifying opportunities
The strong recovery in sterling credit in Q2 can mask some underlying developments within the index, creating both risk and opportunity. Much of the current attractive credit premium at the overall index level may be attributed to a relatively small number of sectors and issuers, while in the current economic climate, even those sectors traditionally considered lower risk, may be more vulnerable than many investors think.
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White papersConsumers Are Betting On Herd Immunity
There is much optimism in a rebound in PMIs, but the fear of a second wave is in the back of many minds. Trade deals continue to come about.
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White papersPrivate debt can flourish in a crisis - because it can adapt
Private debt’s flexibility to adjust terms and inject capital where needed means it can work with borrowers to get through difficult times, while also securing better returns for investors.
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White papersECB QE Monitor - May 2020
Central Banks: interest rates near zero The Fed kept its interest rates unchanged. The ECB kept its interest rates unchanged. No movement on BoJ interest rates since 2016.
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White papersThe day after #6 - Inflation: persistent headwinds but a possible inflationary cocktail
Since the beginning of the coronavirus pandemic, all eyes have been on the unfolding health catastrophe and the consequences of confinement: economies halted, exploding rates of unemployment (in particular in the United States), and rising debt levels. In this extraordinary context, inflation is often overlooked. This is a dangerous mistake, in our view. For investors, now more than ever, it is crucial to keep a very close eye on this metric—in particular, since we may be at the beginning of a complete regime shift.
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White papersA Very Bond-Friendly Crisis
We believe the COVID-19 crisis and the response from governments and central banks creates an unusually favorable macro environment for credit.
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White papersNeuberger Berman Fixed Income: Company Leadership during COVID-19
Assessing Company Leadership during COVID-19 with Active ESG Engagement
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White papersSecuritised credit: Where we’re going, there are no roads (part two)
Focusing on fundamentals, structure and valuation should help investors to navigate a future for which there is no precedent.
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White papersEuropean high yield credit update
Credit markets stabilised in April; however, a wide dispersion of spreads means active stock-pickers can still find potential opportunities.
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White papersEM Short-dated Debt: A Diamond in the Rough?
COVID-19 and lower oil prices have led to indiscriminate selling across EM corporate debt, creating a potentially compelling opportunity in the shorter-dated, higher-yielding segment of the market.
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White papersSecuritised credit: Where we’re going, there are no roads (part one)
Though we’ve seen global financial crises before, this one certainly feels different. Even the flux capacitor might not bring us back to where we were in January.
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White papersEM Debt: Downturns, Defaults & Diamonds in the Rough
Barings’ Omotunde Lawal and Cem Karacadag explain how COVID-19 is impacting the economies of emerging markets, and how lower oil prices and loose monetary policies may influence the future default picture.
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White papersFiorino: in this pandemic, asset quality is key to banks’ health
In this launch issue of Fiorino, our blog focused on deciphering complexity in global financials, we assess how banks are preparing for corporate defaults resulting from lockdowns across economies worldwide.
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White papersFour Benefits of Senior Secured Bonds in an Uncertain Environment
Times of volatility can also yield opportunity if navigated carefully—and in the event of widespread defaults, senior secured bonds can offer some particularly compelling benefits.
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White papersA decade of change in global high yield
Globalisation and the rise of new instruments, credit quality and sustainability made the last decade one of significant evolution for the high-yield market – and for our team investing in this asset class.
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White papersAssessing the Known Unknowns
While the list of worries is long, we will focus on three key uncertainties that, if known, should give us more clarity about the direction of markets. As some of these unknowns are coming into view, each of them creates unknowns of their own.
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White papersFocus on Italy: macroeconomic and fixed income scenario
If we wanted to characterise the contraction and recovery pattern, we would probably describe it as a ‘long U-shaped’ recovery; in other words, as a gradual normalisation which will take some time before seeing a return to pre-crisis levels. In Italy, the government is estimating an 8% GDP contraction this year, followed by a 4.7% YoY rebound in 2021. In our analysis, we consider two possible reference scenarios for 2020 growth: -8.0% YoY (as per the government scenario) and -12.0% YoY.
