All Fixed Income articles – Page 90
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White papersHigh Yield: Halfway There?
The shock was the story in the first quarter, the stimulus was the story in the second—but we’re decidedly not yet in the post-COVID era, and the path to economic recovery remains unclear. What does that mean for high yield?
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White papersUncorrelated Through COVID
The rollercoaster ride of the COVID-19 market crisis presented the toughest challenge imaginable to the concept of “uncorrelated strategies”—did they live up to it?
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White papersChina Property: Recovery From the COVID-19 Lockdown
After initial shocks, China’s property markets have regained strength. Strong home price growth and overheated land prices could attract policy intervention as regulators seek to instill a stable housing market, economy and financial system.
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White papersIG Credit: Upgrading the Roster
In a landscape rife with risk, there may be benefits to upgrading both credit quality and liquidity.
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White papersHigh Yield: Bridging the Gap to a Post-COVID World
What lies ahead for high yield markets? Head of Global Public Fixed Income, Martin Horne weighs in on what the bifurcated asset price recovery, record issuance levels and falling default expectations imply for high yield markets in the months ahead.
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White papersInvestment View - The New Age of Financial Repression
Given the surge in government and corporate debt, policy will inevitably focus on making this load sustainable: financial repression, spearheaded by central banks, is set to reach a whole new level.
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White papersGreen bonds alone won’t get us to Paris: we need firm-level action
A new paper by the Bank of International Settlements (BIS) argues that if we are to accelerate the decarbonisation of the economy, the focus needs to move from behaviour at the green-project level to that of individual companies.
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White papersFlexibility and Fundamentals
The new environment of zero rates and higher credit market volatility calls for a new approach to durable income investing—one that can go anywhere, but remains anchored in bottom-up conviction.
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White papersPositioning for a green recovery from COVID-19
The improving economics of renewable power generation and the rise of electric vehicles and green hydrogen mean it is increasingly possible to decouple economic growth and carbon emissions. We believe Asia should follow the EU’s plan for EUR 225 billion in (truly) green bonds.
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White papersFixed income dynamics in the current monetary and fiscal landscape
The global economy rebounded quickly during the summer from the coronavirus pandemic. In this phase of recovery, central banks played a key role in the massive supply of credit to governments and companies. To tackle the health crisis, almost all governments implemented large-scale fiscal stimulus and support measures, including corporate loan guarantees. At the same time, major central banks increased their purchases of sovereign debt to levels never seen before, played a backstop role in the corporate debt market and provided cheap liquidity to banks (in the case of the ECB).
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White papersNotes on a crisis: from the rear-view mirror to the road ahead (part I)
Rallying credit markets at the turn of the year were followed by the swift, pandemic-induced drawdown in March, ushering in a period of heightened volatility and some of the worst liquidity conditions since the financial crisis. As we emerge from a tumultuous six months, we consider what has changed in markets and what might lie ahead for fixed-income investors.
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White papersEurovision: why the region’s banks seek dance partners
Economic, regulatory and technological forces are setting a drumbeat for mergers between European financial institutions – and, as Fiorino discovers, many banks are finding a mutually beneficial tempo.
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White papersOn the Road to Japanification
Sentiment around monetary policy, fiscal policy and a host of other factors can swing markets, but can anything return us to sustained growth and inflation?
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White papersSustainability-linked bonds get the green light
The European Central Bank (ECB) announced its support for sustainability-linked bonds (SLBs) this week. While it is early days for the sustainable-bond market, the statement demonstrates the central bank’s commitment to tackling the climate crisis and the role it can play in helping companies to decarbonise their activities.
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White papersEconomic Outlook: Will the debt matter?
In his latest quarterly Economic Outlook, Neil Williams, Senior Economic Adviser to the International business of Federated Hermes examines the impact that various pandemic-related stimulus packages have had on both global government debt and the efficacy of monetary and fiscal tools available to policy-makers.
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White papersThe Crisis No One is Talking About
The migration patterns stemming from Venezuela’s economic collapse provide key ESG insights, especially for Colombia and other neighboring countries, and particularly when compared to the case of Syrian refugees in Turkey.
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White papersWeathering the storm with infrastructure debt
Investors looking to invest in assets that can stand the test of economic gyrations and come through crises such as the COVID-19 pandemic can find hope in the solidity of infrastructure debt – financial instruments used to fund projects involving large tangible assets such as power plants and roads, argues Karen Azoulay, head of infrastructure debt.
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White papersOpportunities today in middle market lending
Institutional investors are struggling to deliver yield, drive growth and meet liabilities amid low rates and economic malaise. Private credit can be an effective alternative source of income, while providing true diversification. This paper considers a range of investment factors as we determine how to incorporate these opportunities into an existing asset allocation strategy.
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White papersThe Evolving Opportunity in Distressed Debt
As the pandemic recedes, some companies may have a harder time managing higher debt levels than others—and as weaker issuers undergo restructurings or other stressed situations, there may be opportunities for investors to deploy more capital into distressed debt strategies.
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White papersSpotlight on private credit markets
In periods of market disruption, private market activity tends to get adversely impacted, the degree to which depends on the severity and length of time the public market disruption lasts. Private market deals tend to take a number of weeks or months to structure, and it is the ability to structure a deal to offer a premium to public markets that becomes more difficult due to fast- changing markets.
