All Fixed Income articles – Page 91
-
White papersMunicipal Bond Market Update
James Iselin, Neuberger Berman’s Head of Municipal Fixed Income, discusses the potential for a rise in delinquencies and defaults across the municipal bond market.
-
White papersOpportunity In Credit Fixed Income Investment Outlook 2Q 2020
In the wake of the COVID-19 pandemic, the fixed income markets experienced unprecedented shocks, which drove down yields on many government bonds and sharply widened credit spreads. Amid compromised global growth and historic levels of monetary stimulus, we anticipate a potentially long period of zero (or negative) policy rates, with central banks increasingly buying higher-quality assets. With that in mind, we see a compelling opportunity in credit spreads, with an initial focus on quality securities in central bank-supported sectors broadening out to take on more risk as the pandemic runs its course.
-
White papersCovid-19 update: European high yield market moves
An influx of ‘fallen angels’, which are issuers downgraded to junk bond status by the credit ratings agencies, has impacted European credit markets as a result of the economic fallout from the coronavirus. The movement of these names into European high yield (HY) credit indices has somewhat compensated for ...
-
White papersEuropean private debt: shifting dynamics
This paper examines the main sources of deal flow across Europe’s broad and dynamic private debt markets in 2019, highlighting some of the key observations or themes influencing deal activity in different parts of the market. It discusses the broad themes that we believe are key to investing in private debt and can help well-positioned lenders access and align opportunities that can deliver the specific outcomes sought by investors. The Covid-19 pandemic has created unprecedented uncertainty, but even during this time it’s important not to lose sight of the long term.
-
White papersWhat Plunging Oil Prices Mean for Energy Bonds
On April 20, the price of oil skidded into negative territory for the first time in history, with the May futures contract on West Texas Intermediate (WTI) crude hitting a low of –US$37.63 per barrel before recovering to positive levels.
-
White papersRevisiting The Global High Yield Outlook In The Wake Of The Covid-19 Pandemic
Global HY markets sold off aggressively between February and March in response to the COVID-19 outbreak, the oil price war and the liquidity freeze in some markets. An analysis of past peak-and-trough episodes in the US HY market shows that on most occasions investors have enjoyed positive market returns just one year after the peak. Three years past such a peak, market returns have proven positive in all six occurrences since 2000.
-
White papersPerspective on Private Credit
Listen to David Lyon as he discusses the current dislocation in the credit markets and the types of investment opportunities that may emerge as a result.
-
White papersPlotting the path to recovery: V, L or Nike swoosh?
The market sell-off and spike in volatility have left investors reeling. While history doesn’t always repeat itself, it often rhymes and a closer look at the data indicates there are lessons we can learn from previous drawdowns.
-
White papersOpportunity in Credit Dislocation
Michael Holmberg and John Humphrey provide an update on the credit market dislocations resulting from the crisis, what is causing concern in the market and how to find the opportunities that are emerging.
-
White papersInvesting in a post-crisis world
The ongoing crisis has thrown investors’ plans into turmoil. Long-term portfolio return expectations have changed and investors may need to think beyond traditional asset classes to generate the income they need. Hear from Nuveen’s Global Investment Committee on where they are finding opportunities and how best to position portfolios during, and after, the crisis.
-
White papersTaking the Bite Out of High Yield’s Tail Risk
A new buyer has arrived on the scene of U.S. high yield markets, and it happens to be the biggest buyer of them all: the U.S. Federal Reserve.
-
White papers10 (mostly new) predictions for 2020: A light at the end of a very long tunnel
We launched our original set of 2020 predictions a few months ago with the theme, “Uncertainties diminish, but markets struggle.” The coronavirus pandemic and resulting economic and market upheaval have since changed everything. In early March, consensus expectations for 2020 global GDP growth were +3%. Now they are -3%.1 A 6% swing would be unusual over a three-year time period. We just saw one in a month.
-
White papersWhy farmland now? Amidst unprecedented market volatility, a durable and consistent investment with compelling upside
Considered a safe haven investment, farmland has proven to be a reliable store of value through times of economic tumult – exhibiting durable valuations and attractive levels of income, both of which are uncorrelated to competing assets.
-
White papersFixed Income Market Update: A Lower Volatility Environment
Ashok Bhatia, Neuberger Berman Deputy Chief Investment Officer - Fixed Income, discusses the decline of fixed income market volatility in April and provides an update on where his team is finding value across the fixed income markets.
-
White papersA Traders’ View on How Fixed Income Markets are Operating
Dr. Christopher Smart hosts a conversation with Barings’ senior traders, Steve DiVittorio and Rishi Kapur on the mechanics of how fixed income markets are functioning in the current crisis, how that compares to past periods of extreme volatility, and what opportunities may result.
-
White papersECB QE Monitor - March 2020
March 9 2015 (decision to purchase €60 bn of assets per month until Sept. 2016), December 3 2015 (decision to extend the QE it until March 2017), March 10 2016 (decision to increase monthly purchases from €60 bn to €80 bn from April 2016) December 8 2016 (decision to ...
-
White papersEuropean Fixed Income Market Update
In this video, Investment Grade European Fixed Income Head, Patrick Barbe provides an update on current conditions across bond markets, explaining what he believes marks an important turning point in the current situation.
-
White papersSignificant risk transfer (SRT) credit opportunities
Apart from very specific parts of the SRT market, such as social housing and capital call facilities, most SRT deals are exposed to corporate or consumer risk. We expect defaults to spike in the short term in most transactions, with greater variability in corporate deals than in consumer deals.
-
White papersA Lot Of Bad News Already Priced In US Assets: A Gradual Approach To Exploit Market Dislocations
The US economy has entered a recession, induced by the social distancing and quarantining measures introduced to tackle the pandemic crisis. To monitor how deep the recession will be, we use both traditional macroeconomic data (eg, weekly retail sales, jobless claims) and big data (e.g., dining out, travel and box office sales, travel numbers and google searches for ‘recession’ and unemployment statistics). Both sets of variables suggest an unprecedented collapse in domestic demand.
-
