All Fixed Income articles – Page 98
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White papersCredit investing in the coronavirus era: 360°, Q3 2020 - July 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.
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White papersFiorino: why bank debt investors should care about MDA
In this post of Fiorino, the blog where we aim to decipher complexity in global financials, we give our full attention to a typically complicated capital metric that investors need keep top of mind.
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White papersActive management to find yield in fixed income
Unprecedented monetary and fiscal measures by central banks and governments have installed a low-yield/low-volatility regime in developed bond markets. As investors search hard for yield, senior investment strategist Daniel Morris discusses the prospects for fixed income markets with Dominick DeAlto, chief investment officer fixed income.
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White papersInvestor Series: Private Assets for Insurers
Insurance investors face unique challenges in any environment but especially against today’s backdrop of continued low rates and a global economic slowdown. Barings’ Ann Bryant and Eric Lloyd discuss strategies for incorporating private assets as part of the solution.
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White papersHow Long Can This Go On?
U.S. government debts may set new records, but investors should focus more on borrowing costs and growth rates.
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White papersResidential mortgages and consumer loans
In this paper, we focus on the case for investing in pools of residential mortgages and consumer whole loans and explore the specific benefits available to insurers making a strategic allocation to the asset class over the long term. We also demonstrate how adding residential mortgages to an investment portfolio could help insurers achieve additional portfolio-level diversification benefits and lower the overall solvency capital requirement (SCR) under the Solvency II standard formula.
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White papersThe Changing Path to Credit Opportunities
Aggressive fiscal and monetary actions combined with better-than-expected news on the economic recovery have contributed to a narrowing of credit spreads, while central banks now appear committed to zero (or negative) rates for the foreseeable future.
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White papersHigh Yield: Liquidity Abounds, But What Lies Ahead?
Ample liquidity from central banks has driven a significant recovery across markets, including high yield. But with much uncertainty still ahead, we see benefits to moving up the capital structure and considering secured assets.
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White papersEMD: Further Room to Run?
Emerging markets debt rallied strongly in the second quarter—and while risks remain ever-present, the asset class may benefit from continued monetary stimulus and the potential for a sharper economic bounce-back in the second half of the year.
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White papersCLOs: Looking Down the Road to Recovery
CLOs rallied in the second quarter as liquidity returned and supply/demand dynamics began to normalize. While opportunities have emerged—particularly in high-rated tranches and new issue BBs—active management is key.
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White papersInvestment Grade Credit: Whatever It Takes
After the historic rollercoaster ride IG credit took in the first quarter, U.S. policymakers seem to have won the day, at least for now—with their own version of the phrase made famous by former ECB President Mario Draghi: Whatever it takes.
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Asset Manager NewsImplications of the global debt explosion
Global debt was at an unprecedented level before Covid-19. With the subsequent policy response injecting liquidity into most parts of the world economy, the debt predicament is set for a worse path. We explore the implications for sovereigns, financials and corporates, particularly from the perspective of credit investors.
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White papersWhy USD Fixed Income may look increasingly attractive to European investors
US fixed income can be a valuable source of diversification for European investors, but in the past the cost of hedging of the US Dollar exposure was high, neutralizing this benefit. The situation has changed, and the cost of hedging for Euro-based investors is much lower than in the recent past. Furthermore, we expect this cost will remain low.
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White papersQ&A: The Pandemic and Politics
Assessing the 2020 race in light of COVID-19, economic weakness and civil unrest.
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White papersTackling ‘lower for longer’ with private debt and real assets
Investors seeking alternative and resilient sources of yield in the face of ‘lower for longer’ growth and inflation are increasingly eyeing private debt and real assets. David Bouchoucha, chief investment officer of private debt & real assets (PDRA), discusses the attractions of the asset class.
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White papersThe “Pandemic Put” Can’t Last Forever
As the second half comes into focus, investors will have to contemplate a world in which the risks remain—and the backstops come with strings.
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White papersAsian Credit Remains Firmly Investment Grade
Spread-widening in the Asian credit markets due to COVID-19 is understandable, but we believe it overstates downgrade and default risks, and represents an attractive value opportunity for long-term investors.
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White papersGiving credit to decarbonisation (part 2)
What actions are commercial real-estate owners, and their lenders, taking to reduce carbon emissions – and how can this impact the performance of their assets?
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White papersGiving credit to decarbonisation (part 1)
What are the hallmarks of best-practice carbon disclosures among corporate-bond issuers, and how can climate action positively impact the performance of companies?
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White papersThe inflation genie – Understanding the drivers for the medium term
The COVID-19 pandemic has revived a familiar conversation about the inflation genie escaping the bottle. The speculation is similar to the one that surfaced in the immediate aftermath of the Global Financial Crisis and at various points since then: That we are likely to experience a burst of inflation in the coming years.
