All High Yield articles
-
White papersMoment of truth
A hard or soft landing could throw a harsh light on corporate fundamentals in 2024. In the second set of breakout sessions from our Fixed Income Forum in London on 14 November, attendees learned of the potential in unconstrained credit, the opportunity in investment grade and the crucial role fixed income can play in the sustainability transition.
-
White papers2024 Outlook Public Fixed Income
With heightened uncertainty and widespread risks blurring the outlook, our credit market experts explore the future prospects for asset classes ranging from high yield, to investment grade credit, to emerging markets debt.
-
Podcast2024 Public Fixed Income Outlook
From high yield and investment grade credit to emerging markets and securitized debt, what will 2024 hold for fixed income investors? Our panel of experts weighs in on the opportunities and risks ahead.
-
White papersMulti-Asset Credit Investing: Why Now?
In today’s uncertain environment, high yield multi-asset credit strategies look compelling—especially given their strong track record through the cycle and the potential for attractive income.
-
White papersFour Reasons High Yield is More Resilient Today
The high yield bond market has undergone a fundamental shift over the last decade, with today’s higher-yielding, higher-quality market looking particularly resilient in the face of a potential downturn.
-
White papersIs ‘doing good’ too good to be true?
Businesses that align with ongoing structural changes in the economy will emerge as winners, with investors standing to not only do good, but also do well, believes Michalis Ditsas, Investment Director – Fixed Income.
-
White papersNo Regrets: The ECB Keeps Policy on Hold
Inflation in the euro area is falling and the economy is rapidly weakening. Against that background, the ECB kept rates on hold at its policy meeting on October 26.
-
White papersTreasury yields rise, anticipating a Fed pause
The U.S. Treasury yield curve steepened as the U.S. Federal Reserve indicates a pause at the November meeting. The market has essentially priced out any chance of a November hike and is pricing in only a 20% likelihood of a December rate increase.
-
White papersNot all high yield is created equal
The high yield bond market has matured from its humble beginnings and is now a diverse $1.793bn marketplace for companies to achieve their capital financing needs. As it has matured, its credit quality has also increased. Today, nearly half of the high yield market is classified as BB – the highest quality credit rating. At the same time, the proportion of the weakest credits has also reduced.
-
White papersTighten Your Seatbelts
Shifting supply-and-demand dynamics appear to be driving bond markets more than fundamentals, which makes for a bumpy ride.
-
White papersPosition portfolios for a policy turn
While it is tempting to sit in still high yielding cash, we suggest adding traditional fixed income sectors. Higher income helps investors wait for the end of the rate hiking cycle, and longer duration helps position a portfolio for potential rate declines. We advocate a diversified multisector approach, focused on higher-quality credits across sectors. Active management remains critical, as credit spreads will likely widen in the coming months.
-
White papersCredit Roundtable: What Comes Next for Corporate Credit?
Do liquidity walls pose a danger to credit markets? While both investment grade and high yield defaults have remained mild, are these numbers expected to stay low? Katie Klingensmith, Bill Zox and Andrew Bogle (Brandywine Global) discuss the outlook for corporate credit.
-
White papersHigher for Longer, Longer the Stronger
We are leaning into quality as markets start to focus away from near-term tailwinds and onto medium-term headwinds.
-
White papersSDG Engagement High Yield Credit, H1 2023 Report
Achieving true sustainability in fixed income is no mean feat: it takes time, expertise, dedication and resources.
-
White papersLong the Strong
The prolonged adjustment to higher rates is just beginning, and we think it will likely be more painful for some than others.
-
White papersAfrica’s Investment Outlook Depends on Macroeconomic Adjustments
Performance within Sub-Saharan Africa credits so far in 2023 has largely been driven by positioning and technicals which presents investors with opportunities.
-
White papersDon’t Wait on Spread Widening
Yields are on sale, offering investors an attractive income-generating opportunity
-
VideoBonds are Back And so is Risk
The search for yield is over. The risk-management challenge has just begun.
-
White papersGo global for higher income
There is a new reality taking shape in global markets and investors may need to reset their expectations.
-
White papersUnlock income opportunities across key credit sectors
As rate cycles around the world move toward their peak, we could now be at an inflection point for fixed income.
