All High Yield articles – Page 13
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White papersGlobal High Yield celebrates its 10-year anniversary
Our Global High Yield capability is 10 years old. Since the capability’s inception a decade ago, the global high-yield market has transformed beyond recognition. Not only has it doubled in size, but the number of issuers – and the average size of an issue – have also soared.
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White papersCOVID-19: Will credit markets remain open for business?
While concerns around credit market liquidity have been rising since the global financial crisis, the COVID-19 sell-off has highlighted how fragile liquidity can be during periods of real stress. Colin Purdie discusses the short- and long-term implications for investment grade and high yield credit globally.
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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 ...
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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.
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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.
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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.
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White papersThe impact of COVID-19 on global high yield
As an increasing number of companies battle the economic consequences of COVID-19, their ability to service bond payments is coming under intense scrutiny. In this Q&A, Sunita Kara considers whether current high-yield valuations adequately compensate investors for default risk and looks at the broader implications of the pandemic.
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White papersWill COVID-19 lead to sustainable change?
The COVID-19 pandemic has led the world into the largest social distancing experiment in history. A USD 2 trillion US government stimulus programme and US Treasury yields below 1% are all the result of the crisis. In addition, oil prices have fallen to below USD 20 a barrel as demand destruction has exacerbated the effects of a collapse in OPEC’s pricing policy. Will the world go back to ‘status quo’ when we exit this dislocation? Probably not. We believe the learnings from the ‘go-remote’ experiment are here to stay. The implications for the future of energy, real estate, work, education, health care delivery and so forth are vast.
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White papersCovid-19 update: European high yield market moves
March was a rollercoaster ride for European high yield investors. The market had fallen 20% by the middle of the month, and had recovered to be down 15% since the start of the year as of 5 April.
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White papersWhen coupons are king: the case for global high-yield credit
With markets in freefall, high-yield bonds have been particularly affected and credit spreads recently rose above 1,000bps for the first time since the 2008 financial crisis. But in risk lies opportunity and the market rout means that high yield is trading at attractive valuations. At a time when listed companies are cutting dividends, we believe that high yield’s income-generating qualities means that it has the potential to deliver superior risk-adjusted returns earlier on in the market’s recovery.
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White papersHigh Yield: Finding Value in a Landscape Rife with Risk
Concerns surrounding COVID-19, lower oil prices and a global recession have weighed heavily on markets—including global high yield bonds and leveraged loans. While value opportunities are emerging, the landscape is punctuated with risks that must be carefully navigated.
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White papersChina Recovers
China was the first economy to be struck down by COVID-19, but that means it is the first to recover—and its onshore bond and equity markets may be a good place to get exposure.
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White papersHigh Yield Market Update: Volatility Persists
Christopher Kocinski, Neuberger Berman U.S. High Yield Senior Portfolio Manager, discusses the factors that have contributed to the volatility in the non-investment grade credit market and how his team has adjusted portfolios as spreads have widened.
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White papersHigh Yield: Navigating COVID-19
Barings’ Martin Horne puts the recent volatility in high yield markets into context and describes how the Barings team is both managing risks and finding value opportunities through the crisis.
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White papersSharpe Thinking: how will banks respond to the coronavirus crisis?
What’s moving the investment landscape? In these turbulent markets, we bring you views from our portfolio managers, analysts and economists, delivered by our Investment Office – an independent body ensuring that our investment teams perform in the best interest of clients.
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White papersGlobal High Yield Market Update – March 2020
In this video update from Senior Portfolio Manager, Vivek Bommi, we review conditions across global non-investment grade bond markets and offer our outlook for the asset class.
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White papersUS high yield: market volatility update
Markets including high yield remain unsettled as the difficulties of forecasting this unprecedented pandemic and the associated individual, company and government responses continue to develop. The purpose of this update is to provide some context on what is happening in US high yield and to frame a few things that we expect going forward.
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White papersDistressed Debt: Despite Challenges, Opportunities Persist
Recent market and economic volatility may be the trigger that distressed debt investors have been waiting for, but capitalizing on opportunities will require a different playbook than those of past cycles.
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White papersSpotlight on fixed income - The value view – finding opportunities in adversity
Asset markets have been subject to extreme volatility in recent days. M&G’s institutional public debt team has been maintaining a close watch on credit markets with a view to identifying attractive opportunities.
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White papersCovid-19 update - Current credit market perspectives
The rapidly expanding footprint of the new Covid- 19 coronavirus, has shaken investor confidence, with significant falls in global equity markets as investors focus on the likely recessionary impact on global growth, as well as the direct sectoral impacts in key areas such as tourism, retail, autos and at company level on supply chain exposures to China. This has also fed into global credit markets.
