All High Yield articles – Page 15
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China 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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High 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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High 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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Sharpe 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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Global 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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US 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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Distressed 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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Spotlight 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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Covid-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.
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High Drama in High Yield
Coronavirus and the OPEC price war combine for a one-two punch to high yield markets.
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Update on Global Non-Investment Grade Credit Markets
We unpack the short-term and long-term, transitory and permanent impacts of recent news on the high yield and loan markets.d markets.
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Asia Quarterly Bulletin Winter 2020
The region’s bonds stand out in a world of low and negative yields, but investors need to be picky.
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Global high yield outlook: Be confident, but not complacent
Last year was a strong year for global bond markets, which were supported by the accommodative stance of the main central banks and strong investor demand. US, European and EM high yield (HY) bonds all returned more than 14% swapped into US dollars. The performance was led by the higher-quality segments of the market, such as BB-rated bonds, as well as the strong performance of CCC bonds in Europe. This was due to the search for yield across credit products, helped by positive risk sentiment.
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Private credit: Middle market opportunities to meet today’s challenges
Private credit has historically been an attractive investment.
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Sentiment Shift Fuels Lower-Rated Rally
Uncovering relative value across high yield in 2020 may require looking in less obvious places.
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EM Local Debt’s Time to Shine?
Emerging markets (EM) local currency denominated debt may be poised to outperform.
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Stable Growth, Policy in Transition - Fixed Income Investment Outlook 1Q 2020
With a stable economy likely to provide a positive environment for credit this year, shifts in monetary policy could contribute to more frequent volatility in fixed income markets, while political developments will be an ongoing risk.
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Multi-asset allocation views: The pros and cons of higher-yielding fixed income
Sunil Krishnan asks whether higher-yielding fixed income assets remain good diversifiers for multi-asset portfolios in the current environment.
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Credit selectivity at the fore in European high yield bond and senior loan investing
The European leveraged finance market is recognised for its potential to offer a compelling income advantage versus other, more traditional fixed income asset classes. Current market factors such as low default rates for speculative-grade debt and further stimulus from the European Central Bank are expected to continue to lend support to this asset class, which has enjoyed strong performance in 2019. Still, a prudent perspective would view the market as standing on relatively fragile ground in a period of low yields, lackluster economic activity and weakening growth outlook.
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Quality is key in a slow economy
The outlook for Europe’s high yield market was getting darker as we moved into 2019. Third quarter earnings reports at the end of 2018 had mostly missed expectations, industrial activity was slowing and world markets had just suffered a sharp sell-off. Like most others, we were expecting returns for 2019 to be only moderately positive or even flat.