All High Yield articles – Page 15
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White papersCovid-19 - Institutional Fixed Income market update briefing
Credit markets have continued to perform well, enjoying underlying official support and as investors continue to look to add risk. In this short summary, we highlight activity within the main fixed income markets, including leveraged loans and asset-backed securities in recent weeks.
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White papersEuropean high yield credit update
Credit markets stabilised in April; however, a wide dispersion of spreads means active stock-pickers can still find potential opportunities.
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White papersEM Short-dated Debt: A Diamond in the Rough?
COVID-19 and lower oil prices have led to indiscriminate selling across EM corporate debt, creating a potentially compelling opportunity in the shorter-dated, higher-yielding segment of the market.
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White papersFour Benefits of Senior Secured Bonds in an Uncertain Environment
Times of volatility can also yield opportunity if navigated carefully—and in the event of widespread defaults, senior secured bonds can offer some particularly compelling benefits.
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White papersA decade of change in global high yield
Globalisation and the rise of new instruments, credit quality and sustainability made the last decade one of significant evolution for the high-yield market – and for our team investing in this asset class.
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White papersA look at why insurance-linked securities are largely immune to the Covid-19 volatility
Insurance-linked securities have been almost unaffected by the market turmoil linked to coronavirus. We look into the mechanisms that make them more resilient.
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Asset Manager NewsEuropean equities – the best option for resilient income
With bond markets offering little in the way of income, the continent’s highest quality equities offer an attractive and defensive yield
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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 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 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.
