All High Yield articles – Page 18
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Video: Direct Lending - Market outlook
Securing yield through long-term lending partnerships.
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A Time Bomb It’s Not
Despite elevated leverage, many BBBs have the firepower to forestall the dreaded downgrade to high yield.
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Market Resilience: Strength In Numbers
Concerns about where the financial markets are heading are at the forefront of many investors’ minds. The risks of a US or global recession this year continue to persist amid slowing global growth, trade tensions and worries about potential geopolitical shocks.
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360 – Fixed Income report, Q1 2019
To be considered relevant, a factor must first and foremost be backed by ample empirical evidence. In the absence of such evidence, academic research on multi-asset factor premiums could suffer from ‘p-hacking’ (or ‘data mining’). Recent research by Robeco uses new and previously unused deep historical financial data. The results allay any p-hacking concerns.
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Asset Allocation Update - Much ado about equities and credit
Equities and corporate bonds often do well together. Over the past 20 years the “beta coefficient” between credit to equities has been 0.5 in both the US and Europe; that is to say, for every 1% rise (or fall) in equity prices, credit markets have tended to return (or weaken) 0.5%.
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Tug-of-War
Buyers and sellers are in a tug-of-war in the bond market, where yields have been declining. Are buyers sidestepping the budget deficit and other factors?
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An Underappreciated Subset of High Yield
For investors willing to surrender a nominal amount of yield in favor of greater protection given a default, global senior secured bonds can be an attractive option in a recessionary environment.
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Seeking Spread Along Steep High Yield Curves
While many sectors have partially recovered since the worst of the December 2018 market volatility, a shift in the U.S. leveraged finance market continues to present attractive opportunities. By selling short-dated issues that have experienced solid spread compression and slightly extending along particularly steep spread curves, investors can pick up significant spread in what is still a stable economic backdrop.
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An Underappreciated Subset of High Yield
For investors willing to surrender a nominal amount of yield in favor of greater protection given a default, global senior secured bonds can be an attractive option in a recessionary environment.
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High Yield Five Takeaways For The Months Ahead
A market dominated by volatility and dramatic headlines—if this environment feels familiar, perhaps it’s because it is.
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An Underappreciated Subset Of High Yield
As we enter what may be the twilight hours of an elongated credit cycle, an increase in defaults is not only possible, but probable. Against this backdrop, a credit-intensive, global approach to high yield investing is key.
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The Changing Face of Investment Grade Credit
In a recent interview, David Nagle, CFA, portfolio manager in the Investment Grade Fixed Income Group, discussed the investment grade credit market, including some of the issues garnering headlines recently and how the market has evolved through the years.
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PGIM Fixed Income Q3 2018 Market Outlook
PGIM Fixed Income examines the outlook for the fixed income markets, the global economy, and prevalent political and market concerns in Q3 2018.
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Banking problems impede India’s reforms
There has generally been a positive response to Prime Minister Narendra Modi’s structural reforms, but there has been an investment slowdown in the medium-term, and recent scandals, huge bad loans and ATM cash shortages imply a banking system that is in crisis – to the tune of $210 billion.
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Strategic Relative Value: Q2 2018
Even modest upward interest rate adjustments can be disruptive to risk markets when they collide with slowing economic growth, shifting monetary regimes, and geopolitical shocks.
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What to know about investing in China
There used to be a lot of concern around China’s old industrial economy, but supply-side reforms have curtailed excess capacity.
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Why sustainable growth supports ASEAN equities
The Association of Southeast Asian Nations is in a cycle of high-quality, balanced economic growth, with China leading the way.
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Asset Allocation Update: Strong earnings prompt US equities upgrade
Amid background noise such as ongoing trade skirmishes involving the US, the evolving Chinese economy and geo-political tensions, we have spent time analysing recent market movements and the implications for risk assets.
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The inflation pendulum
It’s not good to have too much or too little inflation, but trying to get a huge pendulum the size of the US economy to settle in the middle is very difficult.