All Sovereign Bonds articles – Page 3
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White papersECB QE2 Starts On A Strong Foot With A Tilt To The Private Sector
ECB QE2 started off on a strong foot, according to data released on Monday regarding the very first week of purchases. The overall increase in holdings of the four QE programmes was quite high for just one week relative to the announced monthly path of EUR 20 bn, as it totalled around half of this amount , at EUR 9 bn. Most of the increase in holdings was driven by the public sector (roughly EUR 4.5bn) and corporate bond programme, at almost EUR 2.8 bn. The CSPP portfolio expanded from EUR177.1bn at the end of October to EUR181.1bn on 8 November. With the data reflecting settled securities, this number should cover just four trading days of purchases.
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White papers
ABS: Uncovering Opportunities Beyond the (IG) Index
Amid an ongoing search for yield and with a number of potential risks on the horizon, there may be benefits to exploring opportunities outside of traditional corporate and government bonds—such as certain parts of the asset-backed securities (ABS) universe.
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White papers
Why Are Investors Turning to Emerging Market Corporate Bonds?
Emerging market debt has expanded significantly. Its continued evolution has opened the way for more sophisticated investment strategies which exploit its diversity to improve diversification and manage risks. This is the case of Emerging Market (EM) corporate bonds. The sustained deepening of the asset class will make it even harder to ignore as an attractive investment opportunity. Alongside this growth, the increasing variety of EM corporate issuers offers continued opportunities for investors to diversify.
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White papers
High yield: where the income continues to flow
High yield debt is one of the few markets offering positive real income.
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White papers
After the bond rally, beware of bond math’s return
Bond market investors have experienced impressive returns this year. Even mortgage-backed securities, which were at the bottom of the pack for fixed-income sectors in year-to-date performance through September 30, returned 5.60%, which easily eclipsed the 1.28% gained by the fixed-income leader for all of 2018, municipal bonds
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White papers
Monthly Market Monitor - October 2019
Eaton Vance Monthly Market Monitor presents a concise review of economic and asset class data through clear and impactful charts. Providing timely information across a broad array of markets and investment topics, this guide serves as a helpful resource in providing connectivity between changing market events and implications for investor portfolios.
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White papers
Core Matters Investment Returns: A 5-year perspective
2019 has seen huge inflows into Fixed Income (FI) funds and outflows from Equities. From a medium-term return perspective this makes no sense. The formidable demand for safe assets reflects cyclical and structural forces (e.g. ageing). No matter the economic scenario, FI returns over the next five years ...
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White papers
Emerging Markets Sovereign Debt: Does Active Management Pay?
The performance of Emerging Markets Sovereign Debt can—and does—vary widely from country to country. In this piece, Barings’ Cem Karacadag explores how an active approach can be key to selecting the most attractive opportunities, while also avoiding the bad apples.
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Blog | Falling too far? What sets fallen angels apart
When US investment grade bonds are downgraded and cross the ratings threshold into high yield territory, they join the sector known as “fallen angels.” And while they’re technically categorized as high yield (HY) bonds, it’s important to note that fallen angels were initially issued as investment grade (IG) credits. This is why they tend to have distinct characteristics that set them apart from the rest of the US HY bond market.
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White papers
A central banker’s guide to gold as a reserve asset
International reserves are generally, but not universally, owned and managed by central banks. In a few instances, reserves are owned or managed by the Ministry of Finance or Treasury Department. According to IMF reporting standards, international reserves must be held in convertible currencies or in gold,2 so they can be easily deployed during times of crisis. The eligibility of assets is typically determined by their creditworthiness, liquidity, and contribution to the risk profile of the portfolio as a whole.
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White papers
Monthly Market Monitor - September 2019
Eaton Vance Monthly Market Monitor presents a concise review of economic and asset class data through clear and impactful charts. Providing timely information across a broad array of markets and investment topics, this guide serves as a helpful resource in providing connectivity between changing market events and implications for investor portfolios.
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White papers
What are insurance-linked securities and how do they work?
A challenging environment for traditional asset classes means less correlated assets - like insurance-linked securities – are in higher demand. How do they work?
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White papers
Emerging markets debt: Determinants of sovereign bond quality and returns
In this paper, Eaton Vance explores the key drivers of sovereign bond ratings, spread performance and frequency of defaults for a data set of 127 countries from 2000 to 2016. The findings demonstrate the determinant role that economic policy plays, in particular, which is analysed alongside other macro variables related to the real economy, external sector and political orientation of the government.
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White papers
Portfolio Risk Management: A Multidimensional Perspective
Asset allocation, effective portfolio design and dynamic management have always been powerful tools for battling volatile markets, but risk has come into even sharper focus lately. Economic growth is slowing, yields are low and stocks have taken several tumbles. Investors are looking for new ways to tackle risk.
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White papers
Containing volatility in emerging market fixed income
An absolute return approach allows investors to earn alpha in emerging markets without having to endure extreme volatility.
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White papers
Seek High Yield Opportunities, but be aware of liquidity conditions
Speculative grade bonds have been among the major beneficiaries of the rapid turn of both Fed and ECB monetary policy stances to much more dovish positions. Lower rates for longer and more synchronised easing mean much lower funding costs and easier financial conditions for HY companies, which, as we know, are more sensitive than IG companies to the absolute levels of nominal and real rates.
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White papers
Blog | Study finds value factor applies to fixed income too
The value effect refers to the tendency of stocks with lower valuation ratios to earn above average returns over the long run. This effect—also referred to as the “value premium”—is one of the most well studied and evidenced market factors in equities. However, when it comes to fixed income, there hasn’t been a widely accepted definition of the value factor.
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White papers
Blog | Not all yield-curve inversions are created equal
The inversion of a widely watched part of the US Treasury yield curve last week has rattled markets already nervous about slowing global growth. Such events warrant attention given their recession-predicting history. But the macro and monetary forces driving the recent inversion differ starkly from those in 2006, the first of such inversions preceding the last recession.
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White papers
Pick a Number, Any Number
Among Three Central Rate Forecasts, The Middle Still Feels Right.
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