White papers - all assets – Page 222
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White papers
Corporate Hybrids Come of Age
We believe the nearly €200 billion corporate hybrid market just got its first true test—and passed with flying colors.
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White papers
An Election Update and Market Outlook with Charles Kantor
Given the uncertainty of the political landscape, Charles Kantor, Neuberger Berman Equity Portfolio Manager, shares his perspective on investment implications as a result of the U.S. election.
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Non-IG News: Record High Yield New Issuance in a Pandemic?
Despite the COVID-19 pandemic and a significant contraction in global GDP, the U.S. High Yield Market saw record levels of new issuance in the second and third quarter, which was a surprising development to most investors.
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Don’t Forget the Winners & Losers that Weren’t on the Ballot
Beyond all the victorious and defeated candidates, the U.S. election marked some fresh directions that investors need to watch.
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How ocean states can benefit from a ‘blue recovery’ from COVID-19
Investing in ocean health offers coastal countries the means to recover from the pandemic in a sustainable and economically efficient manner.
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Sustainability in credit: Why ESG scores don’t tell the whole story
ESG ratings are a helpful baseline to assess companies, but views on their ESG risks and opportunities can be honed – and sometimes corrected – through deeper research, trend analysis and meetings with company executives.
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Missing Pieces: A Better Approach to Sovereign ESG Analysis
ESG integration has built considerable momentum in recent years, but the case for incorporating ESG in sovereign-credit analysis isn’t always clearly articulated. In developing a more rigorous ESG model, we’ve created a framework that enhances traditional sovereign-credit analysis and provides fresh insights into the drivers of long-run economic performance.
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2020 GRESB Infrastructure Assessment results
REPM demonstrates market leading performances across the board in the 2020 GRESB Infrastructure Assessments despite a more competitive peer group environment. 100% of REPM’s submitted infrastructure funds achieved 5-star status, the highest recognition available reflecting top quintile performance.
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White papers
New order: navigating the energy transition
The energy transition is an existential long-term risk for oil and gas companies, as the move away from fossil fuels towards low-carbon technologies impacts demand for hydrocarbons. How can debt issuers future-proof their businesses to survive – and indeed thrive – in a net-zero global economy?
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White papers
Special Edition: The U.S. Votes: Our First Response
The U.S. has voted in the midst of arguably the most challenging environment for generations. Here’s our first take on the likely result and what it could mean for investors.
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White papers
US election: no winner yet, markets moving from a Blue Wave to a possible Trump trade
At the time of writing, the result remains unclear and prudence is needed as the race is close Biden 238 - Trump 213 (270 to win).We expect an 85% likelihood of knowing the winner within ten days. The winner of the election is likely to be determined sometimes during the next few days as three battleground states, Michigan, Pennsylvania (6 November: deadline for mail-in ballots to be received in Pennsylvania) and Wisconsin, complete the long process of counting large numbers of ballots that were sent by mail as a result of Covid-19.
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White papers
Bonds that are not really binding
Should the €2,800 billion in sovereign bonds or the equivalent* that are on the European Central Bank’s balance sheet be treated just like any other bonds? This question, which has come up regularly over the past several months, is far from being of mere academic interest.
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White papers
HY default cycle and rating changes: how it is “different” this time
Despite a severe macro contraction, policy reaction to the covid-crisis limited most of corporates’ rating migration and HY defaults to low-rated debt. This piece outlines our expectations on both rating and default cycles to come.
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Write hard and clear about what hurts
Economists have frequently used the alphabet to characterize the profile of the recovery. But one letter does not fit all. It is the duration of the epidemic which will ultimately determine the shape of the recovery. The desynchronisation of cycles should open the door to traditional geographic diversification.
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Addressing the legacy of the crisis in the EM: the right policy mix in an uneven recovery
The duration of the epidemic will ultimately determine the shape of recovery. An uneven recovery and subdued inflation (barring any persistent supply shock) will call for a prolonged accommodative policy mix, in either monetary or fiscal policy. The merger of the two has to be careful monitored in emerging markets.
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Market scenarios and risks - November 2020
This month, we amend the narrative of our central and downside scenario to take into account a larger than expected Covid second wave in Europe and delayed fiscal support in the US. We reduce the probability of our central scenario from 70% to 65% and increase the probability of the downside scenario from 20% to 25%.
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White papers
Macroeconomic picture - November 2020
The US economy rebounded in Q3, exceeding our expectations and leading to a further upside revision of our 2020 GDP forecasts. However, given the signs of a progressive deceleration in several economic and behavioural indicators, influenced by the new rise in Covid-19 cases, we are more cautious about the speed at which the economy will enter 2021.
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White papers
Small But Mighty: Emerging Market Trends On The Cutting Edge of Change
In this issue of Trends Reinforced, the Emerging Markets Equity team reviews some truly innovative developments in emerging markets small-cap companies.
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White papers
The road less travelled: 360°, Q4 2020
What is our current view of fixed-income markets? And where do we see the best relative value? In our latest edition of 360°, Andrew ‘Jacko’ Jackson, Head of Fixed Income, and his team of specialist investors considers the areas that have the potential to deliver superior risk-adjusted returns.
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White papers
Brexit Means Brexit: But What Could that Mean for Portfolios?
As of the 31st of January of this year, Brexit went into effect per the vote cast on the 23rd of June back in 2016. With the added element of the COVID-19 pandemic and its associated economic implications, how should global investors be thinking in our view as we approach 2021?