White papers - all assets – Page 258
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White papersInvestment Grade Credit Markets Make an About-Face
As investment grade markets pivot sharply, with spreads reaching their widest level in over a decade, investors turn disproportionately toward quality and liquidity.
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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 papersCOVID-19: This time is different?
While the COVID-19 pandemic may be unlike anything financial markets have experienced before, the past still offers valuable lessons for investors trying to make sense of the crisis, explains Euan Munro.
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White papersA test of character for Europe
The contagion of the corona virus continues, but at a slower pace. In the first days of April the total number of recorded cases, now well over one million globally, was rising by about 8.5% a day, vs. 12% around 25 March.
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White papersEconomic and Real Estate Outlook in Context of Covid-19 #2
Yesterday was April Fools’ Day, but unfortunately there is not much humor to share in the world as the global novel coronavirus (COVID-19) pandemic continues to devastate countries globally. As of April 1, the number of COVID-19 infections surpassed 900,000 globally with the U.S. now leading the rate of infections.
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White papersMarkets Scenarios & Risks - April 2020
Covid-19 progressively moving global in March was a game changer for the global economy and financial markets. As policies responses to contain the damages of the virus became bolder, we re-assessed the narrative of our base and alternative scenarios. We changed the probability in favour of the upsides scenario to 30% from 15%, while the downside scenario moved from a probability of 30% down to 20% and the central scenario from a probability of 55% to 50%.
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White papersMacroeconomic Picture - April 2020
Heading towards a sharp contraction in H1; H2 recovery shaped by the duration of the crisis and by the effectiveness of the unprecedented policy response, once the post-containment normalization phase starts.While a state of emergency has been declared by the President, almost all states are implementing emergency measures with various degrees of severity, from preventing gatherings to statewide quarantines.
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White papersInvestment Grade Credit: Open For Business
The new-issue market remains available to investment-grade corporate credit, thanks to the swift and sizable monetary support from the Federal Reserve.
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White papersOil Jumps, Jobs Slump, More Fiscal Help Coming
President Trump expects Saudi Arabia and Russia to cut oil production and prices surged ~25% on the news. Initial claims for unemployment insurance benefits skyrocketed, doubling the previous week’s record and there is more talk of future fiscal packages.
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White papersMuni bond myths and realities: Bonds are trading, leverage isn’t bad, and widespread defaults don’t look likely
Following a long, unprecedented period of stability and price appreciation, municipal bond funds experienced equally unprecedented volatility and outflows in early March as the COVID-19 pandemic, broader market selloff and economic uncertainty led investors to hit the panic button.
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White papersUncorrelated Strategies Market Update
In this short video, Portfolio Manager, Fred Ingham provides an update on current conditions across uncorrelated strategies, offering his thoughts on both the short and longer-term impacts of COVID-19 on asset markets. He also updates on the positioning of Neuberger Berman’s portfolios.
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White papersCoronavirus: the long-term impacts on emerging markets
Beyond the shockwaves, immense uncertainty and eventual recovery, each economic crisis changes the way society and corporations operate, leaving scars but also spurring innovation.
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White papersViral volatility: how Covid-19 is infecting sentiment
The stock markets are characterised by long stretches of calm punctuated by times of crisis – the most recent of which is the ongoing coronavirus pandemic. Amid the rapid global spread of Covid-19, worries about economic growth have intensified and equity markets have suffered steep pullbacks.
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White papersPandemic panic: making sense of investor behaviour
The current market shakeout has caused extreme reactions among both consumers and investors. But are we wrong to suggest that investors are behaving irrationally in response to this coronavirus crisis? In this piece, we look at the market moves over the past month and consider how investors can use an active approach to confront their internal biases.
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White papersThematics Views - The Eurozone’s Quantum Leap: On The Road To Debt Mutualisation
The Eurozone’s architecture does not allow it to contain all the risks arising from the current shock. Recourse to an European Stability Mechanism (ESM) credit line without strong conditionality is a de facto first step towards debt mutualisation. Looking ahead, this could pave the way to a European budget and a common debt.
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White papersCentral Banks Are Entering A New Regime: Unlimited Support
Coordinated actions by central banks and governments have a clear objective to prevent a sharp rise in bankruptcies. We are confident in central banks’ ability to address the liquidity crisis as central banks have entered a new regime: unlimited support. However, we have no strong convictions on the depth of the coming solvability crisis.
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White papersEMD Market Update
Gorky Urquieta, Co-Head of the Neuberger Berman Emerging Markets Debt Team, discusses the factors that contributed to the sell-off of EMD assets over the past month and how the team is positioning portfolios in this volatile market environment
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White papersCoronavirus – Weekly update – 01/04/2020
This blog is the first of a regular update on our COVID-19 strategy: our assessment of the virus itself and the public health approach for containing it; the economic cost of dealing with the pandemic and the policy responses to mitigate the damage; and ultimately the implications for financial markets and investment strategy.
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White papersESG and climate: When credit becomes sustainable
The worsening health crisis currently spreading around the world has shown us just how extremely vulnerable our biological, environmental and social conditions are. Considerable efforts are being made to prevent the COVID-19 virus from spread- ing, but it is undoubtedly too soon to say how the epidemic will influence international opinions on global issues such as climate risk, personal protection and good governance.
