White papers - all assets – Page 266
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White papersFrance Outlook
In Q3 France posted a major surprise, with its 18.2% QoQ rise in GDP beating both consensus and our expectations, and leaving the French economy only about 4.0% below pre-Covid levels. But with the second wave and the new lockdown taking a toll on activity and sentiment, we now expect a new contraction of 3.3% QoQ in Q4. This will be followed by a slow and uneven recovery, which will reach full traction only from Q2 2021, when we assume restrictions will be fully lifted. In the meantime, a ‘stop and go’ process may take place, making the recovery path bumpier and more uncertain.
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White papersInside Real Estate – Annual Strategy Outlook for 2021
Under our base case the global economy will continue down the path of recover but with a wider range of possible outcomes. Normalization in advanced economies will likely start in the second half of 2021 following the distribution of vaccines, though full global herd immunity will be further away. We expect the world economy to be dealing with a “new normal” for a few years.
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White papers2020 post-election analysis: Biden wins, but the United States remains divided
Former Vice President Joe Biden defeated President Trump to become the 46th President of the United States. While Trump has not conceded yet, he became only the third President to fail to win re-election since World War II. In the end, the election was a referendum on Trump as a man rather than an indictment of his policies. A political realignment is underway, with GOP emerging as a working-class party and dominating the vote in rural areas, while the ‘Blue wall’ of the Midwestern states of Pennsylvania, Michigan and Wisconsin has become competitive for both parties.
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White papersExpert Roundtable: Sustainable High Yield Investing
We believe environmental, social and governance (ESG) considerations matter in high yield investing, and that, as providers of new capital, bondholders may have more influence than they think.
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White papersMarkets Unscripted: 2020 U.S. Election Series
Ashok Bhatia, Neuberger Berman Deputy CIO – Fixed Income, shares his perspective on investment implications as a result of the U.S. election and recent COVID-19 vaccine news.
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White papersInvestment Grade Credit: Corporate Decision-Making in the Post-COVID-19 Economy
For the investment grade credit market, the first three quarters of 2020 can be characterized as nothing short of unprecedented.
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White papersSenior infrastructure debt vs fixed income: which poses fewer challenges for investors?
Senior infrastructure debt is shielded from many of the challenges that face traditional fixed income in a zero-rate world. We explain why.
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White papersAn Election Update and Market Outlook with Joe Amato
Stephanie Luedke, Head of Private Wealth Management leads a discussion with Joseph V. Amato, President and Chief Investment Officer – Equities for an update on the U.S. election and the markets after a historic week.
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White papersCorporate 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 papersAn 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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White papersNon-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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White papersDon’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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White papersHow 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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White papersMissing 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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White papers2020 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 papersNew 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 papersSpecial 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 papersUS 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 papersBonds 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 papersHY 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.
