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Sector Views

Our Sector Reports include institutional investor commentary that explores past performance, future outlook and investment implications for various market sectors.



February 11, 2020 | High-Yield and Bank Loan Outlook

The Relative Value Case for Bank Loans Over High Yield

Loans present an opportunity to move up the capital structure with better spreads and yields than high-yield corporate bonds.


December 23, 2019

Agency Mortgage-Backed Securities: Flight Risk

Prepayment risk for recently originated mortgages remains high as mortgage rates continue to fall.


December 23, 2019

Asset-Backed Securities and CLOs: Focus on High Quality, New Issue

We prefer short, senior CLO tranches and new-issue commercial and aircraft ABS.
 


December 23, 2019

Bank Loans: Ratings Migration Signals Trouble Ahead

Worrisome pace of downgrades in the leveraged loan market is likely to continue.
 


December 23, 2019

Commercial Mortgage-Backed Securities: Strong Demand, But Not for WeWork

Liquidity remains strong after the largest post-crisis SASB and CRE-CLO deals.
 


December 23, 2019

Commercial Real Estate Debt: Can Coworking Work?

WeWork’s failed IPO does not signal the demise of flexible office space.


December 23, 2019

High-Yield Corporate Bonds: Cracks Are Forming

Investors should continue to limit exposure to CCCs despite recent cheapening because of the asymmetry of potential spread outcomes.
 


December 23, 2019

Investment-Grade Corporate Bonds: Walking the Tightrope

Demand for investment-grade corporate bonds should remain strong.
 


December 23, 2019

Municipal Bonds: Riding the Wave

Continued strong demand enables move up in credit quality.


December 23, 2019

Non-Agency Residential Mortgage-Backed Securities: The Future is Now

New issuance and trading activity in the RMBS market reflect a change in investor focus.
 

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