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Sector Views

Our Sector Team leaders share perspectives on performance characteristics, opportunities, and risks across a broad range of fixed-income asset classes.

 

March 17, 2016

Commercial Mortgage-Backed Securities: Time to Focus on Neglected Credits

A technical pricing dislocation in subordinated CMBS and non-traditional CRE offers a compelling entry point for commercial mortgage investors.

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March 17, 2016

Bank Loans: Sympathetic Widening Yields Opportunity

Bank loan valuations weakened in sympathy with the high-yield bond market, but we believe investors are being well-compensated for credit risk.

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March 17, 2016

Asset-Backed Securities and CLOs: Yield Premiums in Select ABS

Recent spread widening across several areas of the ABS market, particularly in post-crisis mezzanine CLOs, creates a compelling entry point.

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March 17, 2016

Agency Residential Mortgage-Backed Securities: Gaining from the Flight to Quality

Agency MBS offers an opportunity to diversify volatility and liquidity risk as we near the end of the credit cycle.

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January 15, 2016

High-Yield and Bank Loan Outlook - January 2016

We continue to expect that defaults will remain largely contained to commodity-related sectors despite the market’s dimming outlook for risk assets. While we keep a vigilant eye on the fundamental trends that underpin our credit views, it is important to remember during market conditions such as these that we are long-term investors, not traders. These are markets in which the strongest convictions are tested, but cooler heads prevail in the end.

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October 14, 2015

High-Yield and Bank Loan Outlook - October 2015

While volatility in credit markets may not yet be over, we believe now is the time to look for high-yield and bank loan investment opportunities.

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July 14, 2015

High-Yield and Bank Loan Outlook - July 2015

The energy sector represents an attractive opportunity to invest in high yielding securities, but investors must consider the sector specific first- and second-order effects of depressed energy prices.

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April 13, 2015

High-Yield and Bank Loan Outlook - April 2015

How high yield bonds and bank loans can help investors position for the Federal Reserve’s upcoming rate tightening cycle.

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January 07, 2015

High-Yield and Bank Loan Outlook - January 2015

While the U.S. economy remains strong, equity and credit markets are becoming increasingly susceptible to certain macro-driven risks, such as the decline in oil prices. Plunging oil prices have dimmed the outlook for the energy sector and have caused spread widening across investment-grade and high-yield U.S. fixed-income assets. While we believe risk of defaults in energy is limited in the near term, now is the time to monitor significant exposures that may cause underperformance in potentially worst-case scenarios.

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October 06, 2014

High-Yield and Bank Loan Outlook - October 2014

Leveraged credit suffered from heightened volatility over the third quarter as mutual fund investors withdrew from the sector amid concerns about frothy valuations and talk of a credit bubble. We believe the high-yield bond market correction this quarter is healthy and overdue, but investors can expect choppier waters ahead. One segment we believe may help limit near-term volatility risk while capturing strong returns is middle-market debt.

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Displaying Results 41 - 50 (of 50)



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