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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.



January 18, 2018 | High-Yield and Bank Loan Outlook

High-Yield and Bank Loan Outlook: Be Wary of Eroding Investor Protections

Assessing the risks of covenant-lite loans, 0 percent Libor floors, tax reform, and tightening spreads.


October 16, 2017 | High-Yield and Bank Loan Outlook

High-Yield and Bank Loan Outlook: Watching for Weakness in a Time of Strong Fundamentals

Positive earnings growth has improved fundamentals, but our research shows where to look for potential credit weakness in high-yield corporate bonds.


July 24, 2017 | High-Yield and Bank Loan Outlook

High-Yield and Bank Loan Outlook: Bank Loans to Gain from Further Rate Increases

High-yield and bank loan coupons are converging—just as they have in the past three tightening cycles.


April 17, 2017

High-Yield and Bank Loan Outlook: Tight Spreads Call for Caution

We expect investors to harvest gains unless we see more concrete legislative progress on fiscal policy in Washington.


January 13, 2017

High-Yield and Bank Loan Outlook: Focus on Floating Rate

Conditions bode well for credit, but a more aggressive Fed and geopolitics could bring volatility. 


October 14, 2016

High-Yield and Bank Loan Outlook – October 2016

Despite the recent rise in prices and tightening of spreads, interest expense coverage ratios for non-commodity high-yield issuers are relatively low, and the domestic economy is resilient.


July 14, 2016

High-Yield and Bank Loan Outlook – July 2016

Despite the selloff following Brexit, high-yield bonds and bank loans still turned in impressive quarterly returns, but recovery rates bear watching.


April 13, 2016

High-Yield and Bank Loan Outlook – April 2016

While spreads have since narrowed, we are still finding bargains in high-yield bonds and bank loans.


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.


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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