Bonds in brief: making sense of the macro — March issue
What's driving global bond markets and what are the investment implications? Read the latest "Bonds in brief" for Wellington Investment Director Marco Giordano's monthly assessment of risks and opportunities within bond markets.
FOMC: Stable policy amid market volatility
The Fed is holding steady amid market turmoil. See our quick notes on the FOMC's March policy statement, forecasts, and the Fed chair's press conference.
Agency MBS key questions for 2024
Is there room for mortgage spreads to tighten further? Brian Conroy and Joseph Marvan examine this and seven other questions that will be significant for the agency MBS market in 2024.
Is the US economy really that different since COVID?
US economists have been touting the resilience of the post-COVID economic rebound. Brij Khurana dissects several key economic indicators to see what's really changed since 2019.
Bonds in brief: making sense of the macro - February issue
What's driving global bond markets and what are the investment implications? Read February's "Bonds in brief" for Wellington Investment Director Marco Giordano's monthly assessment.
Evaluating labelled bonds: a robust framework is key
Fixed Income Portfolio Manager Campe Goodman and Investment Specialist Will Prentis explain why they believe a robust framework for analysing labelled, or sustainable, debt can help to generate real-world impact.
5 reasons to be active in fixed income
Actively managed fixed income portfolios have several distinct advantages over passive approaches.
Too much focus on Fed, not enough on fiscal
Current US fiscal and monetary policy stances argue for risk taking in fixed income.
Top 5 fixed income ideas for 2024
With central banks set to pivot to accommodative policy, and elevated yields still prevailing, we think fixed income offers compelling opportunities. Here we share our top five ideas.
CLOs: 4 hot topics
Bank demand, net supply, the cycle for broadly syndicated loans, and loan fundamentals will be front and center for CLO investors in 2024.
Bonds in brief: making sense of the macro - January issue
What's driving global bond markets and what are the investment implications? Read January's "Bonds in brief" for Wellington Investment Director Marco Giordano's monthly assessment.
Bonds in brief: making sense of the macro - December issue
What's driving global bond markets and what are the investment implications? Read "Bonds in brief" for Wellington Investment Director Marco Giordano's monthly assessment.
Bizarro World: Could 2024 be the opposite of 2023?
Fixed Income Portfolio Manager Brij Khurana details the dynamics that may upend investor expectations of a repeat of 2023 this year.
Credit: Better opportunities to add risk on the horizon
Our experts review current macro dynamics impacting the bond market and discuss where they see opportunities and risks across credit sectors.
Bonds in brief: making sense of the macro - November issue
What's driving global bond markets and what are the investment implications? Read "Bonds in brief" for Wellington Investment Director Marco Giordano's monthly assessment.
Bond Market Outlook
In this collection fixed income experts across our platform highlight risks and opportunities for discerning fixed income allocators looking ahead to the second half of 2023.
Macro implications of the AI revolution: is the market right?
Macro Strategist John Butler sets out an initial framework to help answer key questions about the potential macro impact of artificial intelligence.
Have the Fed’s recent comments just provided a tailwind for agency MBS?
Fixed Income Portfolio Manager Brij Khurana explains why the market may be missing an important nuance in the Fed's focus on financial conditions.
The “cleanest dirty shirt” now has too many stains
Fixed Income Portfolio Manager posits that US fiscal profligacy will change the game for asset allocators.
Public CRE debt — Risk, opportunity, or both?
Our experts explore the implications of the ongoing stress in the public CRE debt, or commercial mortgage-backed securities (CMBS), space for investors and analyze risks and opportunities for ratings-constrained insurers.
Why cash won’t cut it for long: The case for bonds
Global Investment and Multi-Asset Strategist Nanette Abuhoff Jacobson and Investment Strategy Analyst Patrick Wattiau explore the relative potential benefits of bonds versus cash.
Commercial property values shrinking? No problem for big cities
We analyze the impact of declining office property values and outline the reasons why they believe large cities should be able to weather the storm of shrinking commercial property value.
What AI could mean for fixed income
Fixed Income Portfolio Manager Brij Khurana details the potential effects of artificial intelligence on the fixed income market.
US loses its AAA rating (again)
US Macro Strategist Michael Medeiros analyzes Fitch's recent downgrade of US credit quality and explores the bigger issues at play.
Bank loans remain attractive despite macroeconomic uncertainty
Our experts believe that bank loans currently offer attractive levels of income and have already priced in an overly bearish macroeconomic view.
State of the credit markets: Does cash rule everything around us?
Fixed Income Portfolio Manager Brij Khurana outlines the state of the credit market today, compares historical periods of quantitative easing, and warns credit investors of cash scarcity in the near future.
FX outlook: Is USD exceptionalism withering away with the Fed hiking cycle nearing an end?
Discover the status of the USD today, learn where the greenback may be headed going forward, and understand why.
Credit market outlook: Expect greater opportunities in back half of 2023
Against a backdrop of elevated recession risks and banking-sector stress, Fixed Income Portfolio Manager Rob Burn identifies relative-value sector opportunities in the credit market.
Fixed income 2023: Will opportunity keep knocking in the second half?
Learn where Fixed Income Strategist Amar Reganti sees opportunities in the fixed income market today and dive deeper into the three key themes he thinks investors should consider going forward.
Time for a new playbook on bonds
Is it time to add to fixed income allocations? Multi-Asset Strategist Adam Berger and Fixed Income Strategist Amar Reganti offer their views, as well as thoughts on specific areas of opportunity.
4 reasons why European investors may benefit from going global
Bonds are looking increasingly attractive, but a new, more volatile, normal means investors with a home bias may wish to revisit portfolios. An inconsistent policy landscape and lower hedging costs are just some of the reasons why European investors in particular may benefit from going global.
Commercial real estate: Seeking shelter from the storm
Finding potential opportunities in commercial mortgage-backed securities these days is all about knowing where to look, says Fixed Income Credit Analyst Carolyn Natale.
High-yield bonds: Too early to get aggressive?
Our high-yield team suggests a somewhat defensive risk posture for now but expects opportunities to take on greater risk to arise later this year.
Will higher rates sap US consumer spending?
Higher interest rates have increased borrowing costs. Could a consumer-led US recession be looming? Fixed Income Portfolio Manager Kyra Fecteau sees three factors that may help mitigate the impact.
Securitized assets: Caught in the storm but with scattered bright spots
Securitized assets have been on the front lines of the ongoing turmoil in the banking sector, but not all securitized subsectors appear equally vulnerable.
Deep and diverse: Welcome to today’s Asia credit market
Two of our Singapore-based experts on Asia credit discuss the market's key features, along with how it's evolved and is likely to continue doing so.
Fixed income 2023: Ripe for a reversal
Three of our fixed income investment professionals discuss the potentially compelling opportunity set to be found in today's global bond markets.
Sector rotation opportunities for nimble credit investors
Following a credit market rally, Fixed Income Portfolio Manager Rob Burn still sees value in higher-yielding sectors but believes investors should stay nimble.
What’s driving convertibles in 2023?
Following a challenging 2022, Fixed Income Portfolio Manager Mike Barry and Investment Director Raina Dunkelberger highlight three tailwinds that may help turn the tide for convertibles.
Spread the risk: Our top three fixed income diversifiers for 2023
Fixed Income Strategist Amar Reganti highlights three types of strategies that may be well positioned to provide fixed income portfolio diversification going forward.
CLOs: Poised to outperform in 2023?
Collateralized loan obligations (CLOs) have been sparking investor interest lately — and with good reason, say Investment Director Andrew Bayerl and Investment Specialist Celene Klimas.
Can US bank loans “carry” investors through 2023?
Fixed Income Portfolios managers Jeffrey Heuer, CFA and David Marshak and Investment Director Nick Leichtman describe what they see as the most prudent approach to the bank loans asset class in 2023 and why.
Take credit: Our five best credit market ideas for 2023
Fixed Income Strategist Amar Reganti highlights credit market opportunities that he expects to arise over the course of 2023, against a backdrop of slowing growth.
High yield: Opportunity to pivot in 2023?
Our high-yield bond portfolio managers have a guardedly optimistic outlook on the market and believe security selection will be key to benchmark-relative outperformance in 2023.
Hidden in plain sight: Overlooked opportunities in investment-grade credit
Fixed Income Strategist Amar Reganti and Investment Specialist Geoff Austein-Miller highlight some relatively simple, straightforward ways to implement a positive view on high-quality corporate credit.
How to find potential in volatile European high-yield markets?
Fixed Income Portfolio Manager Konstantin Leidman discusses why European high-yield investors need to be ready for both further volatility and the emergence of new opportunities.
High-yield bonds in 2023: Fortune favours the patient
Amid ongoing dislocation in the high-yield market, Fixed Income Portfolio Manager Konstantin Leidman sees opportunities for investors to take advantage of potentially attractive valuations.
Three tailwinds that could power CLO equity in 2023 and beyond
Three members of our fixed income team argue that the headwinds currently facing CLO equity should give way to improved returns in 2023 and beyond.
Can agency MBS bounce back from dismal performance?
Fixed Income Portfolio Manager Brian Conroy and two colleagues weigh in on the mortgage-backed securities (MBS) market in the wake of a very challenging month.
Credit market outlook: Partly sunny with a chance of good value
In his 2023 credit market outlook, Fixed Income Portfolio Manager Rob Burn highlights some potentially attractive opportunities in the wake of this year's market sell-off.
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Securitized debt: Strategies for navigating emerging cracks in consumers’ financial health
Our expert highlights reasons for deteriorating consumer financial health and explores strategies for mitigating risk in securitized asset-backed securities.
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Kyra Fecteau, CFA