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June FOMC meeting: May disinflation is welcome, but is not enough for a rate cut

Fixed Income Analyst Caroline Casavant discusses what June's FOMC meeting tells us about the US Federal Reserve’s latest thinking on interest-rate cuts.

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2025-06-30
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Has the European credit cycle been extended?

2024 has kept fixed income investors busy. Yet, despite lingering inflation and rate volatility, European credit markets have remained strong. Are we looking at an extended credit cycle? And if so, what does this mean for investors?

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2025-06-30
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Governments have been slow to reduce their fiscal deficits — it could cost them

Our expert explores the investment implications of continued excessive deficit spending by G7 countries.

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2025-06-30
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Looking beyond yield: Rethinking the approach of fixed income investing

Investors face a new regime, challenging traditional assumptions about returns and volatility. With central bank interventions impacting credit markets, it’s time to rethink income allocations. Rather than fixating solely on yield, consider a dynamic approach, presented by Connor Fitzgerald.

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2025-05-31
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Structuring core fixed income: A constructive view on market and macro conditions

Head of Multi-Asset Strategy Adam Berger and Fixed Income Portfolio Manager Connor Fitzgerald discuss the interest-rate environment and the fundamental picture in investment-grade credit and high yield.

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2025-05-30
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New era demands a nimble approach to credit

Our expert explains why deep research and an active approach are effective ways for fixed income investors to uncover credit opportunities in today's market.

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2025-05-31
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The Fed’s lessons learned from its COVID response

Fixed Income Portfolio Manager Brij Khurana breaks down the central bank's policy decisions during the pandemic and explains how they continue to affect financial markets.

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2025-04-30
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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. 

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2025-03-31
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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.

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2025-03-31
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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. 

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2025-03-31
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Chart in Focus: Compelling opportunities in four higher-yielding credit sectors

Portfolio Managers Campe Goodman and Rob Burn share insights on where they are seeing compelling opportunities in high-yielding credit sectors.

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2025-03-11
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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.

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2024-07-31
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5 reasons to be active in fixed income

Actively managed fixed income portfolios have several distinct advantages over passive approaches.

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2025-02-28
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Too much focus on Fed, not enough on fiscal

Current US fiscal and monetary policy stances argue for risk taking in fixed income.

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2025-02-07
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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.

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2025-02-28
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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.

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2025-02-28
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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.

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2025-01-17
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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.

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2024-12-31
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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.

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2024-12-31
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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.

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2024-11-30
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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.

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2024-11-30
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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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2024-11-15
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Soft or hard landing, bonds can offer compelling value

Against a backdrop of macroeconomic uncertainty, elevated bond market volatility and a higher-for-longer policy rate narrative, we asked portfolio manager Connor Fitzgerald to share his views on the outlook and how he is positioning bond portfolios to add value in the current environment.

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2024-11-30
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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. 

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2024-09-30
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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.

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2024-09-30
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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.

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2024-08-31
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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.

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2024-08-31
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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.

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2024-08-31
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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.

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2024-08-31
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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.

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2024-07-31
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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. 

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2024-06-30
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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.

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2024-01-31
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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.

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2024-06-30
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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.

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2024-06-30
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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.

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2024-05-31
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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.

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2024-04-30
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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.

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2024-04-30
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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.

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2024-03-31
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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.

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2024-03-31
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Should insurers incorporate additional flexibility within their core credit allocation?

ALM and Regulatory Capital Strategist Francisco Sebastian assesses how insurers can capture tactical credit opportunities without meaningfully impacting risk levels.

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2024-03-31
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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.

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2024-03-31
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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.

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2024-03-31
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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.

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2024-02-29
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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.

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2024-01-31
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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.

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2024-01-31
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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.

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2024-01-31
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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.

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2024-01-31
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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.

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2024-01-31
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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. 

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2024-01-31
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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. 

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2023-12-31
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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.  

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2023-12-31
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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.

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2023-12-31
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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.

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2023-11-30
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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.

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2023-01-31
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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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2023-12-31
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Bank loans: Can issuers overcome higher interest expenses?
The short answer, according to Fixed Income Portfolio Managers Jeff Heuer and David Marshak, is that many can. And, they believe bank loans can outperform many other fixed-income sectors over the next 12 months.
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2023-01-31
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The shrinking central bank balance sheet: A credit market opportunity
With the shift in central bank policy, heightened volatility and dispersion may yield a promising environment for exploiting credit market inefficiencies.
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2022-11-30
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Why today’s fixed income market is fertile ground for active management
Skilled active management has potential to shine in times of increased dispersion across fixed income sectors and regions. Now may be one of those times.
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2022-12-31
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Emerging local debt markets: Time to wade in?
Fixed Income Portfolio Manager Michael Henry sees positive trends across ELD fundamentals, valuations, and technicals that could be tailwinds for these markets going forward.
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2023-08-31
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Global convertibles: Unprecedented times call for unconventional solutions
Fixed Income Portfolio Manager Michael Barry and Investment Director Raina Dunkelberger argue that global convertible bonds are well suited to today's uncertain market environment.
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2022-11-30
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Fixed income: Relative value opportunities amid growth slowdown
In the face of this year's fixed income market turmoil, Fixed Income Portfolio Manager Rob Burn sees attractive opportunities for investors with longer-term time horizons.
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2022-10-31
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Can credit investors turn the resumption of volatility and cycles to their advantage?
Why the new volatile market regime may offer significantly more opportunities for longer-term global credit strategies.
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2023-07-31
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Don’t be surprised if CLO equity surprises to the upside
Members of our fixed income team, including Portfolio Manager Alyssa Irving, believe CLO equity could be poised to outperform many other risk assets over the next few years.
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2022-10-31
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Credit investing against a slower-growth, higher-inflation backdrop
The significant flattening of the US Treasury yield curve in recent months has some prognosticators calling for an impending US recession. Not so fast, says Fixed Income Portfolio Manager Rob Burn.
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2022-07-31
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Credit and equity risk back on speaking terms, but will it last?
Following their uncharacteristic rift and recent reconciliation, Director of Wellington’s Global Derivatives Group Gordy Lawrence considers whether equity volatility and credits spreads are likely to remain in harmony.
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2022-10-31
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Sustainable fixed income investing comes of age
ESG integration and sustainable investing have gained considerable traction in global fixed income markets. Investment Directors Anand Dharan and Meredith Joly and Fixed Income Trader Keenan Choy discuss this ongoing trend and some of its key implications for asset allocators.
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2023-06-30
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
A transition year for agency MBS?
Following a challenging period for agency MBS, members of our securitized team now see attractive opportunities in the space and believe actively managed strategies may be the best way for many investors to capitalize.
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Quick Take
2022-07-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Empirical duration: reason for optimism on risk assets?
While rising rates often produce negative bond returns, combining the concept of empirical duration with a positive outlook on the credit cycle may bode well for some fixed income sectors' return prospects going forward. Investment Analyst Will Prenits and Investment Director Tobias Ripka explain.
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Quick Take
2022-07-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Bank loans: Resiliency amid volatility
In the face of ongoing geopolitical and macroeconomic uncertainty, including the prospect of steadily rising interest rates, our floating-rate bank loan team maintains a bullish outlook for the sector. Emboldened by a strong US economy and mounting inflationary pressures, the US Federal Reserve (Fed) enacted its first 25 basis-point (bp) increase in interest rates since 2018. Additionally, Fed Chair Jerome Powell’s recent rhetoric has become more hawkish, including suggesting the possibility of a 50 bp rate hike in the coming months. The market is now pricing in the fed funds rate to rise to around 2.5% by the end of 2022 (from its current target of 25-50 bps).
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Quick Take
2022-07-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Global credit: Where do we go from here?
Fixed Income Portfolio Manager Mahmoud El-Shaer explores why 2022 may be a momentous year for global credit and sets out a framework to think through potential investment implications. 2022 promises to be another challenging year for central banks as they attempt to normalise policies in the face of surging inflation, while navigating the growing fallout from Russia’s invasion of Ukraine. Since 2009, there has essentially been one trade in capital markets: riding a huge wave of central bank liquidity in support of the financial system and the economy, with the G4 central banks alone pumping approximately US$20 trillion into the system via quantitative easing (QE).
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Quick Take
2022-07-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Four potentially powerful tailwinds for the securitized sector
In his latest Top of Mind session, Multi-Asset Strategist Adam Berger addressed a wide range of what-if scenarios on the minds of our clients. See what he has to say on Russia, China, cryptocurrencies, the IPO market, and many other topics in this brief article.
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2022-06-30
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An inside look at today’s municipal market
After a year in which municipal bonds posted respectable returns (Figure 1), many clients have been seeking forward-looking guidance on the market as a whole and (increasingly) on particular sectors of it. Here are my latest thoughts as of this writing on the outlook for the rest of 2022.
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Quick Take
2022-05-31
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EM local debt: Forgotten but not forsaken
The emerging markets (EM) local debt sector (as measured by the JP Morgan Government Bond Index – Emerging Markets Global Diversified) just posted its worst calendar-year performance since 2013, returning -8.75% against the headwind of higher EM local interest rates. The underlying culprit? EM inflation surprised to the upside in 2021, forcing a number of EM central banks to raise their policy interest rates in an effort to curb the impact.
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Quick Take
2022-09-30
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Fixed income: Turn to nontraditional sectors for greater return potential in 2022
As discussed in our 2022 credit sector outlook piece, Break with tradition in 2022, we see opportunities in a few nontraditional credit sectors that stand out to us as having a higher probability of generating excess returns in the months ahead.
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Quick Take
2022-04-30
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