Back to Square One?
Fiscal rules and political developments in the EU
Opinions
Corporate Credit Snapshot – 30 September 2021
Global credit markets had a challenging month on the back of rising rates and inflationary pressures
SFDR and the New ESG Regulatory Framework
The European Union’s Sustainable Finance Disclosure Regulation (SFDR) came into force in March 2021.
Emerging Markets Corporates Vs. Sovereigns Lower Risk, Better Return?
Traditionally viewed as ‘riskier’ assets, emerging market (EM) corporate bonds tend to have a higher Sharpe ratio and higher credit ratings than their sovereign counterparts. In a post-pandemic world, what might this mean for those considering an EM allocation?
Update On China
While headlines surrounding a beleaguered Chinese property company have raised questions on the potential for broader contagion, we believe the situation is likely to be contained by Chinese policymakers. Portfolio Managers Warren Hyland and Christina Bastin discuss.
US High Yield – Risk On
We believe low default rates and robust fundamentals offer a compelling investment case for US high yield, underpinned by a strong economic backdrop.
Accessing Opportunities in Asia Pacific Private Debt
While private debt is firmly embedded in the US and Europe, the asset class is playing catch up in the Asia Pacific region.
Navigating the Transitions Created by Monetary, Fiscal and Responsible Investing Policies
As we move into the second half of the year, and as the global pandemic appears to be petering out.
A Long/Short Approach to Credit Investing
While the global pandemic resulted in another risk-off scenario for financial markets, risk events are a common occurrence that investors need to navigate.
Aviation Finance: A Positive Outlook in a Post-COVID World
As the end of the global pandemic nears, we believe an interesting opportunity in aviation finance has arisen.
The Benefits of Syndicated Loans in a Rising Rate Environment
As interest rates trend higher, should investors consider an allocation to syndicated loans?
Key Themes for Investment Grade/Crossover – Q2 2021
Since the second half of 2020, there have been interesting opportunities in reopening sectors such as airlines, leisure and hotels.
Debt, Digital, Climate – May 2021
Are debt, digital and climate transforming central banking and the broader economy?
Key Themes for US High Yield – Q2 2021
A positive outlook.
Turkey – Here we Go Again – March 2021
What does the appointment of the fourth central bank governor in less than two years mean for investors in Turkey?
Q&A with Mike McEachern – March 2021
With the recent rise in rates and fears for a long-term move higher in inflation, how are you positioning your multi-asset credit strategies?
China – 5 Cs in the Year of the Metal Ox – February 2021
We believe the calm and measured character of the ox is likely to be reflected in China’s economic and political stance in 2021, which could provide opportunities for investors
2021: No time for consolidation – January 2021
During 2020, governments took measures to address the immediate economic consequences of the pandemic. Will we see these measures be progressively phased out in 2021, and will public finance start to consolidate?
Corporate Credit Outlook 2021 – A Brighter Future That Comes With A Price
A brighter economic future is reasonably expected in 2021, but active and smart management will be required to navigate credit markets with tighter valuations.
30 Years Managing Corporate Credit – November 2020
We have asked six of our portfolio managers to comment on past and current challenges, and to share their thoughts on what to expect next.
Syndicated Loans in a Recessionary Environment – July 2020
Syndicated Loans in a Recessionary Environment
Aviation Finance – July 2020
Potential Opportunities in Challenged Markets
Private Debt – Active Engagement in Challenging Times – May 2020
The rapid global spread of COVID-19 and the subsequent lockdown measures have resulted in a global humanitarian and working capital crisis rolled into one event.
Q&A – COVID-19 Impact on Emerging Markets – April 2020
The rapid global spread of COVID-19 and the subsequent lockdown measures have resulted in a global humanitarian and working capital crisis rolled into one event.
What can the Correction in Oil Mean for Energy Credits? – April 2020
West Texas Intermediate (WTI) oil fell to a record low last week as demand collapsed in the wake of the COVID-19 lock-down and the Saudi Arabia/Russia price war.
Eurogroup Compromise Reached! Mission Accomplished? – April 2020
The Eurogroup met on the evening of Tuesday, April 7th, and after a night-long negotiation which didn’t lead to an agreement, reconvened on Thursday, April 9th. Eventually, the gridlock was broken and a common position on a comprehensive package of measures was reached.
A Spectre is Haunting Europe : Debt Mutualisation – April 2020
The renewed debate of debt mutualisation threatens to create new cracks on the European project.
Long Term Valuations Can’t Be Ignored – April 2020
Long Term Valuations Can’t Be Ignored
Private Debt – An All-Weather Asset Class – February 2020
Where might investors find yield, protection from volatility and investment opportunities across the credit cycle?
Part II – Give a Little Credit: Opportunities in Direct Lending – February 2020
Addressing the misperceptions about US Market Potential.
Some Thoughts on Coronavirus (2019-nCov) – January 2020
What impact is the outbreak in China likely to have on the global economy and financial markets?
Video – An Introduction to Private Debt – January 2020
Please click to watch our new video – an introduction to Private Debt.
Crossing the Rubicon – January 2020
How can retail investors and the real economy benefit from a changing regulatory environment?
Corporate Credit Outlook 2020 – The Big Squeeze
Please click to view our Corporate Credit Outlook for 2020 by Director of Product & Investment Strategy, Erick Muller.
Muzinich Macro Outlook – Q4 2019
Please click to view our latest Macro Outlook from Director of Product & Investment Strategy, Erick Muller.
Eurozone Banks – Better or Worse After the Return of Quantitative Easing?
How the recent European Central Bank easing measures might impact the credit profile of eurozone banks?
Finance For Growth: Here and Now…and Next – September 2019
Evolving policy initiatives are broadening the scope for small and medium-sized enterprises to access financing
Hong Kong – One Country, Two Systems – August 2019
How will the ongoing civil unrest in Hong Kong impact its economy and relationship with China?
Emerging Markets – Hard or Local Currency? – August 2019
Will looser US monetary policy benefit hard or local currency denominated emerging market corporate bonds?
Muzinich Macro Outlook – Q3 2019
Please click to view our latest Macro Outlook from Director of Product & Investment Strategy, Erick Muller.
European BBBs – Cause for Concern? – July 2019
Against a backdrop of increasing global uncertainty, many are concerned about an economic scenario that puts widespread pressure on credit ratings.
Can Pigs Fly? Yes, in the Bond Market – July 2019
As the US/China trade war continues to heat up, can idiosyncratic risks in some sectors benefit others?
European Elections: Why They Matter, if They Do? – May 2019
Will upcoming European elections impact broader market sentiment?
Muzinich Macro Outlook – Q2 2019
Please click to view our latest Macro Outlook from Director of Product & Investment Strategy, Erick Muller.
Indonesia and India – Upcoming Elections Provide Food for Thought – April 2019
Recent research trips to India and Indonesia provide valuable insight ahead of upcoming elections
BDCs – Private Debt with Liquidity – February 2019
How might investors access the benefits of private debt whilst avoiding the restraints incurred by traditionally illiquid assets?
High Yield – Timing your Entry Point – January 2019
Underlying fundamentals remain solid despite recent price weakness
Emerging Fault Lines: 2019 and Beyond – January 2019
What key themes are likely to impact socio-political and economic developments?
Give a Little Credit: Making the Case for the U.S. Lower Middle Market and Addressing Myths of Direct Lending
Private Debt Portfolio Managers Eric Green and Jeff Youle reiterate their conviction in the asset class
Finding Value as the Momentum Fades – December 2018
As increasing macroeconomic and geopolitical risks lead to rising volatility, where do we see the main opportunities and challenges for credit markets in 2019?
UK Private Debt – Open for Business – December 2018
UK private debt Co-Heads Grant Davidson and John Clifford, discuss the lending landscape in the UK lower mid-market
Buenos Aires Brings Some Refreshing Air – December 2018
Fabrizio Pagani offers his insights from the G20 summit
Beware – Things Are Not Always as They Appear – December 2018
A segment of the investment grade market has leverage multiples more in-line with high yield.
Italy – On a Collision Course? – November 2018
Fabrizio Pagani offers his insights into the current political situation surrounding Italy’s budgetary challenges and its relationship with the European Union.
Crossover – Breaking the Ratings Barrier – October 2018
Seeking stable returns in most market conditions.
ESG in Corporate Credit – Creating Better Outcomes – October 2018
Can socially responsible investing enhance returns in corporate credit?
Investing in Emerging Markets – It’s a Marathon not a Sprint – October 2018
Portfolio Manager Warren Hyland discusses how he has sought to forge a leading path in emerging market short duration corporate debt.
Turkey – Not a Debt Crisis – September 2018
The country’s geographical location and NATO membership could prove the key to ensuring the country’s long-term stability
Argentina – Unwinding 15 Years of Indiscipline – September 2018
The government faces an ongoing battle for reform
Find Your Niche – August 2018
With growing pressures in the direct lending market, is the asset class still a viable alternative for investors seeking higher yields?
Syndicated Loans – Floating Rate Income in a Rising Rate Environment
As rates move higher in the US, and are likely to follow suit in Europe, can credit investors gain exposure to attractive returns with limited duration risk?
Why Has EM Underperformed – Is This Time Different? – June 2018
Recent weakness in EM belies underlying fundamental strength in a maturing asset class
A New Regime in European Credit – June 2018
As volatility rises and the beta rally draws to a close, how can investors seek to strike a balance between return maximisation and drawdown protection?
Syndicated Loans – Volatility? What Volatility? – June 2018
We believe the solid technical backdrop continues to underpin the asset class.
Video – Responsible Investing in Fixed Income – June 2018
We believe Sustainability and Responsible Investing are becoming increasingly important for investors. See how we view this key topic.
EM Corporates – Time to Dip Your Toe In? – May 2018
Following the recent sell off in EM corporate bonds, has the short duration segment reached an attractive entry point?
Market Volatility and Rate Policy Normalization – May 2018
As we enter the latter stages of the economic cycle, we expect to see increasing dispersion of returns across high yield and loans.
Global Tactical Credit – April 2018
How can credit investors seek to have the right exposure at the right time to maximise their return potential, minimise risk and dampen volatility?
Syndicated Loans – Floating Rate Stability – March 2018
As base rates move towards more normalised levels, where can fixed income investors gain protection from rising rates and source attractive returns?
Emerging Market Hard Currency – The Right Allocation?
With deteriorating fundamentals in the sovereign universe, should investors consider increasing their allocation into corporates?
What are the Risks in Today’s Market and What Can Investors Do?
Rates and passive investment strategies create challenges for fixed income investors, corporate credit continues to provide attractive opportunities.
A Tactical Approach to Multi-Asset Credit Investing – February 2018
Mike McEachern, Portfolio Manager and Head of Public Markets, discusses the benefits of a multi-asset approach to credit investing.
Latin America – Brazil & Argentina – January 2018
Analyst View – the latest insights from our credit analysts
From Inflection to Transition – December 2017
What does 2018 have in store for corporate credit markets?
Reinforcing the Status Quo – December 2017
What does the re-election of Xi Jinping mean for China’s political and economic outlook?
The US High Yield Market Paradox – November 2017
Why are US high yield spreads tighter this year when the market has experienced net mutual fund outflows year-to-date?
Video – Key Themes in Corporate Credit – October 2017
What does the final few months of 2017 have in store for global corporate credit?
China – Downgraded not Degraded – October 2017
With its second downgrade in less than six months, should investors be concerned about China’s creditworthiness?
Investment Grade Credit – Low Risk but Not Risk Free – September 2017
Declining credit quality in the investment grade corporate universe means the need for bottom-up credit research is now more important than ever.
Direct Lending – An Attractive Source of Long-Term Return – August 2017
An allocation into direct lending can offer insurers with a diversified source of higher, less volatile returns over a longer-term time horizon.
The Key to Unlocking Returns in Emerging Markets – July 2017
Accessing an underinvested asset class against a backdrop of improving growth can provide investors a better risk-reward profile than developed market credit.
Emerging Markets – A Safe Haven? – May 2017
It may seem strange to consider Emerging Markets as a potential safe haven, but arguably, that is now the view of many looking to mitigate political uncertainties.