Credit Continuum – August 2019
Our outlook for the month ahead.
Opinions
Hong Kong – One Country, Two Systems – August 2019
How will the ongoing civil unrest in Hong Kong impact its economy and relationship with China?
Corporate Credit Snapshot – 31 July, 2019
Global market fixed income returns were positive for the month, led by European government bonds like UK Gilts and German Bunds, and European investment grade corporates and emerging market (EM) high yield
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.
Corporate Credit Snapshot – 28 June, 2019
Risk-on sentiment dominated for the month, even as ongoing trade tensions and geopolitical concerns persisted
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?
Corporate Credit Snapshot – 31 May, 2019
Risk-off sentiment dominated for the month of May on the back of geopolitical concerns such as increasing Sino-American trade tensions, Mexican-American trade tensions, Iran-US sabre rattling, British PM Theresa May’s resignation and the potential for a no-deal BREXIT
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.