Opinions

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Snapshot  |  September 12, 2024

Muzinich Asset Allocation Group Monthly Update - September 2024

Please click to watch our latest Asset Allocation Group video update for the month of September 2024.

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Viewpoint  |  September 12, 2024

No time for complacency

Strong technicals helped credit stay resilient during recent market turbulence, but investors should remain alert, writes Thomas Samson.

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Snapshot  |  September 9, 2024

Corporate Credit Snapshot - September 2024

Global credit generated positive returns across the board in August. In the US, returns were once again driven by a strong rally in rates.

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Insight  |  September 9, 2024

Muzinich Weekly Market Comment: Off target

In our latest roundup of developments in financial markets and economies, we look whether a disappointing week of economic data and risk asset performance is another short-term blip or sign of things to come.

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Insight  |  September 2, 2024

Muzinich Weekly Market Comment: Time for a super-sized rate cut?

In our latest roundup of developments in financial markets and economies, we consider whether a softer jobs market in the US could trigger a more radical next move by the Fed.

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Viewpoint  |  September 2, 2024

Bank Tier 2s: It pays to be selective within bank credit

While bank Tier 2 debt has performed well over the last 12 months, is there any value left, or is there more to it?

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Insight  |  August 29, 2024

Has 2024 been all about tighter spreads? Not everywhere...

In his latest column on key developments, themes and opportunities in credit markets, Ian Horn explores what is happening to longer-dated spreads in European investment grade.

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Insight  |  August 28, 2024

What now?

Recent market turbulence should offer a sobering reminder to investors that this is not a risk-free environment, writes George Muzinich.

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Insight  |  August 19, 2024

Muzinich Weekly Market Comment:

In our latest roundup of developments in financial markets and economies, we look back at a much calmer week of price action following a turbulent start to the month.

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Viewpoint  |  August 13, 2024

In short supply: Five questions on Asian credit

Mel Siew shares his thoughts on how policy rates, emerging technologies and a supply deficit are impacting Asian credit markets.

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Viewpoint  |  August 12, 2024

Muzinich Weekly Market Comment: The great carry unwind

In our latest roundup of developments in financial markets and economies, we look back at how a surprise Bank of Japan rate hike and disappointing US job numbers set off a dramatic chain of events.

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Analysis  |  August 9, 2024

EM Monthly: Light my fire

In our latest roundup of key themes in emerging-market debt, we explore how credit investors can potentially benefit from growing global energy consumption and demand for copper.

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Viewpoint  |  August 8, 2024

Read between the loans: The big questions facing US private credit

As US direct lending continues to grow, the market is getting increased attention from actors across the financial system – not all of it favourable. Michael Smith explains why understanding the nuances is essential for investors considering an allocation to the asset class.

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Podcast  |  August 2, 2024

EM delivers, but will that continue?

Emerging market hard-currency corporate credit outshone other sub-asset classes in the first half of 2024. And yet, holdings of the same sub asset class by dedicated and crossover investors are at their lowest levels in five years. In the latest episode of the Muzinich podcast, portfolio manager Warren Hyland seeks to unpick the reasons why and the prospects of this changing in the coming months.

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Viewpoint  |  August 1, 2024

Are investors being paid to take risk within credit?

In his latest column on key developments, themes and opportunities in credit markets, Ian Horn explores what is happening to spread premia in the European investment-grade market.

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Insight  |  July 25, 2024

Safety first: Why quality matters in high yield

The high-yield market held up well in the first half of the year, but as Jamie Cane and Kevin Ziets explain, prudence and careful credit selection will remain vital in the coming months.

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Insight  |  July 19, 2024

EM Monthly: Opportunity Knocks

An improving macro picture and less election noise could provide a tailwind for EM credit for the rest of 2024.

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Analysis  |  July 16, 2024

Activate your cash: Addressing reinvestment risk through a stepping stone approach

Falling interest rates will lower future returns on cash. Portfolio managers Tatjana Greil-Castro and Ian Horn explain how an allocation to short-duration corporate bonds could offer protection against this reinvestment risk without exposing investors to undue duration risk.

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Podcast  |  July 15, 2024

Impasse: What next for France?

French president Emmanuel Macron called a snap election on June 9. But with no group winning a clear majority following the two round French election, where does the country go from here? That’s the question we try to answer in the latest episode of the Muzinich Podcast, featuring Erick Muller, director of product and investment strategy at Muzinich.

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Analysis  |  July 9, 2024

Lack of dispersion supports ‘up-in-quality’ bias

Portfolio manager Ian Horn looks at what investors can learn from comparing mean and median credit spreads, and explains why current market conditions favour quality over beta.

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Viewpoint  |  July 3, 2024

The re-weighting game: European credit losing appeal versus US

Portfolio manager Ian Horn discusses the latest developments, themes and opportunities in the investment-grade and high-yield markets.

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