China’s 2024 NPC amid Economic Transition
China’s March NPC meeting recap and investment implications amid transition from “old China” to “new China”
China’s March NPC meeting recap and investment implications amid transition from “old China” to “new China”
Riding the curve with leveraged loans…read more to learn why
Following the Fed’s announcement, find our latest market views from the Global Fixed Income Currency & Commodities (GFICC) U.S. rates team.
Rising rates have distorted some fixed income yields, in particular the industry’s golden standard – the SEC yield. Here’s what investors should know.
Following the Fed’s announcement, find our latest market views from the Global Fixed Income Currency & Commodities (GFICC) U.S. rates team.
The European green, social and sustainable (GSS) investment grade corporate bond market and a quantitative analysis of its ‘greenium'
Every December, we publish our predictions for the year ahead. We believe these predictions have at least a 1-in-3 probability of materializing – making them realistic, while not necessarily our base case, and a surprise relative to investor positioning.
Following the Fed’s announcement, find our latest market views from the Global Fixed Income Currency & Commodities (GFICC) U.S. rates team.
Elevated starting yields provide cushion for default and maturity wall concerns
After a period of historic stimulus, the era of financial repression is coming to an end which means more income for bond investors over the longer term.
Following the Fed’s announcement, find our latest market views from the Global Fixed Income Currency & Commodities (GFICC) U.S. rates team.
We believe any US dollar rally in a global recession will be short, shallow or may not even take place at all…learn why.
Following the Fed’s announcement, find out latest market views from the Global Fixed Income Currency & Commodities (GFICC) U.S. rates team.
Using rating transition matrices to formulate a view on expected solvency-related capital charges in corporate bond portfolios
Despite short-term volatility, bond markets still offer compelling opportunity
Following the Fed’s announcement, find out latest market views from the Global Fixed Income Currency & Commodities (GFICC) U.S. rates team.
The Fed is driving the bus toward higher for longer, while the market continues to probe from the back seat. We explore three paths that rates can take from here.
Recently, China’s local government made headlines on the implicit debt issue, but we believe the issue is manageable and that systemic risk is unlikely.
We analyze forward-looking rating transition matrices in US Corporate Credit markets and lay out how they can be informative when making investment decisions.
We focus on the information contained in the rating transition probabilities within the BBB/BBB- and BB/BB+ rating cohorts with a view to identifying potential fallen angels and rising stars.
The expiry of the student loan payment moratorium represents a meaningful shock to certain borrowers’ finances. We sought to identify exactly which consumers are most impacted and quantify the impact to their finances.
Using history as a road map should lead investors to embrace high quality fixed income rather than shying away from it in favor of the cash trap. This is especially true as the end of the Fed’s hiking cycle is on the horizon and yield curves are highly inverted.
Following the Fed’s announcement, find out latest market views from the Global Fixed Income Currency & Commodities (GFICC) U.S. rates team.
The rate by which U.S. colleges and universities discount student tuition continued to rise in the 2022-2023 academic year, contributing to our negative view on the higher education sector.
As the largest holder of US leveraged Loans, Collateralized Loan Obligations (CLOs) are in focus given the current macroeconomic context. We introduce a quantitative and qualitative framework for analyzing and differentiating CLO managers we invest in.
China's property market, once galactic in scale, has shrunk considerably. Will it follow Japan’s path and enter a lost decade? We think not, but volatility will persist.
In this blog, we explore why Chinese authorities are guiding down household investment return and why this guidance could anchor CGB yields in the medium term.
This blog presents a framework for constructing rating transition scores to predict composite bond rating events. The approach capitalises on momentum in bond ratings, published rating agency credit watch flags and the replication of index composite rating methodologies.
Following the Fed’s announcement, find out latest market views from the Global Fixed Income Currency & Commodities (GFICC) U.S. rates team.
After the strong China Q1 GDP reading, we noted a view difference between onshore and offshore markets. In this Blog, we highlight the potential reasons for why the onshore market holds a more cautious view than the offshore market.
The Federal Reserve are currently priced to cut rates over the next two years with little feedthrough to the other major central banks. This blog investigates the divergent trends in the US and the rest of developed markets and tackles the question of whether the Fed can pause and subsequently cut rates without dragging the rest of the world with them.
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