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The S&P 500 may have broken out above its February highs back in late August and still remains above February's highs after Monday's advance, but performance in the high yield market hasn't been quite as strong. The chart below shows the B of A High Yield Master Index on a total return b...
The name of the bond market game since COVID-19 hit, if it can be summarized in one sentence, is that "credit spread assets continue to make sense". This graph from PIMCO was in their asset allocation outlook held for retail investors the last few weeks, and I think it did a good job highlig...
By Scott DiMaggio and Gershon Distenfeld Low yields plus rising defaults seemingly leave little ground for bond investors seeking safety or income - or both. But for investors who remain flexible, these objectives aren't as distant as many think. Markets Didn't Stay Down for Long March...
By Alessio de Longis, CFA, Senior Portfolio Manager, Invesco Investment Solutions By and large, recent global economic data releases have shown signs of stabilization as most economies have begun the reopening process, confirming our Recovery regime initiated in June. Our macro reg...
By Matthew Sheridan & Monika Carlson Credit barbell strategies are designed to provide protection on the downside, participation on the upside, and efficient income. But with government bond yields at historic lows, can these fixed-income strategies still meet their objectives? We thin...
High-yield bonds have a reputation for volatility. But history shows that the US high-yield sector's yield to worst has been a reliable indicator of its return over the following five years. In fact, US high-yield bonds have performed predictably, even through rough markets. The relations...
The COVID-19 crisis has impacted asset valuations, increased volatility and led to reduced liquidity in many cases. Most asset classes have been affected, and governments have stepped in to support financial operations. In this paper, we examine the effects of the crisis on the year-to-date li...
Rick Rieder, Russ Brownback and Trevor Slaven contend that in the tug-of-war between the considerable economic damage stemming from the coronavirus and subsequent lockdowns, and the fiscal and monetary policy responses put in place, the latter factor is being underestimated by markets. Furthe...
Junk issuers have sold $46.7B of bonds so far in June, topping the previous monthly record of $46.4B in September 2013, according to data compiled by Bloomberg . More news on: iShares iBoxx $ High Yield Corporate Bond ETF, SPDR Bloomberg Barclays High Yield Bond ETF, BlackRock Corporate H...
The lack of issuance and supply over the last almost year or so, that's what makes the TIC data so fascinating. And relevant, if for other reasons, too. CLO issuance, according to a bunch of sources, peaked back last June. Remember that whole "recession scare" with the yield curve last summer?...