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Summary Over the past several years, CLOs within a core bond portfolio would have provided additional yield - without adding duration - as well as increased returns and lower volatility. The benefits that CLOs provide in a core bond portfolio are straightforward: yield, quality, and div...
Summary The iShares Floating Rate Bond ETF is an investment grade, floating rate, corporate bond fund. The vehicle has a 0.06 years duration and a 5% 30-day SEC yield. The vehicle is composed of investment-grade bonds only and is overweight 'A' credits. The fund has an extremely...
Summary In the second half of 2022, we began to see deteriorating loan fundamentals, evidenced by higher downgrades and distress ratios. A warehouse provider must hold the leveraged loans until the CLO can be packaged and sold. We believe the mark-to-market volatility will remain hi...
Summary The Fed’s interest rate and liquidity tools are blunt instruments, particularly in a service-oriented economy. If inflation indeed moderates from here, it is likely that interest rate volatility moderates alongside it. Monetary policy has created the asset-on/asset-of...
Summary Many investors find it necessary to maintain a lower-beta allocation in their portfolio to use for the purpose of lifecycle events or as ballast in the portfolio. Investors who have a critical need for a specific amount of capital in the future should stick to Treasury securitie...
Summary Financing conditions are expected to remain tight and volatile in much of 2023. CLO managers delivered a solid performance in 2022 despite treacherous market conditions. The compressed equity profit margin will continue to challenge CLO managers, which could result in more C...
Summary CLOI is an exchange traded fund focused on CLO debt. The fund is composed of AAA / AA and A tranches, with an overweight positioning in AA tranches. The underlying collateral pool is floating rate, meaning that distributions have increased as rates have risen. Based on h...
Summary Janus Henderson AAA CLO is an exchange traded fund. The fund is composed solely of AAA CLO tranches. The vehicle is virtually risk-free, with this slice of debt never defaulting in its history. The asset base is floating rate, hence JAAA is now offering 30-day SEC yields...
Summary Amid the crosscurrents, two themes have prevailed during the post-pandemic years, which lend some perspective to the macroeconomic roadmap ahead: namely, the bipolar swings in macro policy and the forces of economic normalization. After one of the worst years for fixed income as...
Summary While downgrades of loans to CCC could accelerate, we believe high-quality CLOs are well-positioned to absorb the additional CCC exposure. Regarding opportunities in CLO debt, while CLO BBs have outperformed high yield year-to-date on a total return basis, this has been dr...
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2024-07-12 14:22:00 ET Stock Traders Daily has produced this trading report using a proprietary method. This methodology seeks to optimize the entry and exit levels to maximize results and limit risk, and it is also applied to Index options, ETFs, and futures for our subscribers. This...
2024-04-22 15:00:00 ET Stock Traders Daily has produced this trading report using a proprietary method. This methodology seeks to optimize the entry and exit levels to maximize results and limit risk, and it is also applied to Index options, ETFs, and futures for our subscribers. This...