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Multisector Plan Can Help Avoid the Crowd in Credit

Chasing returns into—and out of—specific credit sectors happens so often in bond markets that it hardly rates a raised eyebrow. But running with the herd can be risky, which is probably why Federal...

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High-Yield Bonds: Call Waiting

High-yield bonds’ attractive income has made them popular in today’s low-rate environment. But market complacency has caused callable-bond investors to ignore a lurking risk: duration extension in a...

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Low Duration Means Low Risk? Not Necessarily

To protect their portfolios from rising interest rates and volatility, many high-yield investors have headed for short-duration strategies. We think some of the more popular approaches may expose...

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What to Think About in a Bond-Market Reboot

US interest rates are likely to head up gradually over the next several years, now that the long tailwind from a three-decade-long rate decline has subsided. With bonds still an important part of many...

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Forget Volatility; Watch Credit Quality, Maturity

If you’re worried about the recent spike in bond market volatility, we’ve got a bit of advice: Don’t be. There are plenty of other risks—chiefly credit quality and flatter yield curves—that are causing...

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In Energy Revolution, Bond Investors Must Keep Their Heads

By Ivan Rudolph-Shabinsky (pictured) and Petter Stensland A surge in capital expenditures and leverage in the energy industry could end badly for some companies and their creditors. While select...

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What Did We Learn About Bonds in 2014?

After a less-than-stellar 2013 for bonds, many investors were ready to turn their backs on the asset class. But many didn’t—and were rewarded for their long-term perspective. As we see it, investors...

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High-Yield ETFs: Don’t Get Fenced In

Gershon Distenfeld and Sherif Hamid Few high-yield investors have weathered the recent plunge in energy prices without experiencing at least a few bumps and bruises. But those who relied on broad...

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Don’t Count High Yield Out in 2015

Fears about higher US interest rates, rising defaults and a multi-month decline in the price of oil have injected a dose of high anxiety into the high-yield market. But we still think investors will be...

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Lesson of the Oil Collapse? Do Your Own Credit Homework

The plunge in oil prices has hurt many highly-leveraged energy companies and their creditors. But it also reinforced an important lesson that investors and asset managers probably learned when they...

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