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...
View ArticleHigh-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...
View ArticleLow 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...
View ArticleWhat 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...
View ArticleForget 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...
View ArticleIn 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...
View ArticleWhat 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...
View ArticleHigh-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...
View ArticleDon’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...
View ArticleLesson 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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