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Market Review and Outlook 2Q20 - Investment Grade and Tax-Exempt Fixed Income
Volatility, Liquidity, Stability, Uncertainty, and Quality
As pandemic mitigation swept the country, fiscal stimulus and liquidity provided some welcome relief in the deepest contraction since the Great Depression. Yet, the confluence of very good performance by risk assets and haven assets signaled ongoing deep-seated problems with the economy. We would caution that the #Fed can solve liquidity problems, but it’s not in a position to address solvency problems, which we think remain a significant risk within the credit markets and particularly within the non-investment grade sectors of the corporate bond market. All Fed liquidity does is buy time; it doesn't create revenues or cash flow, and we've got to pay close attention as that story plays out.
Market Review and Outlook 2Q20 - Leveraged Finance
Snapbacks, Agility, Rising Defaults, and Focus on Quality
We believe the loan market is attractive and under-appreciated as the average price of the market sits at $91.70, while spreads remain elevated at 636 bps. We also believe now is a good time to invest in high yield as a core investment or an income enhancement addition to a broadly diversified portfolio.
High Yield: Why Fallen Angels Stir Our Spirits
Fallen angels are multiplying exponentially. The best time to buy such bonds at attractive levels, in our view, is just before they get downgraded, since some high yield managers can’t buy investment grade.
Dispelling Myths About Bank Loans
Negative headlines notwithstanding, active managers of senior loans with long-term records of strong risk-adjusted returns have shown they can weather historic volatility and economic uncertainty.
Taxable Fixed Income: Assessing Opportunity in Calamity
With serious questions about liquidity and solvency in some sectors, battle-tested investment professionals elaborate on why they have been very underweight risk.
High Yield: Go, Stop, and Caution Signals
For all the volatility and uncertainty in the economy and financial markets, high yield bonds have continued to attract investors over the last two months. Here are some of the metrics that are being factored into the assessment of potential relative value opportunities in this asset class.
Inside Seix’s CLO Business
Why institutional investors from around the world have chosen Seix for structured credit vehicles. With collateralized loan obligations (CLO) increasingly popular among banks and insurers around the world, Seix has managed 15 CLOs and recently closed on its ninth since the financial crisis. Like its other CLOs, this new offering focused on credits with: solid asset protection; improving cash flow used to grow the business and/or de-leverage the balance sheet; seasoned capable management.
News & Insights Archive