Lending, borrowing and investing in a negative rate world
This paper examines the U.S. commercial mortgage loan (CML) market and U.S. insurers’ investments in CMLs.
Since the financial crisis, for a relatively liquid investment CLOs consistently have had the highest spreads net of capital costs for US life insurers.
A preliminary analysis
Markets, economy, stocks, growth, global, fixed income, international, asset classes
Capital framework discussion from the NAIC 2019 Fall National Meeting.
Summary notes from the NAIC Fall 2019 National Meeting.
We cut the chances of recession to 25% after a thaw in the trade war and a year of rate cuts; our forecast is for sub trend growth. Favored sectors include emerging market local currency debt and higher rated short-duration securitized credit.
NAIC discusses capital framework.
NAIC 2019 Summer National Meeting Key takeaways