Scott McKee, Emerging Markets Corporate Bond portfolio manager, explores the opportunity set in corporate EMD
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
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Explore our proprietary analysis of trends among the 100 largest corporate pensions; in 2019, headline funded status rose, but dollar deficits grew.
Reaching for yield, which we define as buying bonds with wider spreads after controlling for sector and rating impacts, is a topic that frequently arises in the life insurance industry.
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Investors are concerned about the deterioration of corporate debt quality, marked by lower credit ratings and a large share of covenant-lite issuance in the loan market.
On June 20-21, we attended the 2019 IFRS conference in London to stay informed on important regulatory issues affecting the insurance industry today.
In this paper, we assess the potential risks associated with such a strategy by stressing capital requirements using spread-implied ratings.