Since the financial crisis, for a relatively liquid investment CLOs consistently have had the highest spreads net of capital costs for US life insurers.
Investment grade and high yield credit in emerging markets have delivered divergent performance over the summer. Could this trend reverse, or is investor caution warranted in the high yield space?
Learn about the important topics covered in the Outlook and their potential impact on broader markets. Michael Cembalest touches on topics including: the global banking system, oil markets, the credit risk of US states and credit market liquidity.
Michael Cembalest discusses the aches and pains constraining growth around the world, the severity of these ailments, and the degree of contagion from emerging to developed economies.
Scott McKee, Emerging Markets Corporate Bond portfolio manager, explores the opportunity set in corporate EMD
For investors peering into 2020, it is likely that U.S. monetary policy will remain on hold for the time being.
EM should continue to provide a substantial economic growth alpha relative to developed markets due to better demographics and a productivity catch-up.
While weaker headline earnings growth in future quarters could unsettle investors, many underlying factors suggest corporate health remains strong. What is the full story for investment grade credit?
The economic backdrop in 2019 has been characterized by weakness in manufacturing being offset by the resilience of services and health of the consumer.