Time for Caution on “Dim Sum” Bonds
The fast-growing market in “dim sum” bonds has been an enticing choice for foreign investors with an appetite for assets denominated in China’s currency, the renminbi. But recent rule changes by Chinese regulators that open the market to further issuance may give investors a bellyache in the near term.
read moreNavigating Rocky Municipal Bond Markets
Despite the uncertain impact of recent difficult economic conditions on tax collections, we see significant opportunity to add value in the US municipal bond market. Below, my colleague Michael Brooks reviews where we see the best rewards for risk.
read moreRetirement Confidence Falls Sharply Among Older Workers
Market losses and continuing volatility have badly shaken US workers’—particularly older workers’—confidence in the prospects of a comfortable retirement, according to our recent survey of US defined contribution (DC) plan participants.
read moreJefferson County Bankruptcy: Who Will Feel the Pain?
In response to our recent article on the Jefferson County bankruptcy, a reader asked “What and how much will be the settlement? Who pays and who gets the pain?” My colleague Michael Brooks replies below.
read moreWhere’s the Euro’s Lender of Last Resort?
Spain was back in the spotlight today, as rising bond yields suggested that investors remain unimpressed by the victory of the Popular Party in Sunday’s election. But the stress is spreading well beyond the euro area’s so-called periphery.
read moreHow to Diversify When Markets Are Highly Correlated
With economic and political developments driving big gyrations in equity markets, at first blush it seems that all stocks are moving together and diversification benefits have diminished. But as my colleague Andrew Chin explained in a recent article, spreading exposures across the spectrum of equity risk and return factors is now more important than ever.
read moreExcessive Leverage: The Root of All Financial Crises
Today’s European sovereign-debt crisis has much in common with other seemingly unrelated crises of the past decade. The common element? Too much leverage.
read moreNew Governments in Greece and Italy Could Contain Damage
As political casualties of the European sovereign-debt crisis mounted this week, it’s easy to understand why financial markets panicked. But all hope is not yet lost.
read moreJefferson County Bankruptcy Is Unique
Yesterday, Jefferson County, Alabama filed for bankruptcy—a move we had long anticipated. The County’s $4.2 billion in debt makes this the largest municipal bankruptcy in US history.
read moreWill China Help Refocus the Market on the Long Term?
Many Americans fear that China may curtail its buying of Treasury bonds, which could drive up interest rates and slow economic growth. But less Chinese investment in Treasuries might be a blessing in disguise
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