Is CCC Credit Worth the Risk?
Typically, one would expect higher-risk assets to generate higher returns. But when it comes to high-yield corporate bonds, indiscriminate exposure to the CCC-and-below category may not produce the expected results. Here, high-yield portfolio manager Ivan Rudolph-Shabinsky discusses some of our research findings.
read moreCould Tax Reform Hurt Municipal Bond Prices?
Tax rates and federal government expenditures are being discussed in Washington. The ultimate result could affect the value of municipal bonds. My colleague Michael Brooks explains.
read moreEmerging Market Investors Don’t Have to Take Volatility Lying Down
We believe that emerging markets often offer better growth prospects than most developed markets. But, as my colleague Morgan Harting argues, many investors are not exploiting the full potential—often because they are afraid of volatility.
read moreThe Underfunded Pension: States Take Action
State and local governments with significant pension funding shortfalls are coming under increased political pressure due to new transparency rules in accounting. My colleague Joe Rosenblum examines their options.
read moreMunicipal Pensions: A Big Problem?
Underfunded pension systems pose significant challenges to many state and local governments. For a few, it’s an immediate problem. But as my colleague Joe Rosenblum explains, for most municipalities, pension troubles aren’t really the proverbial last straw.
read moreGlobal Bonds: Protection in Down Markets
As US Treasury yields continue to plumb record lows, some have quipped that government bonds have gone from offering risk-free returns to “return-free risk.” Indeed, when interest rates inevitably rise from their current levels, bondholders face the prospect of poor or even negative returns.
read moreIs Your Global Bond Fund Riskier than You Thought?
Global bond funds continue to attract strong inflows as near-zero interest rates lead many investors to look abroad for assets with attractive yields. As we’ve argued before, global bonds provide many important benefits, but it’s crucial that investors select the right type of fund.
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Emerging-Market Credit
Has Come of Age
While investors have flocked to emerging-market government bonds in recent years, some still perceive emerging-market corporate bonds as an immature asset class. Shamaila Khan, who manages global credit portfolios, questions some assumptions about emerging credit.
read moreThree Cities in Three Weeks: A Significant Trend in Municipal Bankruptcy?
On Tuesday, San Bernardino, California, became the third California city in three weeks to announce its intention to seek bankruptcy protection. Does this mark the beginning of a significant trend toward bankruptcy, particularly in California? My colleague Guy Davidson examines the patterns.
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