China’s Uncertainties Won’t Stop Renminbi’s Rise
Recent data releases and the transition to new political leadership have created some uncertainty about China’s short-term economic outlook. While positive growth surprises are unlikely in 2013, we still think nothing can stop the long-term appreciation of China’s currency, the renminbi (RMB).
read moreDon’t Be Afraid of European High Yield…Be Selective
The European financial crisis continues to challenge high-yield investors. Some were wary of Europe’s issues and stepped away last year, only to see European bonds dominate through the unpredictability. Others want in now, but worry that they’ve missed the rally.
read moreEmerging-Market Debt: Pure High-Grade Strategies Gain Popularity
Investors in hard-currency emerging-market (EM) bonds are starting to change the way they think about the opportunity. For some, this means moving to investment-grade-only strategies.
read moreSurging EM Corporate Bond Issuance: Cause for Concern?
New bond issuance by emerging-market companies boomed in 2012, leading to fears of a bubble. But we think this market growth is positive for investors, rather than a harbinger of soaring debt levels or deteriorating credit quality.
read moreTime to Buy Peripheral Corporate Bonds?
Amid growing confidence in euro-area authorities’ response to the regional debt crisis, yield-hungry investors have been returning to the riskier categories of corporate debt, including the peripherals: Portugal, Italy, Ireland, Greece and Spain. Is it safe to go back into the market?
read moreCracks Appear in Europe’s Credit Rally
We’ve seen some dramatic price moves in the riskier European bonds since 26 July, when European Central Bank (ECB) president Mario Draghi assured the markets that “whatever it takes” would be done to save the euro.
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The Opportunity in European
High-Yield Financials
European bond markets have been volatile in recent months, with high-yield financials suffering some of the worst turbulence. But we’ve seen this kind of volatility before, notably in 2008/2009. That bloodbath was followed by a highly lucrative rally.
read moreRules of the Game Have Changed for Euro High-Yield Investors
The European sovereign debt crisis has changed the rules of the game for euro high-yield investors. Fixed-income managers are being challenged to think differently about both the risks and the opportunity set.
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