Little Cyprus Sparks Big Contagion Fears
The situation in Cyprus is still very fluid and very serious—perhaps more so than in Greece last year. While the country may be too small to have a meaningful direct impact on the rest of the euro area, the big issue for markets is the potential for contagion to more systemically important countries.
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 moreFive Key Themes for Equity Investors
Equity markets have started to perk up in early 2013, yet lackluster economic growth is posing a challenge to corporate profitability. In this promising but complex environment, we’ve identified five key themes for equity investors that are worth watching as the year unfolds.
read moreCracks Appear in the French Economic Model
Today’s PMI data point to a deepening recession in France at a time when Germany is showing tentative signs of life. Is the euro crisis exposing the weaknesses of the French economic model?
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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