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Global Fixed Income Bulletin  •  22-Sep-2022

Snap Back to Reality 

Global Fixed Income Team
August ended the summer flirtation with bull market dreams. After strong recoveries in July, bond markets turned down once again in August, generating large negative returns. Yields, spreads, and equities have not (at least yet) returned to their June nadir.

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Global Fixed Income Bulletin  •  25-Aug-2022

Oh no, it’s too hot, no wait, it’s too cold, no, it’s actually too hot! 

Global Fixed Income Team
After a horrendous June, bond and credit markets reversed course dramatically in July, generating exceptionally strong performance while also being the first positive return month of the year! The Fixed Income team shares its thoughts.

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Global Fixed Income Bulletin  •  22-Jul-2022

Oh, What a Month, Quarter and Year! 

Global Fixed Income Team
Financial market performance in June and year to date cannot be characterized as anything but historic; unfortunately, historically bad! The Fixed Income team shares its thoughts.

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Global Fixed Income Bulletin  •  21-Jun-2022

Fear and Hope: Soft vs Hard Landings 

Global Fixed Income Team
Markets continue to be buffeted by high levels of volatility driven by shifting fears of recession and inflation. This roller coaster of a month resulted in very diverse financial market performance. The Global Fixed Income team shares its thoughts.

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Global Fixed Income Bulletin  •  30-May-2022

Annus Horribilis 

Global Fixed Income Team
While many problems in the world can be blamed on the Russian/Ukrainian situation, it is not the primary driver anymore. The reason for the carnage in April: inflation, inflation, inflation! The Global Fixed Income team shares its thoughts.

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Global Fixed Income Bulletin  •  27-Apr-2022

One Small Step for Interest Rates, One Giant Leap for Monetary Policy 

Investment Grade Credit Team, Securitized Team, High Yield Team, Global Fixed Income Team, Agency MBS Team, Emerging Markets Debt Team, Floating-Rate Loans Team, Multi-Sector Fixed Income Team
March was another brutal month for financial markets, capping one of the worst quarters since the 1980s. Indeed, it did not take long for markets to realize the inflationary/stagflationary implications of the war and resulting sanctions on Russia. The Global Fixed Income team shares its thoughts.

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Global Fixed Income Bulletin  •  23-Mar-2022

Navigating through the Fog of War 

Investment Grade Credit Team, Securitized Team, High Yield Team, Global Fixed Income Team, Agency MBS Team, Emerging Markets Debt Team, Floating-Rate Loans Team, Multi-Sector Fixed Income Team
Financial markets have gone from worrying about COVID-19 to worrying about the Russian invasion of Ukraine. The Global Fixed Income team shares its thoughts.

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Global Fixed Income Bulletin  •  28-Feb-2022

Do Central Bankers Need to Calm Down?  

Investment Grade Credit Team, Securitized Team, High Yield Team, Global Fixed Income Team, Agency MBS Team, Emerging Markets Debt Team, Floating-Rate Loans Team, Multi-Sector Fixed Income Team
The Global Fixed Income Team examine January’s hawkish turn, as leading central banks pivoted towards accelerated monetary tightening, surprising the market.

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Global Fixed Income Bulletin  •  15-Jan-2022

Déjà vu? No, 2022 Will Not Look Like 2021 

Investment Grade Credit Team, Securitized Team, High Yield Team, Global Fixed Income Team, Agency MBS Team, Emerging Markets Debt Team, Floating-Rate Loans Team, Multi-Sector Fixed Income Team
How impactful will Omicron be? How much should markets fear the Fed? Will inflation slow? The Global Fixed Income Team examine the prevailing market dynamics.

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Global Fixed Income Bulletin  •  15-Dec-2021

And the Beat Goes On … 

Investment Grade Credit Team, Securitized Team, High Yield Team, Global Fixed Income Team, Agency MBS Team, Emerging Markets Debt Team, Floating-Rate Loans Team, Multi-Sector Fixed Income Team
Uncertainty around Omicron in conjunction with hawkish central banks has upended credit and equity markets. How will this affect the growth/inflation nexus?

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Global Fixed Income Bulletin  •  15-Nov-2021

Is Monetary Policy Angst Overdone? 

Investment Grade Credit Team, Securitized Team, High Yield Team, Global Fixed Income Team, Agency MBS Team, Emerging Markets Debt Team, Floating-Rate Loans Team, Multi-Sector Fixed Income Team
While policy normalization has begun, learn why we believe major central banks will likely take a more leisurely approach to policy adjustments than the market expects and why we feel it will be a ‘long and winding road’ to tighter monetary policy.

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Global Fixed Income Bulletin  •  15-Oct-2021

Who Let the Hawks Out? 

Investment Grade Credit Team, Securitized Team, High Yield Team, Global Fixed Income Team, Agency MBS Team, Emerging Markets Debt Team, Floating-Rate Loans Team, Multi-Sector Fixed Income Team
With inflationary pressures stronger and central banks less dovish, we expect government bond yields to drift higher as we move towards tighter monetary policy.

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Global Fixed Income Bulletin  •  15-Sep-2021

Traversing Peaks 

Investment Grade Credit Team, Securitized Team, High Yield Team, Global Fixed Income Team, Agency MBS Team, Emerging Markets Debt Team, Floating-Rate Loans Team, Multi-Sector Fixed Income Team
With investors debating when economic growth, Covid and inflation will peak, it may be useful to focus on what we know with certainty rather than sentiment.

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Our fixed income investment capabilities are driven by eight specialized teams – Agency MBS, Emerging Markets, Floating-Rate Loans, High Yield, Investment Grade Credit, Municipals, Multi-Sector, and Securitized – which span the global fixed income capital markets.
 
 

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