Search results for: credit research

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Credit alternatives in government-backed debt

One way investors may boost yields without taking on undue credit risk is through U.S. government agency debt. While many investors associate U.S. agency debt with very low yields, other types of agency debt can offer significant spreads to Treasuries with a modest decline in liquidity.

Tagged with: Fixed Income, Investing

Slack and Inflation

Low unemployment rate indicates modest slack in labor market. Decline in labor force participation now looks mostly structural.

Tagged with: Economy, Fixed Income, U.S. Economy

The case for active muni management

Muni bonds represent an attractive investment opportunity
Active management is a value add in these volatile markets
Professional money managers can help investors navigate an ever-changing environment

Where does one invest in a world of uncertainty? Rising taxes, volatile markets, low yields, economic stagnation, geopolitical unrest.

Tagged with: Fixed Income, Muni Perspectives Blog

How will California’s drought affect water utility revenue bonds?

 California is in its fourth year of drought, one of the worst in the past century.  Key factors when assessing credit quality of water utilities are water supply and source diversity.

Tagged with: Fixed Income, Investing, Muni Perspectives Blog

From Tactical To Core: The Case for Emerging Market Debt

We believe emerging market debt should be viewed as a core-portfolio holding. 2013’s repricing created value in terms of higher yields, a more dedicated investor base and a better relative value argument.

Tagged with: Fixed Income, Global Economy, Investing

Municipal pension obligations: Why fear about underfunding may be unjustified, and why Chapter 9 will never become pervasive (save a few outliers)

Concerns about plan solvency are widespread and attention-grabbing, though perhaps unjustified. Collectively, pension funded ratios have declined at the state and local level, though the cost of funding actuarially required contributions remains manageable as a percent of governmental spending.

Tagged with: Fixed Income, New Tax Regime

From tactical to core — The case for emerging market debt

For many investors, emerging market debt could be viewed as a core-portfolio holding rather than a short-term tactical investment. 2013’s re-pricing created value in terms of higher yields, a more dedicated investor base and a better relative value argument.

Tagged with: Fixed Income, Global Economy, Investing

Hungry for income? High yield munis could be your meal ticket

High yield muni bonds represent an attractive investment opportunity. Professional money managers can help with the intricacies of the high yield muni space.

Tagged with: Fixed Income, Investing, Muni Perspectives Blog

Detroit and Stockton are game changers for municipalities in fiscal distress

Contrary to past experience and conventional wisdom, general obligation bonds are not sacrosanct and very low recovery rates are possible. Pensioners and other politically favored classes are likely to be treated more kindly than bondholders.

Tagged with: Fixed Income, Investing, Muni Perspectives Blog

Half-time report on the U.S. consumer

U.S. consumers have taken a more cautious attitude toward debt and been more selective about using it for discretionary purchases. With consumers using credit cards less and using debit cards much more, the supports for higher discretionary spending are keyed off income and wages and also employment.

Tagged with: Economy, U.S. Economy
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