Press Coverage

Caroline Chen, senior vice president at Income Research + Management, spoke with Richard Leong at IFR about how US residential mortgage-backed issuers were working to bring supply to the market before the end of 2020.

Bill O'Malley, Chief Executive Officer and Co-Chief Investment Officer of Income Research, spoke with Danielle Correa at FIN News about how employees are adapting firm traditions for the winter holidays during the Covid-19 pandemic.

Bill O'Malley, Chief Executive Officer and Co-Chief Investment Officer of Income Research, spoke with Dervedia Thomas at FundFire about how the firm is making sure that employees stay connected and avoid isolation fatigue as the Covid-19 pandemic continues.

Caroline Chen, senior vice president at Income Research, spoke with Al Yoon and Eric Homer at Debtwire about her views on the single family rental bond market rally.

Bill O'Neill, Senior Portfolio Manager at Income Research, spoke with Joy Wiltermuth at MarketWatch about why investment-grade corporate bonds surged as Americans waited for U.S. 2020 election results over the course of a week.

Wesly Pate, Senior Portfolio Manager at Income Research, spoke with Debbie Carlson at US News and World Report about why investors should buy municipal bonds issued outside of their home states.

Jake Remley, Senior Portfolio Manager at Income Research, spoke with Richard Leong at IFR about tech-related ABS issuance.

Brooke Anderson, Principal and Director of Investment Product Management at Income Research, shared how the firm uses social media to connect with institutional investors in the midst of a pandemic that has kept many people working at home with FundFire.

Caroline Chen, Senior Vice President at Income Research, spoke with Al Yoon at Debtwire Municipals about non-QM loans.

Allison Walsh, Senior Vice President at Income Research, was promoted to the newly created role of head of ESG and corporate sustainability by fixed-income specialist Income Research & Management on Sept. 1.

Wesly Pate, Senior Portfolio Manager at Income Research, spoke with Caitlin Devitt and Kathie O’Donnell at Debtwire Municipals about his fall 2020 forecast for the municipal bond market as fundamentals began to weaken in early September.

Caroline Chen, Senior Vice President at Income Research, spoke with Richard Leong at International Financing Review about how and why many investors are piling into bonds backed by container leases.

Caroline Chen, Senior Vice President at Income Research, spoke with Brad Finkelstein at National Mortgage News about why investors should remain leery of non-QM RMBS even as originators are coming back into the marketplace.

Wesly Pate, Senior portfolio manager at Income Research, spoke with Andrew Coen at Bond Buyer about municipal bond issuance for the first half of 2020.

Caroline Chen, Senior Vice President at Income Research, spoke with Adam Tempkin at Bloomberg about why fixed income investors should remain cautious about their allocations towards mortgage bonds without U.S. government guarantees.

Jake Remley, Senior Portfolio Manager at Income Research, chatted with Joy Wiltermuth about the impact of the Fed’s stimulus on credit markets.

Jake Remley, Senior Portfolio Manager at Income Research, spoke with Richard Leong at IFR about the slow return of demand for lower-rated U.S. asset-backed securities since the primary market reopened last March after a COVID-19 induced supply pause.

Bill O’Neill, Senior Portfolio Manager at Income Research, spoke with Caleb Mutua and Jack Pitcher at Bloomberg Briefs about the record-pace borrowing taking place in the bond market.

Wesly Pate, Senior Portfolio Manager at Income Research, spoke with Danielle Moran at Bloomberg about the California sale of $1.4 billion in general obligation bonds.

Wesly Pate, Portfolio Manager at Income Research, spoke with Aaron Weitzman at The Bond Buyer about municipal bond volumes in March.

Caroline Chen, SVP at Income Research, spoke with Al Yoon at Debtwire about bond funds and REITs facing market liquidity challenges.

Caroline Chen, Senior Vice President at Income Research, spoke with Al Yoon at Debtwire about the US “fix-and-flip” sector.

Ralph Saturne, Senior Research Analyst at Income Research, was quoted in Refinitiv on issuance across securitized sectors. As the article notes, primary issuance is on pause as investors wait to see the outcomes of Federal Reserve monetary policy and fiscal packages.

Jake Remley, Senior Portfolio Manager, astutely pointed out, once the Federal Reserve cuts rates to zero, it will start to consider other fiscal and monetary measures, or potentially venture into negative rates.

Bill O’Neill, Senior Portfolio Manager at Income Research, was quoted in Bloomberg providing his take on investment-grade debt.

Jim Gubitosi, co-Chief Investment Officer at Income Research, was quoted in MarketWatch following U.S. President Donald Trump’s national emergency declaration over coronavirus.

Caroline Chen, Senior Portfolio Manager at Income Research, was quoted in industry publication Debtwire on the risks mortgage markets face as the health crisis affects employment.

As Jake Remley, Senior Portfolio Manager, astutely pointed out, once the Federal Reserve cuts rates to zero, it will start to consider other fiscal and monetary measures, or potentially venture into negative rates.

Ralph Saturne, Senior Research Analyst at Income Research, was named one of the rising stars of 2020 by the one of the UK’s leading investment publications, Investment Week.

Caroline Chen, Senior Vice President at Income Research, was quoted in industry publication Debtwire on issuance in wholesale ABS.

At the time, Wesly Pate noted that “fundamentals look appealing and technicals are still strong.” He did not foresee any issues with such high levels of supply being absorbed by the market. Assuming rates stayed low, which they have done, he foresaw the potential for up to $100 billion in taxable issuance.

Jim Gubitosi, co-CIO, spoke with Caleb Matua at Bloomberg, providing his take on the corporate bond markets.

Bill O’Neill, Senior Portfolio Manager at Income Research was featured in Investment & Pensions Europe’s feature on US Investment Grade. As Bill anticipated at the time, liquidity is the wildcard.

Bill O’Neill, Senior Portfolio Manager, discusses how demand from pension plans and foreign buyers is keeping spreads tight, and what could cause spreads to widen in 2020.

Investors need to focus on strong fundamentals and underwriting standards in 2020, according to Senior Vice President and Research Analyst Caroline Chen.

"This year's winners stand out for their commitment to their people and the communities in which they operate," explained P&I Editor Amy B. Resnick. 

Among other commitments to charity, IR+ M was recognized for offering paid time off for volunteer work, providing company grants for chosen non-profit organizations, and matching charitable donations.

According to Senior Portfolio Manager Jake Remley, the introduction of UMBS "hasn't had much impact directly on the market."

In adopting executive titles, the two Managing Principals hope to provide transparency to the firm’s clients and consultants – and beyond that, open the door for a broader executive base.

Bill O'Malley, a 25-year veteran of the Boston-based fixed-income manager, will become the firm's first CEO effective January 1st, 2020.

By expanding its senior team and clarifying the role of executives, privately-held Boston-based Income Research and Management is publicly demonstrating its commitment to transparency.

"With names where you have a lot of demonstrated history and equity in the business, you're seeing investors getting comfortable with higher leverage," said Senior Portfolio Manager Jake Remley.

“When you’re talking about forbearance and forgiveness, when you’re talking about extending maturities on loan terms, those are a lot of risks that investors can’t get their hands around,” said Principal and Senior Portfolio Manager Mike Sheldon.

According to Senior Portfolio Manager Jake Remley, investors’ search for yield has allowed the sector to price a high number of deals from new entrants and a variety of collateral types, even if the collateral is weak or untested.

“With marketplace lending, we just don’t understand where debt payments might fall in the priority of the borrower,” said Senior Portfolio Jake Remley.

According to Senior Portfolio Manager Jake Remley, "If this recent spate of volatility across equity and other risk assets fade, you may certainly see Pet Supplies Plus come back."

Portfolio Manager Wesly Pate said as a new fiscal year begins, the lack of increased issuance in June is a good tell for what the market will see in the second half of the year.

According to Senior Portfolio Manager Jake Remley, a decline in Treasury rates means that pricing levels remain tight on an absolute basis.

"NINJA ("no income, no job, no assets") loans are not coming back any time soon," states Senior Portfolio Manager Jake Remley.

Pricing on private-label prime jumbo RMBS issuance deals is getting tighter relative to jumbo bonds, according to Senior Portfolio Manager Jake Remley.

“If there’s any space in securitization that has defined tiering, it’s in whole business ABS,” said Senior Portfolio Manager Jake Remley.