March Madness in Bonds

By: Jake Remley, CFA — March 21, 2023

It’s amazing that the Federal Reserve (Fed) kicked-off this unprecedented tightening cycle with an initial 25bp rate hike only 12 months ago. Since then, they have meticulously pondered each turn of the screw against a plethora of slowing economic data. Then came the ghosts of the Great Financial Crisis (GFC).
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The Market Giveth and the Market Taketh Away

By: Dan Comiskey — February 28, 2023

History has taught us markets can be generous or punishing. Hindsight is 20/20, but LDI discipline can protect funded status gains in the face of market volatility.
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Commercial ABS Debt Maturity Wall: “Die Another Day”

By: Scott Hofer — February 13, 2023

At this juncture in the bond market, many Commercial ABS issuers seem to have found themselves in the plot of a James Bond thriller. Commercial ABS bond yields have more than doubled over the last year as the Federal Reserve (Fed) battles inflation, creating refinancing risk for issuers with balloon-style repayment structures. Thanks to a very manageable near-term debt maturity schedule, however, many Commercial ABS issuers just might live to “Die Another Day.”
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