What We Think

See our perspective on key developments in the US fixed income market and learn more about our investment philosophy, process, and strategies.

The Take
on what the market gives us…

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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