The Take
on what the market gives us…
250* Fahrenheit, 6 Hours.
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August 5, 2020
As interest rates have declined, so too has the margin for error, thus increasing the benefits of portfolio diversification. Read More
How Much Will It Hertz?
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July 29, 2020
The Hertz Global Holdings bankruptcy in May has wide-ranging implications for Rental Fleet ABS. While a six-month compromise between creditors and Hertz was reached this week, the recent challenge by Hertz’s lawyers regarding the sanctity of the master trust lease agreement raises serious questions – most notably, how other ABS master trust indentures may be affected. As a result, we continue to watch these legal proceedings with interest. Read More
Game Changer
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July 22, 2020
Capital markets are forever changing. Credit spread compensation was once fairly straightforward to analyze, compare, and digest. That is no longer so. Read More
The Ratio is Dead…Long Live the Ratio
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July 14, 2020
Numbers are supposed to be the guiding principle to many of our decisions. So what happens when a number loses its meaning? As the relevance of the Muni/Treasury ratio declines, we offer a more comprehensive approach for cross-sector, after-tax relative value discussions. Read More
Tips on TIPS
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July 7, 2020
In this piece, we discuss why TIPS may appeal to a bottom-up fixed income manager, even if the macro-economic outlook is clouded by “interesting times". Read More
Curves Ahead
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June 30, 2020
In this post, we look at back at the events that have transpired since March, and examine the impact of Treasury/Fed buying and corporate credit fundamentals on the credit curve. Read More
My Tax Haven Is Worth Less, But Certainly Not Worthless
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June 23, 2020
In this post, we will explore some of the ramifications of lower yields on the value of the exemption, why munis tend to lag in a rate rally and outperform as rates climb, potential benefits of munis during periods of market dislocations, and how we are viewing the value of the asset class in today’s environment. Read More
Non-Agency RMBS: Expect Bumps But Not 2008
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June 16, 2020
In this post, we break down the top ten reasons why we think this crisis will be different for non-agency RMBS. Read More