On all issues fastened revenue
The fastened revenue universe has confronted excessive ranges of uncertainty since Donald Trump began his second time period as president at first of this yr. This number of well timed analysis supplies actionable insights on personal debt, actual property, and extra.
The Convergence of Public and Non-public Credit score (PGIM)
Non-public credit score progress has been constructed on two pillars: rising demand for company lending and an increasing footprint reaching a broader array of belongings.
Sourcing Social Bonds: The Case for U.S. Munis (Nuveen)
Sourcing investments aligned with a social good could be a problem. The chance set is small if an investor solely considers securities clearly labeled as “social.”
Mounted Earnings Views Q2 2025 (Capital Group)
Uncertainty surrounding the impression of the White Home’s insurance policies weighed on markets in current weeks, together with the implementation and reversal of tariffs, amongst different issues.
Bond Market Insights: April 2025 (Invesco)
The dangers of aggressive U.S. coverage adjustments and probably slower international progress help bonds globally, besides in Japan, the place bond yields are anticipated to proceed rising.
Is Direct Lender Optimism Camouflaging Drawback Loans? (Adams Road)
Durations of inflation and rising charges are adopted by an increase in defaults and bankruptcies of levered firms, which in flip widens return dispersion of direct lending funds.
Why Non-public Actual Property Lending Is Compelling Now (Brookfield)
Right this moment, rates of interest are double the trailing five-year common, whereas actual property spreads stay elevated. Moreover, decrease property values present a gorgeous entry foundation for lenders.
“Chekhov’s Gun” (Convexity Maven)
For the reason that Federal Reserve deserted it insurance policies of NIRP and QE and started a “data-driven” mountain climbing cycle of rates of interest in 2021, the MOVE Index has ranged from 100 to 140.
Length: Pal or Foe in a Defensive Allocation? (Firstlinks)
Extra so than the previous couple of years, fastened fee bonds at present are nicely positioned to supply this diversification inside an fairness dominated portfolio.
World or Regional Secure Belongings: Proof from Bond Substitution Patterns (BIS)
Worldwide bond markets play a key function within the transmission of financial coverage each domestically and internationally.
Steepening Curves throughout the Board (Candriam)
The bond markets in March had been already abuzz with discuss of tariffs because the Trump administration carried out beforehand delayed tariffs on Canada, Mexico and China.
Bloomberg U.S. Mixture Bond Index: When Market Outgrows the Index (TCW)
Current fastened revenue volatility highlights the constraints of the Bloomberg U.S. Mixture Bond Index. Nevertheless, the bond market is larger than this index.
Has the Credit score Market Peaked? (Natixis IM)
For compliance causes, this paper is NOT accessible in america and Canada
Rates of interest ought to evolve in a better and wider vary, with extra volatility for fastened revenue traders.
Actionable Alternate options: Residential Credit score (PIMCO)
What are the drivers behind residential credit score? On this participating video, PIMCO explores these forces intimately.
