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Notes from the Macquarie Fixed Income Strategic Forum

Published by : Macquarie Investment Management

At the final Strategic Forum for the year, the Macquarie Fixed Income team analyzed macro themes against the backdrop of the challenges of the shift from quantitative easing (QE) to quantitative tightening (QT) led by the US Federal Reserve.

Published: 17 October 2018

Business Area: Credit

Type: Portable Document Format (.pdf)

Broadening the universe: The strategic case for alternative credit

Published by : Legal & General Investment Management

The falls over the past two years in high yield and emerging market debt (‘alternative credit’) credit spreads,1 along with indications of late-cycle behaviour in the US, has led some investors to be nervous about allocating to these areas. But should pension schemes reconsider?

Published: 05 October 2018

Business Area: Emerging Markets

Type: Portable Document Format (.pdf)

Navigating the ‘new normal’: Cov-lite lending and beyond

Published by : M&G Investments

The European loan market has reached a new level of maturity in the last three years. This evolution has brought some unwelcome features including the dilution of structural protections, like maintenance covenants. It has also brought some benefits, like the advent of multi-billion corporate issuers

Published: 19 September 2018

Business Area: Credit

Type: Portable Document Format (.pdf)

From exclusion to impact, and the growing role of private debt in sustainable investing

Published by : M&G Investments

Investor demand for environmental, social and governance (ESG) and socially responsible investment (SRI) strategies is growing at rapid pace. While exclusions-based strategies continue to dominate in Europe, surveys suggest that, by far, the most rapid growth in capital is being seen in impact

Published: 04 September 2018

Business Area: Credit

Type: Portable Document Format (.pdf)

Comparing the investment cases for European and US leveraged loans

Published by : M&G Investments

This paper looks at the investment benefits of the loan asset class as a whole, the key characteristics of the markets in Europe and the US, and why it may make sense for institutional investors to consider European loans as part of a diverse investment portfolio.

Published: 04 September 2018

Business Area: Credit

Type: Portable Document Format (.pdf)

Value remains after investment grade credit selloff, but security selection is crucial

Published by : Macquarie Investment Management

We believe there could be a silver lining to this gloomy start to the year. The underperformance in the US investment grade corporate market to date has largely been technically driven, in our view, and not rooted in any fundamental weakness.

Published: 31 August 2018

Business Area: Credit

Type: Portable Document Format (.pdf)

Is short duration high yield attractive today?

Published by : M&G Investments

Investors who focused on shorter duration sectors of the high yield market in recent years may have been able to experience only modestly lower returns compared to the broader market but with notably lower volatility. Senior fund manager, David Fancourt, looks at the prospects for such an approach.

Published: 23 August 2018

Business Area: Credit

Type: Portable Document Format (.pdf)

The place of bonds in a low yield world

Published by : Macquarie Investment Management

This paper identifies the added importance of bonds as the world adapts to lower yields. With growth remaining at low levels, investors will continue the chase for yield resulting in heightened market volatility and ‘risk-on, risk-off’ mentalities forming. However, investors should not be increasing

Published: 12 July 2018

Business Area: Credit

Type: Portable Document Format (.pdf)

Will hedge costs end the Trump dollar slump?

Published by : Macquarie Investment Management

Regardless of whether this turns into a full-blown rally, an important question for investors may be: Will higher rate differentials and consequent hedge costs prompt a longer-term rally in the US dollar, damaging other asset markets and ending the “Trump dollar slump”?

Published: 12 July 2018

Business Area: Credit

Type: Portable Document Format (.pdf)

Views from the stategic forum - synchronised and stronger?

Published by : Macquarie Investment Management

The Macquarie Fixed Income (MFI) team’s Strategic Forum is always a key date in our calendars. Three times a year we step away to assess the economic backdrop and conduct deep dive research into the key fixed income asset classes to determine our medium term outlook.

Published: 12 July 2018

Business Area: Credit

Type: Portable Document Format (.pdf)