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Emerging market debt: the good, the bad and the ugly

Published by : Jupiter

Vikram Aggarwal, a credit analyst covering emerging markets within Jupiter’s Fixed Interest & Multi Asset team, provides a deep-dive analysis of the emerging markets debt sector, outlining the Fixed Interest and Multi-Asset team’s key likes and dislikes and the themes which drive their current

Published: 31 May 2016

Business Area: Credit

Type: Portable Document Format (.pdf)

Auto parts: three consumer trends driving the industry

Published by : Hermes Investment Management

Ever since the first internal-combustion vehicle rolled off Karl Benz’s production line 130 years ago, the motor car has claimed a place in popular culture that is more than the sum of its parts – and what an enormous sum that is…

Published: 20 May 2016

Business Area: Credit

Type: Other

The case for credit

Published by : Hermes Investment Management

While retail investors’ options in fixed income have grown in recent years, the space continues to evolve. The rise of strategic bond, multi-asset and absolute return funds, alongside traditional investment-grade and high-yield strategies, suggests a certain maturity in the asset class, but for

Published: 19 May 2016

Business Area: Credit

Type: Other

Why are recovery rates falling when defaults have stabilised?

Published by : Hermes Investment Management

Conventional wisdom suggests that a fall in recovery rates should accompany a surge in defaults. However, this has not been the case in the last year, suggesting the current climate for low-quality credit could be challenging for issuers and investors alike, says Fraser Lundie, Co-Head of Hermes

Published: 16 May 2016

Business Area: Credit

Type: Portable Document Format (.pdf)

The ECB plunges into European credit through the CSPP

Published by : Hermes Investment Management

When the European Central Bank (ECB) announced its plans to launch the Corporate Securities Purchase Program (CSPP), the credit-investor equivalent of Andre the Giant belly-flopped right into the centre of the market’s swimming pool. In expectation of a large, deep-pocketed buyer hoovering up bonds,

Published: 27 April 2016

Business Area: Credit

Type: Portable Document Format (.pdf)

US Homebuilders on shaky ground

Published by : Hermes Investment Management

Low mortgage rates and strong demand should create a positive outlook for homebuilders. However, specific market and regional risks are undermining the credit prospects for these companies, says Andrey Kuznetsov, Analyst for the Hermes Credit Team.

Published: 18 April 2016

Business Area: Credit

Type: Portable Document Format (.pdf)

Letter from America

Published by : Hermes Investment Management

Earlier this month, in what is fast becoming an annual fixture, I was in the US for the JP Morgan Global High Yield and Leveraged Finance Conference, says Fraser Lundie, Co-head and Senior Portfolio Manager for Hermes Credit. In addition to being an excellent opportunity to exchange wintry London

Published: 30 March 2016

Business Area: Credit

Type: Portable Document Format (.pdf)

Gold: still lustrous amid the commodities crash

Published by : Hermes Investment Management

Despite weaker Chinese appetite for raw materials, investors aiming to maintain diversified portfolios with an exposure to commodities should consider gold producers, which benefit from favourable demand dynamics, the safe-haven status of the metal and attractive valuations, says Andrey Kuznetsov,

Published: 26 November 2015

Business Area: Credit

Type: Portable Document Format (.pdf)

Spectrum: Extracting returns amid lower-for-longer energy prices

Published by : Hermes Investment Management

The slump in oil prices shows no sign of abating, as OPEC continues to maintain production levels. Energy companies have been forced to adapt – some radically – particularly those in regions where the marginal cost of production is much higher. Some sectors of the industry will find it difficult to

Published: 26 November 2015

Business Area: Credit

Type: Portable Document Format (.pdf)

Why picking the right security is as important as choosing the company.

Published by : Hermes Investment Management

Within the credit world, there is a sense that if you get the company right and avoid default you will have done your job as a bond investor. While this is a neat premise, we believe it is a gross oversimplification of the asset class. By only focusing on the quality of a company you have only dealt

Published: 26 November 2015

Business Area: Credit

Type: Portable Document Format (.pdf)