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BAML recognises unstoppable globalisation of credit market in landmark decision

Published by : Hermes Investment Management

Hermes Credit has welcomed the decision from Bank of America Merrill Lynch to retain emerging market issuers in BAML’s benchmark Global High Yield Index. Fraser Lundie and Mitch Reznick, co-heads of Hermes Credit, believe emerging markets play a fundamental role in global high yield investing.

Published: 12 August 2015

Business Area: Credit

Type: Portable Document Format (.pdf)

Four causes for concern in the tech sector

Published by : Hermes Investment Management

Aided by a Windows XP refresh cycle and solid growth in smartphone sales in 2014, the technology sector outperformed the US High Yield index last year. Recent developments, however, make us more cautious, says Audra Stundziaite, Analyst for Hermes Credit.

Published: 12 August 2015

Business Area: Credit

Type: Portable Document Format (.pdf)

Russia: Notes from the road

Published by : Hermes Investment Management

Following a strong rally in hard-currency Russian corporate debt throughout the second quarter, Mitch Reznick, Co-Head of Hermes Credit, visited Moscow to gain an insight into the nation’s economic troubles and assess whether the market is being too optimistic.

Published: 12 August 2015

Business Area: Credit

Type: Portable Document Format (.pdf)

Rating: 1 people found this useful

Rethink your defence amid low yields, rising correlations

Published by : Hermes Investment Management

In the last two bear markets, duration has provided a valuable source of downside protection. Now, falling yields and the rising correlation between equities and bonds should compel investors to seek alternative defences, says Fraser Lundie, Co-Head of Credit and Senior Portfolio Manager.

Published: 12 August 2015

Business Area: Credit

Type: Portable Document Format (.pdf)

The state of play in the coco market

Published by : Hermes Investment Management

This paper take a quick look at contingent convertible bonds (cocos), how it was one the most talked about credit trades last year to now. How that may of now changed due to a evolved market.

Published: 10 July 2015

Business Area: Credit

Type: Portable Document Format (.pdf)

Spring Global Strategy Outlook: The Return of Alpha

Published by : Morgan Stanley & Co. International plc

Alpha to trump beta in 2013: After four years where beta dominated, we believe alpha will make up a bigger slice of the (smaller) returns pie in 2013. Asset classes, regions and countries will be less correlated, in our view, with lower systemic risk and higher company-specific risk.

Published: 08 April 2013

Business Area: FX

Type: Portable Document Format (.pdf)

The Future of Credit

Published by : Allen & Overy

In this paper, Allen and Overy asked their market leading regulatory and finance lawyers to assess whether new regulation was having a positive, neutral or negative impact on the provision of credit.

Published: 17 January 2013

Business Area: Europe

Type: Portable Document Format (.pdf)