FIXED INCOME · INVESTMENT ANALYSIS
Spreads remain tight, but refinancing conditions and default dispersion are creating selective opportunities.
Spreads remain tight, but refinancing conditions and default dispersion are creating selective opportunities.
Credit markets often reveal stress before it reaches equity indexes. Refinancing calendars, interest coverage, bank lending standards, and sector dispersion all deserve close attention.
The most compelling opportunities may come from security selection rather than a broad directional bet.
FROM THE SAME DESK
FIXED INCOMEThe shape of the curve is changing again, offering clues about growth expectations, liquidity, and policy risk.
FIXED INCOMERapid growth has expanded opportunity, but underwriting quality is becoming the defining issue for private lenders.
FIXED INCOMETax-adjusted income and improving issuer fundamentals are bringing municipal debt back into focus.
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The shape of the curve is changing again, offering clues about growth expectations, liquidity, and policy risk.
Rapid growth has expanded opportunity, but underwriting quality is becoming the defining issue for private lenders.
Tax-adjusted income and improving issuer fundamentals are bringing municipal debt back into focus.