Andreas Faeste, Author at BREAKWATER ADVISORY

07 Aug 2017 Market Insight – The U.S. Housing Trade is Far from Over

Posted at 11:31h

The U.S. housing market still has meaningful upside. In fact, from several perspectives, we are still in the recovery phase. Against a robust economic backdrop, Voya believes securitised credit is a compelling way for investors to diversify a broader credit portfolio—yet the potential benefits of the asset class remain broadly misunderstood.

05 Aug 2017 Fixed Income Perspectives – Unwind First, Hike Later

Posted at 15:20h

The Federal Reserve reaffirms its view that softer inflation data are temporary, and therefore the path of rate hikes remains unchanged for now.

05 Aug 2017 Voya Senior Loan Group – ‘Talking Points’ – Anticipating an Active August, plus July in Review

Posted at 15:07h

The loan market had a busy and solid run amid a rush of new transactions representing both new money and opportunistic deals.

23 Jul 2017 Fixed Income Perspectives – ‘Fixed Income Themes Update ‘

Posted at 14:25h

Looking ahead to the second half of 2017, Voya Investment Management's CIO of Fixed Income Matt Toms explains the key investment themes Voya is focusing on.

21 Jul 2017 Market Insight – The Disruption in Retail Expands to Grocers: What Amazon’s Latest Game Changer Means for Fixed Income Investors

Posted at 08:12h

Perhaps the largest untapped opportunity for e-commerce, groceries have officially joined the ranks of the disrupted consumer-spending categories. Voya's fixed income team breaks down the likely impact this game-changing deal will have on the real estate, securitisation and corporate credit markets.

15 Jul 2017 Fixed Income Perspectives – ‘Why Does Total Return Matter in Private Credit? ‘

Posted at 15:54h

Although total return is more difficult to track for private credit offerings than it is for public bonds, the performance metric is arguably more important in the private market.

29 Jun 2017 Market Insight – The High Yield Market is Shrinking. That Could be Good News for Investors

Posted at 10:50h

The size of the U.S. high yield market increased steadily from the mid-1980s through early 2015, with pauses only in the telecom implosion of 2000 and the global financial crisis of 2008. Over the past two years, however, the high yield market has been steadily shrinking.

25 Jun 2017 White Paper – Commercial Mortgage Loans

Posted at 16:14h

Long a pillar of insurance company portfolios, commercial mortgage "whole loans" are less well understood outside the insurance industry. Amongst other characteristics, commercial mortgage loans have historically offered attractive and stable income, efficient diversification, yield protection and favourable risk-based capital treatment. Commercial mortgage loans have produced returns similar to CMBS, with less than half the risk, and have tended to show lower correlations with other asset classes, including stocks and bonds.

11 Jun 2017 Market Insight – Subprime Auto: Frightening Parallels to the Mortgage Crisis, but is there Systemic Risk?

Posted at 12:27h

While a calamity of global proportions certainly feels far from the current reality, there is no question that the subprime auto loan market of 2017 has several striking parallels to the subprime mortgage market of 2007.

10 Jun 2017 Voya Senior Loan Group – ‘Talking Points’ – Clipping Along (includes May in Review)

Posted at 12:13h

'Clipping Along' - Despite strong market demand, an increase in primary market activity kept index returns in check over the last week.

Author: Andreas Faeste