perspectives Archives - Page 3 of 10

31 May 2017 Market Insight – Will the Retail Industry be the Next Commodity Crisis for the U.S. Credit Markets?

Posted at 10:11h

During the past year, record store closings at Macy’s, Sears, Kmart, JCPenney, Payless and Radio Shack have painted a dire picture of the U.S. retail sector. Some forecasters expect more retail stores to close in 2017 than during the financial crisis in 2008, leading to additional bankruptcies, layoffs, real estate defaults and equity/bond market losses.

27 May 2017 Fixed Income Perspectives – The Eurozone Gets a Reprieve, for Now

Posted at 10:52h

With political risk to the European Union easing and the eurozone economy strengthening, the European Central Bank may taper its stimulus program and lead eurozone yields higher. Meanwhile, the U.S. Federal Reserve will implement three rate hikes this year.

23 May 2017 Introduction to Private Credit – Market Overview and Analysis

Posted at 11:41h

Large institutional investors allocate a significant amount of their total assets to fixed income, which is intended to provide consistent income and lower volatility than equity. Insurance companies, pension funds and certain other long-term investors seek specific fixed income assets that provide both long duration and potentially lower losses than other investment choices. Many of these investors now realise that the fixed income asset class that can provide the duration they need along with potentially higher returns and lower losses is private credit, also known as “private placements”.

06 May 2017 Voya Senior Loan Group – ‘Talking Points’ – Slow on News, Steady on Return (incl. April in Review)

Posted at 14:07h

In a week light on headline-grabbing news, the loan market held steady, despite further moderation of the issuer-friendly technicals that have dominated most of 2017.

21 Apr 2017 Fixed Income Perspectives ‘Reading the FOMC Tea Leaves’

Posted at 15:02h

Despite signs of economic softening the Federal Reserve still intends to normalise policy through interest rate hikes, ending reinvestment and reducing its portfolio. Though bond investors might expect increased market supply to result in higher yields, we believe that strong demand — and Treasury issuance coordinated with Fed policy - will mitigate a significant rate move.

08 Apr 2017 Voya Senior Loan Group – ‘Talking Points’ – No April Fool (includes March in Review)

Posted at 14:57h

'No April Fool' - The loan market moved up in the first week of April, as the S&P/LSTA Leveraged Loan Index returned 0.21%, and the average bid for loans increased by 12 bps to 98.28.

01 Apr 2017 Voya Senior Loan Group – ‘Talking Points’ – Staying Steady

Posted at 08:49h

'Staying Steady' - The loan market held steady over the course of a week that experienced more topsy turvy action in capital markets, though scarce new organic supply remains a point of issue. The S&P/LSTA Leveraged Loan Index returned 0.01%, and the average bid for loans fell to 98.16, a ten bps decline.

24 Mar 2017 Fixed Income Perspectives – ‘The Ides of Accommodative Policy? Not so Fast’

Posted at 12:27h

'In a move that was largely anticipated by the market, the Fed announced another interest rate hike of 25 basis points. We believe the announcement allows the Fed to revert to a more dovish stance going forward and let the market guide expectations as to the appropriate pace of further hikes.'

04 Mar 2017 Voya Senior Loan Group – ‘Talking Points’ Weekly Update (incl. February in Review)

Posted at 14:29h

'Solid Gains' - Bank loans in the S&P/LSTA Leveraged Loan Index returned 0.26% in a week that delivered a boost in the forward pipeline and an uptick in refinancing activity. The average bid for loans was 98.46, which marked an 18 bps bump.

24 Feb 2017 Fixed Income Perspectives – ‘Is March Now In Play for the Federal Reserve?’

Posted at 14:15h

'Recent developments confirm our view that the Federal Reserve will maintain a cautious pace of rate normalisation. We continue to make incremental, tactical portfolio adjustments to protect against rising rates while seeking potential for higher income'. Voya Investment Management