admin, Author at BREAKWATER ADVISORY

26 May 2016 Bonds won’t slip in second half says Voya strategist

Posted at 16:34h

Bonds have outperformed stocks thus far in 2016 with the Barclay's U.S. Aggregate Bond Index up 2 percent versus a 1.5 percent rise in the S&P 500. Christine Hurtsellers, fixed income chief investment officer at Voya, does not expect bonds to back down in the second half.

07 May 2016 Voya Senior Loan Group – ‘Talking Points’ Weekly Update (incl. April in Review)

Posted at 09:30h

In Search of Par - The movement toward par for a good portion of the loan market continued last week, while distressed credits also enjoyed improving market valuation. The Index was up 0.22% with average bids increasing by 14 bps to 93.01.

28 Apr 2016 Fixed Income Perspectives – ‘Spring Hopes Eternal’

Posted at 15:10h

The primary factor inspiring the latest rally in risk assets is the same one that drove investors into hibernation last fall: Chinese currency movements.

23 Apr 2016 Voya Senior Loan Group – ‘Talking Points’ Weekly Update

Posted at 08:50h

Slim Pickings - A shallow forward calendar sent investors flocking to the new issue market last week creating strong demand with five deals enjoying tighter pricing and more advantageous terms. The index posted a nice increase on the week, 0.68%, as average bids jumped 50 bps to 92.60.

11 Apr 2016 Market Series – ‘Sidestepping the Relative Value Trap in Credit’

Posted at 06:55h

The general rule of thumb when considering the relative value of a bond is that “wide” equals “cheap”. While this approach is relatively useful in a static mid-cycle environment, it breaks down in a changing world.

09 Apr 2016 Voya Senior Loan Group – ‘Talking Points’ Weekly Update (incl. March in Review)

Posted at 12:47h

Hitting a Higher Note - Well-rated and highly regarded new issue made the headlines last week as the bumpy first quarter ended on a better note relative to where it started. The index was up 0.25% on the week, with average bids moving to 91.67, a 16 bps increase over the week prior.

29 Mar 2016 Fixed Income Perspectives – ‘The Big Dance’

Posted at 15:48h

As the (U.S.) 2015–16 college basketball season approaches its climax on the court, developed market central banks have engaged in a bit of March Madness of their own, turning to new pages of their monetary policy playbooks as they struggle to bolster economic growth, inflation and labour productivity.

05 Mar 2016 Voya Senior Loan Group – ‘Talking Points’ Weekly Update (incl. February in Review)

Posted at 10:20h

Better Tone Lifts average Bids, Weekly Return - Consistent with the reduction in downside volatility in oil and other capital markets, loans maintained a minor course correction this week.

28 Feb 2016 Fixed Income Perspectives – ‘Here Come the Monkeys’

Posted at 10:44h

Here in the Year of the Monkey, the yin of slowing economic activity is battling the yang of stable (to possibly rebounding) oil prices for influence over inflation. At this point, we expect the latter to prevail.

20 Feb 2016 Voya Senior Loan Group – ‘Talking Points’ Weekly Update

Posted at 09:20h

All Quieter on the Loan Market Front - Despite a bounce in broad capital markets, movement in the loan market was more tempered this week as a result of current market technicals.

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