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

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

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

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.
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