perspectives

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

Posted at 12:34h

Quiet But Constructive - An auspicious “Brexit exit” (thus far, at least) and a continued lull in the forward pipeline combined for a strong but subdued holiday week for the U.S. loan market.

02 Jul 2016 Fixed Income Perspectives – ‘Summertime Blues’

Posted at 16:36h

It's hard to believe the United States will avoid a downturn this year, and we don't see any catalysts for economic growth outside the U.S. We expect U.S. yields to fall further and the yield curve to flatten.

25 Jun 2016 Britain Will Leave the European Union: Now What?

Posted at 07:12h

The vote is done, and Britain will leave the European Union. As the disruptions and unwinding begin, Voya Investment Management offers its views – from the perspectives of its four investing platforms – on how the aftermath of the Brexit vote is likely to shape financial markets going forward.

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

Posted at 11:32h

Gearing Up for Summer - The short post-Memorial Day week experienced tightened pricing for a series of successful new issue transactions due to high demand stemming from strong technicals and a continued light forward calendar.

01 Jun 2016 Fixed Income Perspectives – ‘What Does a Yellow Light Mean?’

Posted at 11:19h

A combination of dovish Fed rhetoric and Chinese monetary expansion have pushed asset prices higher in recent months. An unwind of the latter is the biggest risk to the rally.

28 May 2016 Voya Senior Loan Group – ‘Talking Points’ Weekly Update

Posted at 15:27h

Riding the Technicals - Looking to take advantage of robust technicals, investors sought out a series of large cap primary deals ahead of an expected slowing of the forward pipeline in what was a good week for the asset class. The index gained a solid 0.35%, while average bids increased by 22 bps, to 93.34.

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.