perspectives Archives - Page 8 of 10

18 Dec 2015 Market Series – ‘The High Yield Market in Perspective’

Posted at 10:06h

A fund liquidation and aftermath.

17 Dec 2015 Market Insight – “Fed Takes Action”

Posted at 09:41h

While the Fed announced the first federal funds rate hike in nearly ten years, the central bank stressed that its policy remains “accommodative."

05 Dec 2015 Voya Senior Loan Group – ‘Talking Points’ Weekly Update (incl. November in Review)

Posted at 07:17h

A Little Warmth - The index returned a flat 0.00% for the week, with a modest decrease in the average bid price of 5 bps (to 92.59). In addition to sector-specific credit sensitivity, returns continue to be hampered by market technicals – specifically, strong supply against slowing demand.

27 Nov 2015 Fixed Income Perspectives – “For Your Eyes Only”

Posted at 16:12h

While diamonds are forever, zero interest rate policy (ZIRP) in the U.S. appears to be coming to an end.

30 Oct 2015 Fixed Income Perspectives – “Good Grief!”

Posted at 11:20h

Like the Great Pumpkin of Peanuts fame, a fed funds rate increase likely will go unseen again this year. Though two meetings remain on the calendar, we believe the window of opportunity for a 2015 hike has closed.

09 Oct 2015 White Paper – What Loan Investors Need to Know About LIBOR Floors

Posted at 07:34h

Most loans issued in the aftermath of the financial crisis feature “LIBOR floors” that will impact how they react once the Federal Reserve begins to hike interest rates. Affecting approximately 92% of the loans in the S&P/LSTA Leveraged Loan Index, this White Paper looks at how LIBOR floors have, at least for the time being, modified the floating rate mechanism unique to senior loans. If loan coupons won't immediately begin to float upward with the Fed's first few rate hikes, what then could happen to the market price of loans, and ultimately, yields when the tightening cycle begins?

07 Oct 2015 White Paper – Securitised Credit

Posted at 19:14h

Years removed from the credit crisis, the securitised credit markets continue to trade at yield premiums relative to competing fixed income asset classes. This is despite a fundamental backdrop that reflects a firmly entrenched economic recovery in the U.S. and a mix of buyers that has consistently been tilted heavily toward those comfortable with the risk inherent in this multi-faceted, opportunity-rich asset class. This paper introduces the securitised asset class, focusing on the evolution of the market as a whole as well as the key characteristics of its major subsectors.

03 Oct 2015 Voya Senior Loan Group – ‘Talking Points’ Weekly Update (incl. September in Review)

Posted at 09:58h

Pass the Dramamine, Please - Rough seas in equities and the high yield bond market continued to spray over the loan market, as the S&P/LSTA Leveraged Loan Index returned -0.53% during the week.

22 Sep 2015 Fixed Income Perspectives – Wake Me Up When September Ends

Posted at 07:07h

Summer has come and passed. Can zero interest rates really last? Seven years has gone so fast. Wake me up when September ends. Green Day fan or no, an investor could be forgiven for wanting to sleep through the volatility that has emerged over the past couple of months in anticipation of the FOMC’s pivotal September 16–17 policy meeting.

18 Sep 2015 Fed Holds Steady

Posted at 08:01h

Citing concerns about global developments, the Fed maintained its zero interest rate policy following its latest policy meeting. Voya Investment Management's investment leaders provide their thoughts on the the Fed's announcement.