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Credit spreads — from reassuringly expensive to scary cheap, and now: just cheap?
John Pattullo, Co-Head of Strategic Fixed Income, believes that over the last month corporate bond spreads have gone from scary cheap to just ‘kind of cheap’ now. As the dust settles in the markets, he remains optimistic that there are opportunities to be had going forwards.
Born in a crisis
The managers of the Janus Henderson Horizon Euro Corporate Bond Fund reflect on the current COVID-19 crisis and whether there are any parallels with the Global Financial Crisis and its aftermath for the European investment grade corporate bond market.
Credit has been the place to be of late — a Strategic Fixed Income view
Jenna Barnard, Co-Head of Strategic Fixed Income, remarks on the significant rally in credit markets over the last week, with healthy investment grade issuance volumes and even the US high yield market open for new issues. Support from the authorities trying to help companies avoid default has accelerated the sharp market recovery.
Strategic Fixed Income view: disruption simply exaggerating existing structural trends
John Pattullo, Co-Head of Strategic Fixed Income, provides a brief update on the team’s current thoughts on the markets and the opportunities they see going forward, while explaining the reasons for their optimism.
Credit over equities — coupons over dividends?
Jenna Barnard, and Nicholas Ware, members of the Strategic Fixed Income Team, share their views on the recent bout of market activity, with large companies accessing the capital markets and the stream of dividend cut announcements in Europe.
Liquidity crisis begins to heal — Strategic Fixed Income view
The coronavirus crisis continues to impact economies and markets but the liquidity crisis is seemingly beginning to heal. Jenna Barnard, Co-Head of Strategic Fixed Income, shares her views on the latest developments and explains why the team favour investment grade bonds now and how they are less bullish on government bonds going forward.
Same but different: high yield investing amid the crisis
Speaking directly from home, Tom Ross, Credit Portfolio Manager, explains how in an unprecedented crisis they are remaining true to their process within high yield investing but recognise that some things need to be done differently.
Corporate bonds: from reassuringly expensive to scary cheap?
John Pattullo, Co-Head of Strategic Fixed Income, shares how the Strategic Fixed Income Team continue to carry out their day to day jobs successfully, albeit from home, remaining focused on their client outcomes.
High yield bonds: dealing with volatile markets
Tom Ross, credit portfolio manager, comments on the crisis gripping markets and how the Corporate Credit team is responding in terms of positioning within the Global High Yield and Euro High Yield strategies.
European investment grade credit – tackling the market volatility
Tim Winstone, credit portfolio manager, comments on the crisis gripping markets and how the Corporate Credit team is responding in terms of positioning within the European Investment Grade Credit strategy.
Coronavirus update from the Strategic Fixed Income Team
The spread of the coronavirus across the globe and the oil price war have served to highlight the fragility of the global markets and rattled investors. As concerns for the global supply chains and the health of economies grow, Jenna Barnard, Co-Head of the Strategic Fixed Income Team, shares her views, explaining the steps taken in the team’s portfolios that seek to mitigate the risks.
US Fed’s emergency rate cut not a cure for volatility
The US Federal Reserve’s surprise rate cut reflects the increasing uncertainty the US economy and investors currently face. Jim Cielinski, Global Head of Fixed Income, provides his views on what the highly unusual move means for markets and why he believes investors should remain cautious.