Manager Views – Noviembre 2018

17 Dic 2018

Adjuntamos algunos informes de análisis y opiniones de nuestros gestores que consideramos de gran interés.

Please find below interesting market views from our Managers. We hope you find them interesting.

Impact of normalisation on credit markets

When a rate hiking cycle creates a tightening in financial conditions (higher real rates with respect to growth), a meaningful correction in  risk assets often follows. The impact of higher rates on financial conditions typically occurs with a lag –depending on how long it can take for increased borrowing costs to impinge on growth and growth expectations …


US High Yield – 2019 Outlook

The following report represents our analysis of the state of the US high yield market, with a focus on both the risks and opportunities inherent to the asset class as we enter a new year. Following Q4’18 volatility that eroded US high yield returns to sub-0% levels on a YTD basis, we expect to begin 2019 with what we view as attractive valuations in the context of conservative high yield credit metrics and broad economic strength. Ultimately, we expect 2019 high yield returns to be somewhat below current yields, as the potential for spread widening and upward pressure on rates offset the benefits of a still benign default environment …


Weekly Briefing – 5 Nov.

The selloff in risk assets – seemingly the result of concerns over central banking policies, global growth, and asset class valuations – began the first week of October and persisted through the balance of the month. On average, high yield spreads widened 53 bps during this period, ultimately leading to a monthly total return of -1.64% …


Weekly Briefing – 12 Nov.

The sell-off in risk assets that occurred throughout most of October altered relative value across all asset classes. As such, this weekly briefing takes a fresh look at US high yield valuations, with a focus on downside protection across leveraged credit and adjacent fixed income products. A modest rally subsequent to …


Weekly Briefing – 19 Nov.

The selloff in risk assets has continued, with large cap US equities and US high yield bonds posting negative returns since the start of October. During that time, Enterprise Value to EBITDA multiples for both the S&P 500 and Russell 2000 indices have declined 7%, and for the former now represents the lowest level since December 2016 …





Aviso Legal: Los comentarios recogidos en el presente documento no representan asesoramiento financiero alguno y su uso es meramente informativo. Es posible que los comentarios aquí expresados no sean aplicables a su perfil de inversión o a su situación patrimonial personal. En caso de duda, le recomendamos contactar con un profesional financiero.

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