Fixed Income Archives

Introduction Climate change has moved decisively from the margins of environmental policy into the core architecture of global finance. What was once framed primarily as an environmental externality is now…

Alternative Investments…

Investment Strategy Under AI Disruption: Fundopedia’s Framework for Navigating the Biggest Capital Cycle of the Digital Era

19 Feb 2026February 19, 2026

AI disruption is often described as a “technology wave.” That framing is too small. What’s unfolding is a re-pricing of time, labor, and competitive advantage across most sectors—and a reallocation…

Alternative Investments…

Macro Views and Implications for Private Markets

3 Sep 2025September 3, 2025

Trade Deals Bring More Clarity to 2H25 Macro View I: Trade deal momentum has improved. The US now has a growing share of trade covered by deals, although tariff levels…

Alternative Investments…

Private Markets Insight: Private Credit vs. Private Equity

29 Aug 2025August 29, 2025

Private Markets Update Private Credit Banks are playing a smaller role in credit provision due to regulatory constraints and capital requirements. Private credit has stepped in to fill this gap,…

Asset Allocation…

Saudi Arabia’s Vision 2030: Transforming Investment Strategies

14 Aug 2025August 14, 2025

Saudi Arabia’s investment landscape is being reshaped by Vision 2030, which aims to diversify the economy beyond oil by promoting mega-projects such as NEOM and Red Sea Global, along with…

Alternative Investments…

Top BDCs: Comparing Dividend Yields and Credit Quality

5 May 2025

A Business Development Company (BDC) is a closed-end investment vehicle established by the U.S. Congress in 1980 to enhance capital access for small and mid-sized businesses. Structure: Public or Private…

Alternative Investments…

Innovations Driving the Private Credit Landscape

13 Jan 2025January 13, 2025

The global private credit market is experiencing significant expansion and transformation, creating new investment opportunities while also posing regulatory and risk management challenges that stakeholders must carefully navigate. As of…

Fixed Income…

Impact of Regulations on CLO Markets

19 Dec 2024

Collateralized loan obligations (CLOs) are structured financial instruments that pool together leveraged loans, which are typically made to companies with lower credit ratings. These loans are bundled, securitized, and sold…

Asset Allocation…

CMBS Special Servicing

19 Nov 2024

The special servicing sector of commercial mortgage-backed securities (CMBS) is a critical component of the CMBS market. It consists of specialized entities, known as special servicers, responsible for managing and…

Alternative Investments…

Tokenization Opportunity for Repos

11 Apr 2024September 19, 2024

Repos, short for repurchase agreements, are a form of short-term borrowing mainly used in the money markets. In repo, one party sells a security to another and agrees to repurchase…

Alternative Investments…

Alternative Credit Strategies

6 Mar 2024September 19, 2024

Alternative credit strategies refer to non-traditional lending and credit investment forms that go beyond standard market instruments like public corporate bonds or government securities. These strategies often aim to generate…

Capital Market…

Examining Covenant Loopholes

29 Dec 2023September 19, 2024

Understanding Covenant Types The three major types of covenants are affirmative covenants, negative covenants, and financial covenants. Lenders and investors must continuously monitor the borrower's compliance with all covenants to…

Alternative Investments…

Current Trends in the Private Credit Market

28 Nov 2023September 19, 2024

The private credit market refers to non-bank lenders providing loans or credit to companies. Unlike traditional bank loans or publicly traded bonds, these credit instruments are not traded on public…

Asset Allocation…

Fixed-Income Strategy: Implications from Recent Events

16 Aug 2023September 19, 2024

In the US, rates markets continue to take center stage with the Treasury curve bear steepening in recent weeks. Yields on the 10-year and 30-year Treasuries reached new year-to-date highs…

Asset Allocation…

Positioning Portfolios for An Environment of High Inflation

27 Jul 2022August 5, 2024

Investors should adopt inflation protection as inflation shows few signs of moderating anytime soon and central banks are tightening monetary policy aggressively. Treasury Inflation-Protected Securities (TIPS) can help position portfolios…

Asset Allocation…

What You Need to Know About Inflation

22 Jul 2022August 5, 2024

High inflation and the consequences of attempts to curb it are a top concern for investors nowadays. By hiking rates, policymakers can eventually slow demand to subdue price pressures, even…

Commodities…

Uncertainty Clouds the Outlook

24 Mar 2022September 18, 2024

An anti-goldilocks economy refers to the global economy where policymakers are confronted with a stagflationary supply shock, which is negative for growth and will tend to push up inflation further.…

Asset Allocation…

Key Macro Themes and the Implications: Time to Pay Attention to Global High Yield Strategy (II)

16 Jun 2016June 17, 2016

The economic recovery has morphed into a meaningful period of expansion. Growth expectations remain favorable. The U.S. consumers’ financial position has improved as asset values have risen. Consumer spending comprises…

Fixed Income…

Macro Themes and the Implications: Time to Pay Attention to Global High Yield Strategy (I)

15 Mar 2016May 19, 2016

Key Macro Themes and the Implications Low inflation: Inflation is low but it does not mean inflation is zero. The slow growth in global economy keeps inflation subdued even as…

Asset Allocation…

How does the current risk profile of the U.S. Aggregate Index affect the choice between indexing and active management?

9 Jan 2015January 9, 2015

Since the financial crisis, government policy and direct issuance of Treasury securities have resulted in increased duration and lower yields in the Barclays U.S. Aggregate Index. These changes pose a…

Fixed Income…

The “Big Squeeze” Begins

9 Dec 2014

Traditionally, there have been two primary investment vehicles available to store cash: money market funds (MMFs) and bank deposits. Both eliminate mark-to-market (MTM) volatility, removing uncertainty associated with market gyrations…

Asset Allocation…

Neutral Policy Rate

17 Nov 2014

The concept of a Neutral Policy Rate has a very specific meaning in contemporary central bank practice. The neutral policy rate is the short-term interest rate consistent with full employment,…

Asset Allocation…

Green Bonds

20 Oct 2014

Every so often, market innovation and social imperatives create something exciting that has the potential to make a real difference. As the world’s developing countries and fast-growing cities are facing…

Fixed Income…

Summary of Thoughts: Policy Dissonance

23 Sep 2014September 23, 2014

The post-crisis economic policy mix has focused on achieving a handful of crucial outcomes: Force the financial sector and bond markets to take credit losses from the crisis early and…

Financial Modeling…

Fixed Income Portfolio Attribution Frameworks

22 Jun 2013August 26, 2025

Fund managers market their strategy products as that they are able to achieve consistent competitive performance through particular repetitive decision-making process; attribution is an extremely useful tool in verifying their…

Fixed Income…

Unconstrained Bond Funds and Multi-Sector Bond Funds

18 Jun 2013August 26, 2025

*Data Source: Barclays Global Family of Indices, May 2013 Unconstrained Bond Funds Also called “go-anywhere” bond funds, unconstrained bond funds were introduced several years ago, when many U.S. fixed income…

Fixed Income…

High Yield Credit Opportunities Search (II)

23 Oct 2012September 15, 2025

Earlier this month, Bloomberg reported that high yield bond funds hauled in $3.63 billion in investor cash for the week ended September 19 with 40%, or $1.45 billon, of those…

High Yield…

One Man’s Junk May Be Another’s Treasure – Junk Bonds Market

27 Aug 2012August 26, 2025

Many companies rated below investment grade are creditworthy enough and should have access to the new issue market. Weaker companies simply could issue new bonds at higher coupons. On one…

Alternative Investments…

LIBOR-Fixing Scandal, Implications, and The Timeline

13 Jul 2012March 31, 2025

Essentials of LIBOR The London Interbank Offered Rate (LIBOR), is the average interest rate at which banks make short-term loans to one another. It is a borrowing rate set daily…

Fixed Income…

High Yield Fixed Income Searches

9 Jul 2012March 31, 2025

The 9 July 2012 issue of Pension & Investments mentioned that “institutional investors' overhaul of their fixed-income portfolios amid ever-lower interest rates and quantitative easing has fueled an exodus out…

Category: Fixed Income

Climate-Aware Capital Markets and the Imperative of Private Capital Accountability

Investment Strategy Under AI Disruption: Fundopedia’s Framework for Navigating the Biggest Capital Cycle of the Digital Era

Macro Views and Implications for Private Markets

Private Markets Insight: Private Credit vs. Private Equity

Saudi Arabia’s Vision 2030: Transforming Investment Strategies

Top BDCs: Comparing Dividend Yields and Credit Quality

Innovations Driving the Private Credit Landscape

Impact of Regulations on CLO Markets

CMBS Special Servicing

Tokenization Opportunity for Repos

Alternative Credit Strategies

Examining Covenant Loopholes

Current Trends in the Private Credit Market

Fixed-Income Strategy: Implications from Recent Events

Positioning Portfolios for An Environment of High Inflation

What You Need to Know About Inflation

Uncertainty Clouds the Outlook

Key Macro Themes and the Implications: Time to Pay Attention to Global High Yield Strategy (II)

Macro Themes and the Implications: Time to Pay Attention to Global High Yield Strategy (I)

How does the current risk profile of the U.S. Aggregate Index affect the choice between indexing and active management?

The “Big Squeeze” Begins

Neutral Policy Rate

Green Bonds

Summary of Thoughts: Policy Dissonance

Fixed Income Portfolio Attribution Frameworks

Unconstrained Bond Funds and Multi-Sector Bond Funds

High Yield Credit Opportunities Search (II)

One Man’s Junk May Be Another’s Treasure – Junk Bonds Market

LIBOR-Fixing Scandal, Implications, and The Timeline

High Yield Fixed Income Searches