Our Portfolio Allocation Summary for March 2024.
We rank the US spread sectors in terms of risk versus reward.
The strong H2/2023 rally in global credit markets can be attributed to lower global inflation and the associated reduction in global interest rate volatility. However, our colleagues at BCA Research’s Global Fixed Income…
US corporate bonds performed well last year with both investment grade and high-yield spreads narrowing in 2023. Indeed, the 12-month breakeven spreads are relatively low – especially in the case of investment grade.…
According to BCA Research’s European Investment Strategy service, European corporate spreads will widen over the coming six months before an attractive buying opportunity emerges in the second half of 2024. 2024 will…
The recent uptick in European economic data will not last beyond the next six months. How will European corporate credit perform in this context?
According to BCA Research’s US Investment Strategy service, nonfinancial corporate businesses have been more insulated from rising interest rates than they typically are during major rate-hike campaigns, but the buffer is…
Our Portfolio Allocation Summary for September 2023.
BCA Research's US Bond Strategy service recommends a cautious allocation to high-yield munis, but the team still prefers the sector over high-yield corporate bonds. Along with junk-rated corporate bonds, high-yield munis…
BCA Research’s US Bond Strategy service cautions against turning bullish on corporate bonds. Corporate bonds have delivered strong excess returns versus duration-matched Treasuries during the past two months. Yet the…