November 30, 2022 - Global bonds rebounded in market value at a record high last month, and economic indicators suggest inflation may be at its peak. However, whether these trends will introduce a long-term bounce back is still unclear. Nick Elfner, co-head of research, comments in Bloomberg on the trajectory of the yield curve and credit spreads as he evaluates the potential of a recession. (Subscription required)
Below are recent news articles that feature Breckinridge perspectives and quotes from our experts.
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The Wall Street Journal, July 22, 2022
Breckinridge’s co-head of research, Adam Stern, is quoted in the Wall Street Journal on how climate risk is affecting the municipal bond market. Adam comments on the growing subset investors who are less willing to have high climate risk exposure in their portfolios. (Subscription required)
Worst Performing Bond Sector In US Still Too Expensive for Many
Bloomberg Law, July 01, 2022
A recent article in Bloomberg Law discusses the effect of inflation on the bond market. Breckinridge’s co-head of research, Nick Elfner, is quoted on how spreads may cause corporate debt investors to be cautious when buying bonds. (Subscription required)
Climate change, hurricanes, and their toll on municipal credit
The Bond Buyer, July 01, 2022
A recent Bond Buyer article discusses how climate change increases the risk of hurricanes and their financial impact on municipal governments and communities. Andrew Teras comments that less federal support is likely to be available to help communities recover from natural disasters and hurricanes in the future. He states that in coming years hurricanes will have the greatest impact on municipalities and public issuers that are already in financial distress. (Subscription required)
HOW THE BUY-SIDE HAS SPARKED MAJOR MUNI ESG GROWTH
The Bond Buyer, June 28, 2022
New article from The Bond Buyer features commentary from Andrew Teras, Director, Municipal Research, about our views of ESG in the muni market.
Corporate America’s debt sinks to lowest prices since 2008. Could it be a canary in the coal mine?
MarketWatch, May 10, 2022
A recent MarketWatch article discusses the falling prices of U.S. investment grade corporate bonds in the index, amid one of the worst stretches in history for total returns. Nick Elfner comments that much of the drop in prices was rates-driven, and emphasizes that the sharp jump in interest rates can be a double-edged sword for bond investors. (Subscription required).
Breckinridge devises framework for net zero assessments
Environmental Finance, April 19, 2022
Director of ESG Research, Rob Fernandez, and senior research analyst, Josh Perez, are featured in an Environmental Finance interview on Breckinridge's recent decision to sign the Net Zero Asset Managers initiative. In their interview, Rob and Josh both comment on the significant amount of research it took before signing the NZAMi commitment and the importance to approach the 30-year pledge in an authentic way that reflects Breckinridge's views on risk as an increasing material ESG consideration. (Subscription required).
Investors find parking space for sub-prime auto ABS
IFR, April 13, 2022
Matt Corn is quoted in a recent IFR article on the widening of sub-prime auto ABS spreads during the last month stemming from the potential for a slowing economy, inflation and higher rates to negatively impact low-income borrowers. (Subscription required).
N.Y. Agency to Sell $600 Million Green Bonds to Modernize Grid
Bloomberg, April 4, 2022
A recent Bloomberg article discusses New York Power Authority’s planned sale of $600 million of tax-exempt green bonds to support two projects that will aid in rebuilding the transmission grid and move renewable power more cheaply. Breckinridge's head of municipal trading, Ben Pease, comments on the new bonds’ potential attractiveness to investors who are looking to diversify a New York based bond portfolio. (Subscription required).
Bloomberg: Muni Bonds Reach Cheapest Level Since 2020 as Citigroup Says It’s Time to Buy
Bloomberg, March 7, 2022
Ben Pease, head of municipal trading, is quoted in Bloomberg about the decline of municipal bond prices ahead of the expected Fed rate hike this month. Despite the cheaper levels… Ben comments that Municipal/Treasury ratios still look good compared to a year ago. (Subscription required).
Credit markets still cautiously open to U.S. companies as Russia-Ukraine war escalates
MarketWatch, March 1, 2022
A MarketWatch article this week discusses the negative financial effects that the attack on Ukraine has imposed on borrowers in the credit market. Nick Elfner emphasizes that with 10-year Treasury yields falling, corporate borrowers remain at a low cost of debt capital. Elfner states that if we start to see sharp spread widenings, it would likely capture the Fed's attention.
Bond Sales Freeze, Prices Drop After Russia Attacks Ukraine
Bloomberg, February 24, 2022
Breckinridge's co-head of research, Nick Elfner, is quoted in a recent Bloomberg article on bond sales being postponed after Russia invaded Ukraine. Nick comments on long-term buying opportunities that can arise when financial markets show short-term signs of weakness and volatility. (Subscription required).
IFR SNAPSHOT - Ukraine turmoil triggers market volatility
IFR, February 22, 2022
Matt Corn is quoted in a recent IFR article on the widening of ABS spreads due to broader market volatility stemming from tensions over Ukraine. (Subscription required).
How the Industry's Fastest Growing Sector is Pushing Managers to Change Their Behavior
Institutional Investor, January 31, 2022
A recent article in Institutional Investor discusses the transition from divestment and asset allocation as a way to manage climate change risk, to active ownership and engagement. Breckinridge President Peter Coffin is quoted on the importance of the market recognizing and pricing in climate risk.
Corporate Bonds Give Powell the All-Clear Sign, at Least for Now
Bloomberg, January 27, 2022
A recent article in Bloomberg discusses the effects of the Fed's monetary policy tightening on the IG bond markets. Breckinridge's co-head of research, Nick Elfner, is quoted on how the corporate bond market may handle the impacts of the Fed’s tighter policy on the economy.
The Voice of the Financial Industry
All Street, January 25, 2022
Director of ESG Research, Rob Fernandez, is featured in a new report from All Street that brought together 30 ESG professionals to discuss key topics related to sustainability and climate change. In his interview Rob discusses the influence of investors, the efforts of corporations to address ESG risks, potential solutions for climate risk and more.
Rising Interest Rates Hit Municipal-Bonds Market
The Wall Street Journal, January 23, 2022
This week in the Wall Street Journal, Adam Stern is quoted on the state of municipal credit at the start of the new year.
‘Don’t Fight the Fed’: High-Grade Debt Buyers Turn More Cautious
Bloomberg, January 12, 2022
Nick Elfner comments on the IG corporate bond market as new deals came to market this week and the Fed's position on interest rates is predicted to shift.
Read news articles from past years that feature Breckinridge perspectives and quotes from our experts.