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Below are recent news articles that feature Breckinridge perspectives and quotes from our experts.
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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)
Bloomberg highlights this month’s record surge in corporate debt trading for long-duration bonds. Investment-grade bonds are looking more attractive to buyers, who hope for a slowdown in Fed interest rates. Nick Elfner, co-head of research, comments on the opportunities we are seeing for low priced high-quality corporate bonds despite the challenges the longer end of the market has seen this year. (Subscription required)
Adam Stern, co-head of research, is quoted in a Wall Street Journal article that discusses the latest proposed federal legislation intended to increase transparency of financial reporting in the muni market. The bill has been met with skepticism, with concerns of higher costs and barrier to entry for smaller borrowers. Adam comments on the potential risk to the market. (Subscription required)
Director of ESG research, Rob Fernandez, participated in an ImpactAlpha webinar that discussed how muni bonds could help address long-standing racial inequity in communities. Rob comments on the demand from both institutional and individual investors for impact investing and the need for more data on these topics. The webinar also highlighted research from analyst Erika Smull, the findings from which indicate the systemic mispricing of risk, where race impacts the cost of capital and climate does not.
The recent surge in U.S. credit markets has enticed corporate issuers. Nick comments in Bloomberg on precautionary concerns given the potential recession, and warns that despite some improvement, the market remains volatile. (Subscription required)
Senior municipal research analysts, Rob Azrin and Ruth Ducret, follow up on the previous week’s article on New York’s $4.2 billion environmental bond, a significant win for ESG investing and climate resiliency. Rob and Ruth comment on voter recognition of the long-term climate threat despite growing economic concerns.
A recent Bloomberg article that highlights the bounce-back of the global corporate bond market with the most debt deals seen since September. Nick Elfner comments on the factors that are supporting the surge in issuer activity in the investment grade market. (Subscription required)
Senior municipal research analysts, Rob Azrin and Ruth Ducret, are quoted in a Bloomberg article that discusses the recent vote on New York’s proposed $4.2 billion environmental bond. The referendum, which passed on 11/8, signals notable public support for increased ESG investing in the municipal bond market. Rob comments on the growing demand for climate-conscious bonds amidst a demographic shift of wealth, and Ruth projects the likelihood of a green-labeled bond.
Nick Elfner, co-head of research, is quoted in a Bloomberg article that discusses recently accrued losses in investment-grade bonds, amidst ongoing volatility in the credit markets. Nick comments on the current value of bond yields and the preparedness of investment-grade companies to survive more challenging economic times.
Nick Elfner, co-head of research, is quoted in a Bloomberg article that discusses recent fluctuations in the corporate credit market alongside the strong jobs report. Nick comments on potential impacts from the Fed monetary policy, stating that we will likely see widening bias in credit spreads going forward. (Subscription required)
In a recent IFR article about concerns for the potential systemic risk of regional U.S. banks, co-head of research Nick Elfner comments on the precaution that some regional banks have taken as due diligence for financial resilience.
Ruth Ducret, senior research analyst, is quoted in a Bloomberg article that discusses New York City’s plans to sell social bonds in an effort to address the city’s growing housing crisis. Ruth comments that while issuing social bonds may help reach a broader base of potential investors, the muni market hasn’t seen evidence of a pricing advantage for that debt.
Dominica Ribeiro, chief marketing and distributing officer, is quoted in a FundFire article that discusses how concerns towards current economic conditions may negatively impact diversity within asset management hiring. Dominica comments on the importance of seeking diverse talent as an ongoing industry-wide initiative and recruiting priority. (Subscription required)
Adam Stern, co-head of research, is quoted in The Bond Buyer in an article that assesses potential changes for the municipal bond market amidst the upcoming midterm elections. Adam comments on the possibility of transformative opportunities in reconciliation bills and gridlock challenges for certain credits. (Subscription required)
Breckinridge’s director of ESG research, Rob Fernandez, is quoted in a FundFire article highlighting the asset manager perspective on ESG in fixed income. Rob comments on the interest from investors in seeing municipalities provide more standardized disclosure on climate risk and other ESG risks. (Subscription required)
Nick Elfner, co-head of research, is quoted in a Yahoo News article about the decline in bond sales due to the recent rate increase by the Fed. Nick comments that we expect spread volatility will continue with a widening bias in investment-grade as the risk or probability of a recession increases.
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)
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)
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)
New article from The Bond Buyer features commentary from Andrew Teras, Director, Municipal Research, about our views of ESG in the muni market.
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).
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).
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).
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).
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).
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.
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).
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).
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.
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.
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.
This week in the Wall Street Journal, Adam Stern is quoted on the state of municipal credit at the start of the new year.
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.
