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Insights

Municipal

Making the Case for Municipal Bonds in Today’s Market Environment

By Jeremy Jenkins

In our latest perspective we review past performance of municipal bonds and also consider the environment for municipal bond investing as we move forward from 2022.

Municipal

Follow the Wind

November 15, 2022 - Benjamin Pease, David Stenhouse

Since the first quarter of 2022 muni bond yields have increased significantly, spreads have widened, and tax-equivalent yields have become more attractive at higher all-in rates.

Investing

October 2022 Market Commentary

November 9, 2022

With the Fed not scheduled to meet in October, markets were volatile once again.

Investing

A Rapid Rise in Yields is Changing the Fixed Income Conversation

October 28, 2022 - Ognjen Sosa, Christopher Day, Christina Lynch

Investors are dealing with changing prospects for the economy and investment markets entering the last quarter of 2022.

Corporate

Q4 2022 Corporate Bond Market Outlook

October 11, 2022 - Nicholas Elfner

In the U.S., rising interest rates, prices, and wages in an exceedingly tight labor market framed behavior of the investment markets and corporate bond issuers during 3Q.

Municipal

Is it time to go back to school on K-12 public school credit fundamentals?

September 28, 2022 - Adam Stern

Probably not. But decreasing enrollment and an uptick in school choice are trends worth monitoring.

ESG

Climate-Smart Budgeting Can Help Municipalities Finance Near- and Long-Term Climate Resilience

September 19, 2022 - Ruth Ducret, Cara Early

Breckinridge sees alignment between Dr. Whittington’s work on climate-smart capital planning and its own analysis of the risks that municipalities face from a changing climate and mitigation.

ESG

There's Nothing Passive About Net Zero in Fixed Income

September 19, 2022 - Joshua Perez

Our analytical and actively managed approach to a net zero mandate, in our view, combines three key elements that are essential to reaching net zero goals.

ESG

Breckinridge Enhances Client Reporting for Sustainable Muni Bond Portfolios

July 1, 2022 - Cara Early

The new reports should improve transparency and clarity about holdings for investors with regard to certain material ESG factors.

ESG

SEC Proposes Climate-Related Reporting Requirements

July 1, 2022 - Robert Fernandez

Breckinridge, in a comment letter to the SEC, highlighted key priority areas in the proposed rule that it supports.

ESG

Updated Local Government Research Framework Marks Latest Advancement of ESG Analysis in the Sector

July 1, 2022 - Andrew Teras, Michael Bonanno

Breckinridge’s updated sustainability framework for local municipalities enhances our analysts’ ability to evaluate ESG factors for municipal bond issuers.

Investing

The Case for Active Management

May 3, 2022

When the missed opportunities and transactional costs of passive management are taken into account, we believe that professional active management offers significant advantages over passive.

ESG

Sustainable Bond Issuance Is Growing Across Bond Market Segments

April 1, 2022 - John Bastoni, Matt Corn, Ruth Ducret, Nicholas Elfner

Even in a year of subdued bond issuance, managers are finding opportunities in the sustainable bond markets, thanks to investor appetite for bonds with sustainable labels.

Municipal

Tailwinds to headwinds: Navigating a shifting landscape in municipal bonds

March 25, 2022 - Benjamin Pease, David Stenhouse

Strong tailwinds of easy monetary policy, abundant fiscal stimulus, and low inflation drove the municipal bond market’s required spread for credit risk tighter over the past decade.

Investing

Breckinridge Aligns Investments, Operations with Women’s Empowerment Principles

March 4, 2022 - Dominica Ribeiro, Ognjen Sosa

As a WEP signatory, Breckinridge formally signed a CEO statement of support that demonstrates commitment to advancing gender equity and women’s empowerment in the workplace, marketplace, and community.

Investing

Separate Accounts Align With Our Client-Centric Values

November 22, 2022 - Christopher Day

Breckinridge delivers investment solutions through separate accounts because this approach aligns with the first of our Core Values: We put clients first.

Investing

September 2022 Market Commentary

October 13, 2022

With the Fed focused on fighting inflation through fed funds rate increases and selling bonds on its balance sheet, volatility returned to investment markets in September.

Investing

Master Class: Bond Yields

October 3, 2022 - Jeremy Jenkins

Fixed-income market participants often quote the term “yield,” but the word’s context could be misunderstood because various types of yield exist and each is calculated differently.

Investing

August 2022 Market Commentary

September 12, 2022

The Fed hardened its public stance on fighting inflation and volatility returned to investment markets in August.

Investing

July 2022 Market Commentary

August 8, 2022

Despite negative economic data, investors were rewarded by the equity and bond markets in July.

ESG

Harnessing Choice in Fixed Income Investing

July 20, 2022 - Cara Early

In the same way that some equity investors object to owning or profiting from companies deemed at odds with their moral compass, a growing number of bond investors want to tie their capital to issuers that share their values.

Investing

June 2022 Market Commentary

July 13, 2022

Fed interest rate action and a stated resolve to bring the rate of inflation under control even at the risk of recession launched another round of market volatility in June.

Corporate

Q3 2022 Corporate Bond Market Outlook

July 11, 2022 - Nicholas Elfner

Investment markets reacted to interest rate increases and sustained inflation in the first half of 2022. The implications for corporate IG bonds in 2022 are explored in our Q3 Outlook.

Investing

May 2022 Market Commentary

June 8, 2022

In a volatile month for bond markets, total returns turned positive after a difficult first four months of the year.

Investing

April 2022 Market Commentary

May 9, 2022

Global uncertainty over inflation, the Russia/Ukraine invasion, and COVID-induced supply chain concerns led to market volatility and losses.