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Investing

From the Desk - October Recap 2019

By Sara Chanda, Eric Haase, John Bastoni, Khurram Gillani

This month the investment team discusses housing bonds, climate risk and CA debt, the reason for the surge in taxable muni issuance and more.

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Investing

Commentary

October 2019 Market Commentary

Municipal

Perspective by Adam Stern

Exploring the Relationship Between an Aging Population and State and Local Credit Risk

ESG

ESG Newsletter by Ruth Ducret

Hospitals Face Challenges in Addressing Health Determinants

ESG

ESG Newsletter by Robert Fernandez, Denise Thompson

CEOs Redefine the Purpose of a Corporation

ESG

ESG Newsletter by Joshua Stein

Carbon Transition Risk Engagements Reveal Global Disparities

ESG

ESG Newsletter

Q4 2019 ESG Newsletter

Corporate

Commentary by Nicholas Elfner

Corporate Bond Market Outlook Q3 2019

ESG

Perspective by Phillip Newell

The Importance and Influence of Bond Issuer Engagement

Municipal

Perspective by Alriona Costigan, Jesse Starks

Why Muni Investors Should Care about Cybersecurity

ESG

Perspective by Christopher Woodward

Why Electric Bills Are Becoming Just as Complicated for the Utilities Themselves

ESG

Perspective by Robert Azrin, Ruth Ducret, Robert Fernandez, Andrew Teras

Municipal Engagement Yields Additional Insights

Securitized

Perspective by John Bastoni

The Case for Agency MBS in a Diversified Portfolio

Municipal

Perspective by Matthew Buscone

Taking Stock of the Recent Rise in Municipal Demand

Investing

Perspective by Peter Coffin

Why Bonds Matter: Lessons from Behavioral Finance

Municipal

Perspective by Christina Lynch

Types of Muni Bonds 101

Investing

Perspective by Jeremy Jenkins

Duration 101

Municipal

Perspective by Peter Coffin

Managing Shifts in Municipal Relative Value

Municipal

Perspective by Peter Coffin

Proactive vs. Reactive: A Case Against Passive Ladders

Investing

Commentary

September 2019 Market Commentary

Corporate

Podcast recorded by Laura Lake, Nicholas Elfner

Q3 2019 Corporate Bond Market Outlook

Municipal

Podcast recorded by Matthew Buscone, Sara Chanda

From the Desk - September Recap 2019

Investing

Commentary

August 2019 Market Commentary

Investing

Podcast recorded by Matthew Buscone, Eric Haase, John Bastoni, Khurram Gillani

From the Desk - August Recap 2019

Investing

Commentary

July 2019 Market Commentary

Investing

October 2019 Market Commentary

October saw another rate cut, lower ratios, increased muni new-issue supply and a decline in IG corporate supply from September.

Municipal

Exploring the Relationship Between an Aging Population and State and Local Credit Risk

By Adam Stern

In this perspective, we explore the relationship between population-aging and state and local credit risk.

ESG

Hospitals Face Challenges in Addressing Health Determinants

By Ruth Ducret

Addressing underlying health determinants can help hospitals reduce costs and improve patient outcomes which, in turn, can make them more sound investments.

ESG

CEOs Redefine the Purpose of a Corporation

By Robert Fernandez , Denise Thompson

What does the Business Round Table statement mean for a corporation's purpose? We provide our perspective in this newsletter article.

ESG

Carbon Transition Risk Engagements Reveal Global Disparities

By Joshua Stein

Carbon transition risk is an important factor when analyzing oil and gas companies. Our analyst discusses his key takeaways from engagement discussions with companies in this sector.

ESG

Q4 2019 ESG Newsletter

This quarter, our newsletter highlights our engagement with oil and gas companies, the Business Round Table statement and how hospitals are addressing social determinants of health.

Corporate

Corporate Bond Market Outlook Q3 2019

By Nicholas Elfner

It was a volatile month in the IG corporate bond market. Technicals remain strong but economic growth and corporate profits may face some headwinds.

ESG

The Importance and Influence of Bond Issuer Engagement

By Phillip Newell

Engagement with bond issuers is an essential element of our research process. A recent Wall Street Journal article highlighted the importance and influence of our engagement.

Municipal

Why Muni Investors Should Care about Cybersecurity

By Alriona Costigan , Jesse Starks

On the heels of Baltimore’s recent cyberattack, Experts from our research and IT teams collaborate on a piece discussing cybersecurity for municipalities.

ESG

Why Electric Bills Are Becoming Just as Complicated for the Utilities Themselves

By Christopher Woodward

While clean energy is a growing priority for many states, some electric utility customers may not be willing to pay higher bills.

ESG

Municipal Engagement Yields Additional Insights

By Robert Azrin , Ruth Ducret , Robert Fernandez , Andrew Teras

In our latest perspective, we highlight various city sustainability initiatives and other key ESG themes from our 2018 engagement calls.

Securitized

The Case for Agency MBS in a Diversified Portfolio

By John Bastoni

We think some securitized products, such as agency MBS, are can help diversify portfolios and worth considering.

Municipal

Taking Stock of the Recent Rise in Municipal Demand

By Matthew Buscone

Co-Head of Portfolio Management Matt Buscone lays out the reasons municipal demand has soared and the recent impacts to muni valuation.

Investing

Why Bonds Matter: Lessons from Behavioral Finance

By Peter Coffin

Breckinridge President Peter Coffin shares his views on bonds in this new era of volatility.

Municipal

Types of Muni Bonds 101

By Christina Lynch

In this piece, we provide a "101" on the types of municipal bonds and give a credit perspective on the various parts of the market.

Investing

Duration 101

By Jeremy Jenkins

Duration is one of the most important concepts for bondholders to understand as they review the performance of their fixed income investments.

Municipal

Managing Shifts in Municipal Relative Value

By Peter Coffin

Over the past year in particular, there have been some significant changes in the relative yields of tax-exempt municipal bonds (“tax-exempts”) versus the yields of Treasuries and other taxable bonds.

Municipal

Proactive vs. Reactive: A Case Against Passive Ladders

By Peter Coffin

Some active municipal bond managers will often make big, speculative bets with credit quality, duration or interest rate risk, prompting increased transaction costs and tax inefficiencies.

Investing

September 2019 Market Commentary

Markets recovered in September after the risk-off tone in August as trade rhetoric softened and economic data bounced back.

Corporate

Q3 2019 Corporate Bond Market Outlook

Podcast recorded October 8, 2019

Key themes for the IG corporate market in Q3 include tighter valuations, moderating debt leverage and a surge of new issuance.

Municipal

From the Desk - September Recap 2019

Podcast recorded October 8, 2019

Our September recap gives a performance review for the month and Q3, discusses taxable municipal issuance and a couple credit related stories.

Investing

August 2019 Market Commentary

In August, the trade war escalated, the muni market saw increased supply and corporate market technicals remained strong.

Investing

From the Desk - August Recap 2019

Podcast recorded September 9, 2019

This month the investment team discusses the legal challenge to Illinois' GO debt, the impact of strong mutual fund inflows this year, what caused August to be a tough month for spread products and more.

Investing

July 2019 Market Commentary

Fixed income benefited from the late-month volatility as the Treasury curve flattened.