All Strategies articles – Page 7
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Asset Class Reports
Sovereign Bonds: The tip of an iceberg
Detroit’s bankruptcy grabs the headlines, but Christopher O’Dea draws attention to an even more significant muni bond development: pension-funding bonds issued by high-quality deleveraging municipalities
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Asset Class Reports
Sovereign Bonds: Tough at the top
Martin Steward finds life getting tricky for even the best active European bond managers
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Asset Class Reports
Sovereign Bonds: Yielding more questions than answers
Some see recent bond-market sell-offs as the start of the long-awaited bear market in bonds – or at least a ‘normalisation’ of rates, while others point sceptically to weak global growth
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News
FinEx Capital makes bid to acquire 100% of Dexia AM
Protracted talks with Hong Kong-based private equity firm GCS broke down in July.
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Features
More than meets the eye
The usual selling point for ETFs is that they are cheap, but that has rarely held for institutional investors. Anthony Harrington finds less obvious, but arguably more compelling, advantages
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Features
Nurturing Europe’s mid-market
Taron Wade and Alexandra Dimitrijevic look into efforts to expand Germany’s Schuldschein debt private-placement market to the rest of Europe
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Asset Class Reports
Emerging Market Debt: Re-calibrating risk
Early summer saw volatility back in global markets, and nowhere more so than local currency emerging market debt. Joseph Mariathasan dampens out the noise and re-assesses the underlying fundamental arguments for the asset class
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Asset Class Reports
Emerging Market Debt: Missing linkers
Emerging-market inflation-linked bonds are entering a new era. Martin Steward asks how they might fit into European institutional investors’ portfolios
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Asset Class Reports
Emerging Market Debt: Throwing light on the shadows
Joseph Mariathasan looks at the little-understood world of Chinese SME non-bank financing, which is fast on its way to becoming one of the world’s most important debt markets
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Asset Class Reports
Emerging Market Debt: The great correlation
Emerging market debt has been driven by Fed policy more than fundamentals
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Asset Class Reports
Emerging Market Debt: Corporate issues
How will emerging market corporate debt fare through the first real challenge since it became a genuinely mainstream asset class? Federico Carballo and Florence Duculot offer their prognosis
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Features
Be smart with smart beta
Stefan Dunatov emphasises the importance of consistency between strategy, investment beliefs and implementation when exploiting techniques like smart beta
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Interviews
Bradesco AM: Taking local global
Surprisingly, for its size, Bradesco has spent most of its first 50 years as a resolutely local firm
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Special Report
ESG integration – no one size fits all
Nina Roehrbein surveys best practice among investment managers in ESG integration
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Features
Rating hybrids
Issuance of hybrid capital in Europe surged at the start of the year and is likely to remain elevated in the near term. Taron Wade discusses how such instruments are rated and why new issuers are getting involved
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Features
A high-yield lesson from history
Richard Ryan warns investors not to respond to apparently tight spreads in investment-grade bonds by simply stretching for the extra 260 basis points available from high yield
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Asset Class Reports
Structured Credit: Still to gather steam
Joseph Mariathasan finds investors ready to buy ABS, but the markets frozen by regulators still fearful of their role in the financial crisis
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Asset Class Reports
Structured Credit: A turning point for European commercial mortgage-backed securities
Commercial mortgage-backed securities (CMBS) have not experienced the same dramatic rally and tightening of spreads as that seen in the market for residential mortgage-backed securities (RMBS). One might expect that their relative cheapness would therefore make the case for investment.
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Asset Class Reports
Structured Credit: Signs of life return to CLOs
Jennifer Bollen finds a re-birth in Europe’s CLO market, offering better pricing and lower risk – but facing significant obstacles to achieving maturity
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Interviews
Beyond US sub-prime
If Philip Weingord, co-founder and CEO of Seer Capital Management, isn’t ‘Mr Structured Credit’, then co-founder and CIO Richard d’Albert would be just as good a candidate.