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Investment Grade

Sep 08 2015

US Bonds

  • Sep 8, 2015

The overall widening trend in the last year has not shown any sign of reversing. 

Apr 08 2015

US Bonds

  • Apr 8, 2015

The low spread cushion/low yield level combination remains. Issuance tapered a bit while net inflows increased.

Jan 08 2015

US Bonds

  • Jan 8, 2015

U.S. Investment Grade Corporates: Reduced To Neutral, U.S. Municipal Bonds: Favorable, U.S. High Yield Corporate Bonds: Neutral

Dec 05 2014

U.S. Investment Grade Corporates: Favorable

  • Dec 5, 2014

Record issuance and oil-related weakness combined to drive the spreads wider but we remain Favorable on these bonds for now.

Apr 07 2014

US Bonds

  • Apr 7, 2014

High grade credit spreads were unchanged...Risk-on rally for high yield is getting to a mature stage...Tax advantage offered by munis make them attractive.

Mar 06 2014

US Bonds

  • Mar 6, 2014

High grade credit spreads narrowed slightly, which served as a nice volatility dampener in the fast changing risk-on/risk-off environment.


Feb 07 2014

U.S. Bonds

  • Feb 7, 2014

Given the higher volatility and increased risk aversion, high grade credits are attractive as the negative relationship between rates and credit spreads dampens the volatility of this asset class.

Jan 08 2014

U.S. Bonds

  • Jan 8, 2014

The thin liquidity likely magnified the move in both rates and credit spreads, but we continue seeing a friendly macro environment that supports high quality credits.

Dec 06 2013

US Bond Grades

  • Dec 6, 2013

The renewed participation of credits in the risk asset rally is a welcome sign.

Nov 07 2013

US Bond Market - October 2013

  • Nov 7, 2013

We are encouraged by the narrower spreads in October as the feared divergence between credits and equity markets did not continue.

Sep 10 2013

U.S. Investment Grade Corporate Bonds: Maintain Favorable

  • Sep 10, 2013

This is consistent with our overall cautious view on credits. Credit spreads continued narrowing despite higher volatility in the bond markets.

Aug 07 2013

U.S. Investment Grade Corporate Bonds: Maintain Favorable

  • Aug 7, 2013

Despite the exodus from all bond classes in the last few months, longer term demand for safe spreads is likely to remain strong and investment grade issuance has dropped significantly.