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US Bonds

Dec 07 2018

US Bonds

  • Dec 7, 2018

Despite the recent signal whipsaws, we have been cautious toward all risky assets and we continue to recommend defense amid higher volatility across all asset classes.

Nov 07 2018

US Bonds

  • Nov 7, 2018

A significant rise in real yields would make us turn cautious toward all spread products.

Oct 05 2018

US Bonds

  • Oct 5, 2018

Attractive relative valuation outweighs concerns about heavy issuance and moderate deterioration in underwriting standards.

Sep 07 2018

US Bonds

  • Sep 7, 2018

Both interest rates and investment grade spreads are at a reasonably attractive level to provide downside cushion.

Aug 06 2018

US Bonds

  • Aug 6, 2018

While we believe overall volatility is likely to stay high, both interest rates and investment grade spreads are at reasonably attractive levels to provide a downside cushion.

Jul 07 2018

US Bonds

  • Jul 7, 2018

Political risks linger and the M&A picture remains active.

May 05 2018

US Bonds

  • May 5, 2018

Volatility has stayed high as political and geo-political concerns linger while the central bank liquidity reduction is underway. 

Apr 06 2018

U.S. Investment Grade Corporate Bonds: Maintain Neutral

  • Apr 6, 2018

Our overall view toward credit has turned decidedly cautious over the last couple months and that includes our long-term favorite.

Mar 07 2018

US Bonds

  • Mar 7, 2018

Higher volatility when credit spreads are already thin makes even the higher-quality issuers less immune to credit sell-offs. We tactically reduced these bonds to Neutral.

Feb 06 2018

US Bonds

  • Feb 6, 2018

The net impact of the tax reform is significantly positive to investment grade companies as the interest deductibility change has very little impact.

Jan 06 2018

US Bonds

  • Jan 6, 2018

The new tax bill will be another tailwind for these bonds as Corporate bond issuance is likely to be reduced going forward.

Dec 07 2017

US Bonds

  • Dec 7, 2017

These bonds were quite stable during the credit sell-off in November and they remain good candidates for earning the carry.

Nov 07 2017

US Bonds

  • Nov 7, 2017

If the new tax plan gets passed, Corporate bond issuance will likely decrease while demand remains strong.

Oct 05 2017

US Bonds

  • Oct 5, 2017

The proposed corporate tax cut and the elimination of interest deduction are likely to reduce Corporate bond issuance while demand should remain strong.

Sep 08 2017

US Bonds

  • Sep 8, 2017

Corporate leverage is likely to plateau in the second half of the year, helped by a much improved Energy sector.

Aug 04 2017

US Bonds

  • Aug 4, 2017

Corporate issuance is likely to decelerate due to slower M&A activity in the second half.

Jul 07 2017

US Bonds

  • Jul 7, 2017

“Lower Risk” signal closed out the “Higher Risk” signal generated five months ago. We’re encouraged by the resilience in risky assets during the oil sell-off and the late surge in global bond yields. We’ve been favorable toward high-grade credit and maintain this view within the fixed income space.

Jun 07 2017

US Bonds

  • Jun 7, 2017

Higher quality Corporate bonds are big beneficiaries of the goldilocks environment.

May 05 2017

US Bonds

  • May 5, 2017

Despite the recent soft patch of data, the economic backdrop remains solid.

Apr 07 2017

US Bonds

  • Apr 7, 2017

We recommend going up in quality across the whole fixed income spectrum.

Mar 07 2017

US Bonds

  • Mar 7, 2017

Higher quality Corporate bonds should be able to weather the rate hike quite well.

Feb 07 2017

US Bonds

  • Feb 7, 2017

After the big supply last month, we believe there is more room for spreads to narrow.

Dec 07 2016

US Bonds

  • Dec 7, 2016

The reflation theme got an extra kick after the election. Companies with stronger credit profiles continued to benefit from tighter credit spreads.

Nov 05 2016

US Bonds

  • Nov 5, 2016

Regardless of whether the reflation theme continues, high quality spread products should continue to do well.

Oct 06 2016

US Bonds

  • Oct 6, 2016

Although the spread cushion is thinner than it was a couple years ago, these bonds still offer the attractive combination of quality and spread.

Sep 08 2016

US Bonds

  • Sep 8, 2016

There is still room for spreads to compress. We maintain our Favorable view of US Investment Grade Corporates.

Aug 04 2016

US Bonds

  • Aug 4, 2016

The demand for safe spreads remains strong and we maintain our Favorable view on these bonds.

Jul 07 2016

US Bonds

  • Jul 7, 2016

The demand for safe spreads is here to stay and we maintain our Favorable view on these bonds.

Jun 07 2016

US Bonds

  • Jun 7, 2016

The demand for safe spreads is still strong and we maintain our Favorable view on these bonds.

May 06 2016

US Bonds

  • May 6, 2016

More spread compression is likely ahead.

Mar 07 2016

US Bonds

  • Mar 7, 2016

Given more attractive valuations, we tactically upgraded investment grade Corporates to Favorable.

Feb 05 2016

US Bonds

  • Feb 5, 2016

We maintain Neutral in light of persistent high volatility.

Jan 07 2016

US Bonds

  • Jan 7, 2016

We are downgrading U.S. Investment Grade bonds to Neutral in light of the risk-off environment.

Dec 08 2015

US Bonds

  • Dec 8, 2015

We believe higher quality Corporate bonds should be able to weather the higher volatility expected from a rate hike and oil sell-off. Maintain Favorable.

Nov 06 2015

US Bonds

  • Nov 6, 2015

We think higher Quality Corporate bonds offer a better reward/risk profile now.

Oct 07 2015

US Bonds

  • Oct 7, 2015

Despite more attractive value now, we expect volatility and near term headwinds to persist.

Mar 06 2015

US Bonds

  • Mar 6, 2015

Issuance surged in recent weeks as companies rushed to lock in low rates before expected rate hikes.

Jul 08 2014

US Bonds

  • Jul 8, 2014

The fundamental backdrop remains favorable for high grade credits.

Jul 08 2013

U.S. High Yield Corporate Bonds: Maintain Neutral

  • Jul 8, 2013

Although the fundamental picture remains healthy for most U.S. High Yield issuers and defaults are expected to be low, the reversal of a crowded trade could lead to further substantial losses on these bonds.

Jul 08 2013

U.S. Municipal Bonds: Maintain Neutral

  • Jul 8, 2013

We believe the sell-off in Munis is overdone in the short-term and these bonds look attractive relative to Treasuries. But in the medium-term the tapering risk will linger; this is a big negative for long maturity credits like Munis.