Fixed Income

Highlights from the week of September 22 – September 28, 2023

Commercial mortgage loans (CMLs) have a track record of strong, differentiated returns that have made them an effective way to diversify institutional fixed income portfolios. Given the historical frictions in CML transactions, many investors assume the asset class is illiquid. However, technologies and platforms to connect buyers and sellers have improved significantly since the 2008 financial crisis. The resulting liquidity has made it easier for institutional investors to access CMLs in a broader range of investment vehicles, including pooled accounts such as collective investment trusts.

Portfolio manager Jim Dudnick discusses how, where and when to consider short-duration high yield bonds — and why Voya’s U.S. SDHI Strategy is different.

As the market digests the September Fed meeting, history shows that the best entry points for bonds are often before the Fed starts cutting rates.

Is now the time to reduce the cash allocation in your portfolio? History shows that the best entry points for bonds are often before the Fed starts cutting rates.

Hard landing, soft landing or somewhere in between? The good news is that many different paths could lead to a positive outcome for bond investors.

In Q2 2023, US CLO debt tranches delivered strong returns across the stack driven by increasing carry and uptick in prices.

We aren’t overly concerned about U.S. regional bank debt despite Moody’s ratings actions

The ratings cut on U.S. Treasuries presents an uncomfortable reality about the United States’ long-term fiscal stability, but it’s not a doomsday scenario.

Watch Barbara Reinhard, CFA, Head of Asset Allocation as she shares our outlook on U.S. markets, inflation, employment and corporate earnings.