Debt and credit investing - the best white papers
Our Research Team has selected the top 20 white papers of the last six months. Covering the investment outlook, emerging markets debt, asset allocation strategies, fixed income indexes, ESG, fixed income funds and central banks.
All of our fixed income white papers are free to access to members of Savvy Investor.
Q3 2017 Fixed Income - Stumbling into a policy error? (BNP Paribas, July 2017)
The third quarter of 2017 starts with plenty of political fireworks originating from some of the usual places, and some new ones as well. This outlook paper explores the implications for the fixed income asset class.
Will Fed Tapering Sway Fixed Income Markets? (SSGA, July 2017)
Now eight years into the U.S. recovery, what could the Fed’s efforts to untangle its QE web mean for markets and investors? This paper by State Street Global Advisors explores further.
What makes EM Fixed Income attractive – even under Trump? (BNP Paribas, 2017)
This paper by BNP Paribas explores the Emerging Markets Fixed Income asset class and its prospects under the Trump administration. The authors look at what the President has been saying and what may happen in reality as a result.
Emerging Market Corporate bonds – coming of age (Aberdeen AM, 2017)
Here’s an asset class that continues to defy the odds. Despite concerns of high debt levels, growing geopolitical risks and sluggish global growth, EM corporate debt has once again delivered another year of impressive results.
Factor Investing in the Corporate Bond Market (Financial Analysts Journal, 2017)
This article was recently published in the CFA Institute's Financial Analysts' Journal. It examines the performance of size, low-risk, value, and momentum factor portfolios in the corporate bond market.
Smart credit investing: harvesting factor premiums (Robeco)
Although most factor research focuses on the equity market, the concept and benefits of factor investing apply equally well to the corporate bond market. This Robeco paper explores further.
The bond benchmark continues to tip to swaps (BIS, 2017)
BIS data on derivatives turnover indicate that interest rate swaps continue to gain on government bond futures for hedging and positioning at the long end of the yield curve.
Fundamental Indexing in Global Bond Markets (Financial Analysts Journal, 2016)
This 20-page paper appears in CFA Institute's Financial Analysts Journal. It examines the fundamental indexing methodology when applied to global government bond markets and its exposure to a variety of risk factors.
A New Toolkit for Managing Bond Portfolios (BlackRock, 2017)
Trading bonds is becoming increasingly costly and time-consuming. Bond ETFs are emerging as an integral portfolio management tool for institutional fixed income investors seeking liquidity.
Liquid Alternatives to complement a Fixed Income Allocation (UBP, May 2017)
The end of 2016 represented a period of transition for global markets and it seems that we are currently in a new paradigm, particularly in the U.S.
The Return of Absolute Return Fixed Income (PGIM, June 2017)
Absolute return fixed income strategies go by a number of different names. Michael Collins of PGIM Fixed Income explains why, after a 30 year bull market in bonds, this kind of strategy may be of interest.
Unconstrained Bond Strategies. Is Now the Time? (Janus Capital, 2016)
Historically low yields, tight credit spreads, and an anemic near-term GDP growth outlook across much of the globe have forced investors to lower their return expectations. Is now the time for unconstrained bond strategies?
Measuring the Natural Rate of Interest (John Williams of FRBSF, Dec 2016)
The authors of this paper find that large declines in GDP trend growth and natural rates of interest have occurred over the past 25 years in the four economies studied in the report.
The Shifting Drivers of Global Liquidity (FRBNY, 2017)
The authors document important changes in the sensitivity of the main components of global liquidity — cross-border bank loans and international debt securities—to global factors. One key finding: Advanced-economy monetary policy became a more potent driver of both cross-border loan and international bond flows following the global financial crisis.
Shifting Perceptions: ESG, Credit Risk and Ratings (UN PRI, 2017)
This report by UN PRI considers what investors and credit risk analysts are already doing in terms of thinking and activities, what they are aiming for and what their expectations are.
Integrating ESG criteria into fixed income investments (2015)
Institutional investors are attaching increasing importance to the sustainability of their investments. Whereas in the equity space, this trend has been going on for years, in fixed income investments sustainability investing has only recently started to generate widespread interest. Robeco is one of the pioneers in integrating sustainability information into its analysis of both government bonds and credits. In this paper, we will explain how we do this.
Time to Rethink Fixed Income: Options for DC Plan Menus (BlackRock, 2016)
For a long time now, bonds pegged to the Barclays Aggregate Index have provided DC participants with two things: strong returns and safety. Declining interest rates, the main driver of those strong returns, is now likely to end. What to do about it is the question facing plan sponsors.
Debt Funds: Sustainable Differentiation in a Growing Market (BNY Mellon, 2017)
In this report, BNY Mellon looks at the challenges and opportunities for investors and managers in the alternative credit market, focusing in particular on the operational requirements that underpin a successful business model and also exploring the key elements of the current market environment.
The First 100 Days as a New Treasurer (Treasury Strategies, 2017)
Advice from Treasurers on what they did, what they wish they had done, and what they recommend you do in your early days as a new Treasurer.
Cash - more than what's in your wallet (GMO, June 2017)
Amongst some investors, there is a misunderstanding about the term “cash.” While not comprehensive in examining the cash and liquidity world, this paper will elucidate a number of types of liquidity instruments, including cash, and strategies that GMO employs or may employ in the future.