Latest Stories

Leveraged Credit Maturity Wall

By Greg Zappin | December 31, 2014

A key fundamental dynamic that could help extend the current credit cycle in the high yield and leveraged loan market is the amount of refinancing that has occurred over the last five years.

Energy Stocks and Bonds: Time to Buy, or Time to Sell?

By David O'Malley | December 29, 2014

The Santa Claus rally in U.S. equities continued last week with new highs in many markets. Based on the strength of the move, we expect it to continue for the remainder of the year.

10-Year Inflation Expectation: Germany vs U.S.

By Zhiwei Ren | December 23, 2014

The green line is the year-over-year (YOY) inflation expectation for Germany over the next 10 years, and the white line is the inflation expectation for the U.S.

Fed’s “Patience” Ignites Santa Claus Rally

By David O'Malley | December 22, 2014

The Fed stole the show last week with its announcement on Wednesday that, due to low inflation, they could be “patient” in determining when and if a rate rise was needed.

Crude Futures vs 30-Year Bond Yield

By Mark Heppenstall | December 18, 2014

The consensus forecast for 2014 was that improving economic conditions and a shift in Fed policy would depress the price of bonds, but long-term bonds ended up being the best-performing asset class of 2014.

Watch the Fed and the 10-Year Treasury. Expect Volatility.

By David O'Malley | December 15, 2014

After the worst week for stocks since 2012, and oil falling below $60 a barrel, all eyes will be on this week’s Fed meeting.



Disclosure Statement

This blog post is for informational use only. The views expressed are those of the author, Dave O’Malley, and do not necessarily reflect the views of Penn Mutual Asset Management. This material is not intended to be relied upon as a forecast, research or investment advice, and it is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy.

Any statements about financial and company performance of The Penn Mutual Life Insurance Company or its insurance subsidiaries (each, “Client”) made by the author is provided with a written consent from the Client.  Penn Mutual Asset Management is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

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Opinions and statements of financial market trends that are based on current market conditions constitute judgment of the author and are subject to change without notice.  The information and opinions contained in this material are derived from sources deemed to be reliable but should not be assumed to be accurate or complete.  Statements that reflect projections or expectations of future financial or economic performance of the markets may be considered forward-looking statements.  Actual results may differ significantly.  Any forecasts contained in this material are based on various estimates and assumptions, and there can be no assurance that such estimates or assumptions will prove accurate.

Investing involves risk, including possible loss of principal.  Past performance is no guarantee of future results.  All information referenced in preparation of this material has been obtained from sources believed to be reliable, but accuracy and completeness are not guaranteed. There is no representation or warranty as to the accuracy of the information and Penn Mutual Asset Management shall have no liability for decisions based upon such information.

High-Yield bonds are subject to greater fluctuations in value and risk of loss of income and principal. Investing in higher yielding, lower rated corporate bonds have a greater risk of price fluctuations and loss of principal and income than U.S. Treasury bonds and bills. Government securities offer a higher degree of safety and are guaranteed as to the timely payment of principal and interest if held to maturity.

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