Latest Stories

Market Dynamics Are Changing. Caution Ahead!

By Zhiwei Ren | May 28, 2015

Over the last five years we have seen one of the greatest bull markets in history. However, all good things come to an end; recent market dynamics are showing signs that regime is slowly changing.

Low Volatility, Low Volume Markets

By David O'Malley | May 25, 2015

One of the interesting characteristics of the recent market is its low volatility in the equity market, which contrasts with high price volatility in the fixed income market.

Growth in Consumer Cloud Storage Drives Investment Opportunities

By Justin Kaplan | May 21, 2015

“The cloud” has become a ubiquitous term. Whether talking about streaming the latest episode of the Kardashians or doing our taxes, it’s all happening online in “the cloud.”

U.S. Economic Data Still Mixed; Rate Increase Expected in September

By David O'Malley | May 18, 2015

Last week’s lackluster retail sales report and falling import prices have kept uncertainty regarding the strength of the expected recovery in the second quarter.

Bank Preferred Stock Issuance Grows, Offers Alternative to Corporate Bonds

By Greg Zappin | May 14, 2015

This week’s chart above indicates how aggressively bank and finance companies have been at issuing preferred stock over the last few years. From a trading and total-return perspective, preferred stocks act similar to high yield bonds and often come with high yield ratings.

Bond Yields Test Resistance, While Yellen Highlights Market Valuations

By David O'Malley | May 11, 2015

In last week’s post, my expectation was that global bond yields would continue to increase and the 10-year Treasury would test resistance at 2.24%. Bond yields did increase significantly early in the week, at one point reaching 2.27% before pulling back …

Limited Loan Issuance Bodes Well for CLO Performance

By Greg Zappin | May 7, 2015

2015 has started off with robust new fixed income issuance in virtually all asset classes. The one major outlier this year, however, has been syndicated leveraged loan new issuance, which is down 57% quarter over quarter. This bodes well for the performance of CLOs.

Bond Yields Rise after Weak First Quarter GDP

By David O'Malley | May 4, 2015

Mixed economic data and the Fed meeting led to an increase in bond yields last week, as the 10 year Treasury broke out of its near-term range.



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.

All trademarks are the property of their respective owners. This material may not be reproduced in whole or in part in any form, or referred to in any other publication, without express written permission.

Copyright © 2015 Penn Mutual. All Rights Reserved. All trademarks are the property of their respective owners.

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