Latest Stories

Seasoned CLO Upgrades – Calm in the Global Financial Market Storm

By Jason Merrill | June 30, 2016

This week’s chart depicts the quiet focus Moody’s had during 2015 on upgrading Collateralized Loan Obligations (CLO) issued before the financial crisis.

Brexit Surprise

By David O'Malley | June 27, 2016

I had an interesting perspective this past week on the reaction to the Brexit vote as I was in Scotland with some of Penn Mutual Life’s top advisors. The Brexit vote to leave the European Union (EU) clearly caught the markets off guard.

What the Brexit Vote Means to U.S. Investors

By John Swarr | June 23, 2016

The European Union (EU) referendum vote tonight has created a series of unknowns for investors. The first unknown is whether or not the U.K. remains in the EU. Should the U.K. vote to leave the EU, investors will face a second set of unknowns.

Waiting for the Brexit Vote

By David O'Malley | June 20, 2016

After last week’s Federal Open Market Committee (FOMC) meeting, in which the Fed lowered its longer-term expectation for interest rates, we now await the upcoming vote in the U.K. on Brexit.

Global Central Bank Policies Pushing the Limits of Return-Free Risk

By Mark Heppenstall | June 17, 2016

The opportunity to earn return-free risk was taken to new heights last week with Toyota Finance Corporation’s issuance of 3-year Yen-denominated bonds yielding 0.001%.

Markets and Uncertainty Are a Bad Combination

By David O'Malley | June 13, 2016

U.S. stocks traded off recent highs and bond yields fell again last week. After the disappointing employment report, 10-year Treasury yields have now fallen by 70 basis points this year.

Greek Debt Fatigue

By Mark Heppenstall | June 10, 2016

Investors have grown increasing weary of the continuing saga surrounding the Greek debt crisis, and understandably so. When the crisis first emerged in 2010, investors questioned its potential impact on the health of the global economy and whether the eurozone alliances might crack under the weight of unsustainable sovereign debt loads. That hasn’t happened, so far.

Image Sharing Platforms: More than Just a Place to Share Selfies

By Justin Kaplan | June 9, 2016

This week’s chart is from a Kleiner Perkins Caufield & Byers presentation on internet trends made on June 1, 2016 at the Code Conference. What struck me was the growth in video and image sharing platforms and how important they are becoming to traditional business models.

Weak Employment Number Makes a June Fed Rate Increase Unlikely

By David O'Malley | June 6, 2016

The May employment number caught market participants off guard last week, and the odds for a June rate hike look very slim.

Goldilocks Visits the Oil Patch

By Greg Zappin | June 2, 2016

Not too hot, not too cold. That’s been the state of the domestic economy for the better part of seven years. Every time we think the party is about to end, the central banks have managed to maintain order and reestablish equilibrium.



Disclosure Statement

The material provided here is for informational use only. The views expressed are those of the author, and do not necessarily reflect the views of Penn Mutual Asset Management.

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This material is for informational use only. The views expressed are those of the author, 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.

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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