The Long View

Chart of the Week

A visual snapshot of the trends shaping the economy and the market.

Latest Stories

The Mind of a CLO Investor

By Jason Merrill | April 19, 2018

This week’s chart demonstrates recent annual issuance for higher-yielding domestic sectors in structured credit.  Many investors took substantial losses in non-agency commercial mortgage-backed securities (CMBS) and residential mortgage-backed securities (RMBS)… Read More

Is 1Q18 Volatile?

By Hong Mu | April 12, 2018

Is 1Q18 equity market volatile? It surely feels so. According to the chart, there were 23 days during 1Q18 in which the S&P 500 Index (SPX) moved more than 1%… Read More

LIBOR Rising

By Zhiwei Ren | April 5, 2018

In the recent weeks, London Interbank Offered Rate (LIBOR) has been on a steady uptick. The main reasons for rising LIBOR are: 1) The large increase in U.S. T-Bill issuance… Read More

Liquidity Challenged

By Greg Zappin | March 29, 2018

Periodic bouts of volatility in the credit markets always serve as a good wakeup call about liquidity, or lack thereof. These periods are always instructive and cause one to reevaluate… Read More

Tightening Credit Spreads in a Rising Rate Environment

By Jen Ripper | March 22, 2018

Over the past year, credit spreads across the fixed income market have grinded tighter. The commercial mortgage-backed securities (CMBS) market has experienced spread tightening up and down the capital stack…. Read More

The Up-in-Quality High Yield Dilemma

By Scott Ellis | March 15, 2018

As we approach the end of the first quarter, it’s interesting to see how the U.S. High Yield (USHY) index has fared and what has driven its performance thus far…. Read More

A Challenging Start to the Year for Investment Grade Corporate Bonds

By James Faunce | March 8, 2018

Despite somewhat stable credit spreads, the rates sell-off in 2018 is causing investment grade corporate bond total returns to have the worst start to a year in two decades, as… Read More

It’s the End of the LIBOR as We Know It

By John Swarr | March 1, 2018

The London Interbank Offered Rate (LIBOR) has been the most widely traded and referenced short-term interest rate index for the U.S. Dollar (USD) in financial markets in recent history. Each… Read More

Pricing a ‘Powell Put’

By Mark Heppenstall | February 22, 2018

Financial markets have a history of testing the incoming Federal Reserve (Fed) Chairman shortly after taking office. There is no better example than October 19, 1987, the day infamously known… Read More

Booming Economy, Volatile Market

By Zhiwei Ren | February 15, 2018

Two thousand seventeen was one of the quietest years in the market. Many volatility indicators reached record lows during the year and selling volatility and buying the dip were two… Read More



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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