All 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

Stay Focused on the Fundamentals

By David O'Malley | April 16, 2018

The last few weeks, a significant amount of headline news distracted market participants’ attention from the fundamentals. Whether it is the tumult in Washington, the geopolitical tensions in the Middle… 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

News Headlines Create Market Volatility

By David O'Malley | April 9, 2018

Markets were volatile last week as trade tensions and geopolitical risks kept the markets’ attention. Last week’s employment data was a bit weaker than I expected, with smaller job gains… 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

Markets Look for Momentum after a Volatile Q1

By David O'Malley | April 2, 2018

Equity markets had a volatile quarter, and their weakest in the last six, driven by concerns about rising interest rates, potential trade conflicts and valuation concerns. As I have written… 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

Equity Markets Look to Rebound after a Tough Week

By David O'Malley | March 26, 2018

Global equities came under significant pressure last week as a result of fears about an escalating trade war. The S&P 500 had its worst week in several years and wiped… 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

A New Era with New Challenges for Jerome Powell at Federal Reserve

By Penn Mutual Asset Management | March 20, 2018

Penn Mutual Asset Management CIO Mark Heppenstall contributed an article to The Hill where he discusses the market’s reaction to the appointment of new Federal Reserve (Fed) Chair, Jerome Powell…. Read More