Latest Stories

Subprime Auto Performance Looking Subpar

By Jason Merrill | September 15, 2016

After the financial crisis, consumer and mortgage credit contracted sharply as lenders and regulators grappled with the new credit landscape.  Regulators sought ways to curb underwriting slippage to prevent future… Read More

Credit Minefield Leaves Few Safe Places to Hide

By Greg Zappin | October 1, 2015

During the first half of the year, investment grade credit spreads widened due to record new issue supply, while sector-specific pain was isolated in the energy and metals space. Up until July, it seemed like if you avoided anything related to China and commodities you were safe. There has been a big change in the market recently.

Record Corporate Bond Issuance Weighing on Credit Spreads

By Mark Heppenstall | June 4, 2015

Corporations have been issuing debt at a record pace during 2015, with borrowers rushing to beat the beginning of the Fed tightening cycle.

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.

Will the Broader High-Yield Market Continue to Decouple from Energy?

By Greg Zappin | January 22, 2015

This week’s chart depicts the bifurcation in spreads and performance between energy- and non-energy-related bonds in the JPM HY Index.

Capital and Bond Market Outlook (2015)

By David O'Malley | January 14, 2015

Penn Mutual Asset Management’s outlook for stock and credit markets is cautious as we enter 2015.

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.

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.


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.

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 © 2014 Penn Mutual. All Rights Reserved. All trademarks are the property of their respective owners.

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