Viewpoints Disruption and Dispersion: A Bottom‑Up Approach to an Uneven Credit Recovery While the COVID-19 pandemic has disrupted global credit markets, we believe bottom-up research can reveal investment opportunities for 2021.
Credit markets experienced a roller coaster ride in 2020. Credit spreads initially widened as the emerging COVID-19 pandemic weakened risk sentiment and liquidity, and the global economy was temporarily shut down. But rapid, massive stimulus from central banks and fiscal authorities led to a quick recovery. Although recent successes in developing and deploying coronavirus vaccines have encouraged investors to look past near-term economic weakness, the pandemic has amplified long-term disruptors, increasing the importance of credit selection and alpha generation. To Read the Full Article Log In Or Register
Viewpoints Opportunities in Private Credit: Stepping In as Banks Step Out As banks pull back from many types of lending, demand for capital is outpacing supply, providing the best potential opportunities in private credit since the GFC.
Viewpoints Specialty Finance: The $20 Trillion Next Frontier of Private Credit A liquidity gap is growing as banks curtail specialty lending, providing specialty finance investors opportunities for potential better risk-adjusted returns than we’ve seen since the GFC.
Viewpoints Navigating Credit Markets Today – A Q&A With Mark Kiesel and Jamie Weinstein Public credit markets offer high quality investments with attractive yields and downside resilience, while we see growing longer-term opportunities in private markets.