Investment Grade Quarterly

23 Jan 2020
Insight, Investment Grade Quarterly Josh Adams - Portfolio Manager 0 comment

2019 Q4 Investment Grade Commentary

Investment grade credit ended 2019 on a high note with another quarter of positive total returns. The Bloomberg Barclays US Corporate Index closed the year at an option adjusted spread of 93, a whopping 22 basis points tighter on the quarter. Treasuries of all stripes sold off during the quarter which mitigated the impact of [...]
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15 Oct 2019
Insight, Investment Grade Quarterly Josh Adams - Portfolio Manager 0 comment

2019 Q3 INVESTMENT GRADE QUARTERLY

Investment  grade  credit  markets  have  continued  to  enjoy  strong  performance  in  2019,  although  spreads showed little movement during the third quarter. The Bloomberg Barclays US Corporate Index  closed  the  quarter  at  an  option  adjusted  spread  of  115,  which  is  exactly  where  it  opened.   Coupon income and lower Treasury yields were the driving forces of positive [...]
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15 Jul 2019
Insight, Investment Grade Quarterly Josh Adams - Portfolio Manager 0 comment

2019 Q2 INVESTMENT GRADE QUARTERLY

The investment grade credit market continued to perform well during the second quarter of the year. The Bloomberg Barclays US Corporate Index opened the quarter at an option adjusted spread of 119 and traded as tight as 109 by mid-April before ending the last trading day of June at a spread of 115. Lower quality [...]
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09 Apr 2019
Insight, Investment Grade Quarterly Josh Adams - Portfolio Manager 0 comment

2019 Q1 Investment Grade Quarterly

The performance of investment grade credit during the opening quarter of the year was in stark contrast to the final quarter of 2018, as risk assets of all stripes performed well during the first quarter. The spread on the Bloomberg Barclays US Corporate Index finished the quarter 34 basis points tighter, after opening the year [...]
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29 Jan 2019
Insight, Investment Grade Quarterly Josh Adams - Portfolio Manager 0 comment

Q4 2018 Investment Grade Commentary

The final quarter of 2018 was extremely volatile, and no asset class was spared, whether it was corporate credit, Treasuries, commodities or equities. The spread on the corporate index finished the quarter a whopping 47 basis points wider, having opened the quarter at 106 before finishing at 153, the widest level of 2018. Treasury bonds [...]
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19 Oct 2018
Investment Grade Quarterly Josh Adams - Portfolio Manager 0 comment

Q3 2018 Investment Grade Commentary

The theme of the third quarter was tighter spreads and higher rates. The spread on the Bloomberg Barclays US Corporate Index started the quarter at a year-to-date high of 124, at which point spreads began to march tighter, with the index finishing the quarter at an OAS of 106. The 10yr Treasury started the quarter [...]
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24 Jul 2018
Insight, Investment Grade Quarterly Josh Adams - Portfolio Manager 0 comment

Q2 2018 Investment Grade Commentary

The second quarter of 2018 brought wider spreads and higher rates, which weighed on the performance of investment grade corporate credit.  The Bloomberg Barclays US Corporate Index opened the quarter at a spread of 109 basis points over Treasuries and it finished the quarter at a spread of 123.  Like spreads, Treasury rates were also [...]
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09 Apr 2018
Insight, Investment Grade Quarterly Josh Adams - Portfolio Manager 0 comment

Q1 2018 Investment Grade Commentary

The first quarter of 2018 saw credit spread volatility for the first time since early 2016. The Bloomberg Barclays US Investment Grade Corporate Bond Index started the year at a spread of 93 basis points over treasuries and narrowed to 85 on February 2nd which was the tightest level since 2007. From mid‐February onward, spreads […]

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30 Jan 2018
Investment Grade Quarterly, Market Commentary Josh Adams - Portfolio Manager 0 comment

Q4 2017 Investment Grade Commentary

As the fourth quarter of 2017 came to a close, investment grade corporate bond spreads narrowed to the tightest levels of the year, and the lowest since 2007i. The Bloomberg Barclays US IG Corporate Bond Index OAS started the year at 1.22% and finished at 0.93%, which means that, on balance, credit spreads for the […]

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30 Oct 2017
Investment Grade Quarterly, Market Commentary Josh Adams - Portfolio Manager 0 comment

Q3 2017 Investment Grade Commentary

The third quarter of 2017 was a reprise of what we experienced in the first two quarters of the year investment grade corporate bond yields were lower and credit spreads were tighter. As far as fundamentals are concerned, the majority of investment grade corporate issuers are displaying earnings growth and balance sheets are generally in […]

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