By Andreas Billmeier, PhD
In a two-part blog post, we take a look at German fiscal policy—what is changing, what needs to change, and by when.
01 October 2019
By Annabel Rudebeck
It has been well telegraphed that European government bonds are negative-yielding across countries and tenors. In this post we look at the impact of negative-yielding government bonds on corporate bonds, considering both the market dislocations caused as well as the fundamental impacts.
By Vidhu Aggarwal
Technology is revolutionizing public finance and the municipal business by reshaping the way fiscal policies and municipal projects are designed and implemented.
By Kevin Ehrlich
Part I of this post addressed five myths and practice challenges for investment advisers. Here in Part II, we continue the discussion and address five more myths.
23 September 2019
By Kevin Kennedy
A dollar funding shortage hit markets last week as a perfect storm of factors combined to expose an insufficient quantity of cash in the system, creating severe upward pressure on overnight funding rates.
By Kevin Ehrlich
At Western Asset, we regularly exchange best practices and industry observations with our clients and colleagues that collectively can help address operational and regulatory challenges in the investment industry. This post highlights a handful of common misconceptions and practice challenges for investment advisers and political contributions they and their staffs make.
By Andreas Billmeier, PhD
Today, the European Central Bank (ECB) adopted a comprehensive package of measures geared at bringing the inflation outlook back in line with its 2% target.
By Quentin Lafosse
Notwithstanding their undeniable economic linkages, Poland and core eurozone countries, in particular Germany, have experienced meaningfully divergent growth over the last two years.
By Ryan Kohan
Many of the recent headlines about leveraged loans have highlighted the 40-week streak of retail fund outflows from the loan asset class, according to Lipper. The outflows have been driven by investors’ views that rates will continue to fall.
By Jason Straker
For investors in money market funds, this environment of higher-than-average interest rate volatility leads to the fundamental questions: how do managers think about rates and how do their views impact their funds’ investors?
By Gordon S. Brown
UK Prime Minister Boris Johnson recently characterized the chances of a no-deal Brexit as 'vanishingly small' and 'a million-to-one against'. However, betting markets are of a different view.
By Amit Chopra
These are interesting times in bond markets. Around $15 trillion of government bonds worldwide now trade at negative yields and this number keeps growing.
13 August 2019
By Kurt Halvorson
Fixed-income investors face a variety of questions; among them perhaps none is more important than the question of risk and reward.
By Michael C. Buchanan, Robert O. Abad
The expansion phase of the current global credit cycle has been going for 10 years. Many say it’s ending.
By Jie Peng
Offshore debt issuance by Chinese State-Owned Enterprises (SOEs) has witnessed a phenomenal rise, making it too significant to ignore.
By Desmond Soon
The Hong Kong economy is very externally oriented and open, with foreign trade in goods and services equivalent to around three times its GDP. Therefore, it is important for Hong Kong to maintain a stable exchange rate.
By Harris A. Trifon
Over the last few years commercial real estate (CRE) collateralized loan obligations (CLOs) have moved from the fringes of the securitization market and now are entering the mainstream.
By John L. Bellows, PhD
The Federal Reserve (Fed) cut its benchmark interest rates by 25 bps yesterday and ended its balance sheet reduction two months ahead of schedule. Both moves were widely anticipated.
By Chia-Liang Lian, Kevin J. Ritter, Quentin Lafosse
EUR-denominated debt issued by emerging market (EM) countries/companies is asserting its place in the evolution of the asset class.
By Thea Okin
Responsible investing, when combined with strong performance, is a powerful way to impact society while meeting investors’ specific goals. It can be a true win-win situation.
By Swee Ching Lim
A proliferation of debt issuance by myriad financial institutions in China in recent years has led to increased market visibility.
By Nathalie Cuadrado
This month the UK government announced its Green Finance Strategy aimed at reducing net greenhouse gas emissions to zero by 2050, a step change from the 2008 Climate Change Act which had set goals to reduce emissions by 80% by 2050.
By Sean Rogan
On the 9th July 2019, the Australian Prudential Regulation Authority (APRA) released its final decision on the form of capital that will make up part of the Total Loss Absorbing Capital (TLAC) for its domestic systemically important banks (D-SIBs), which comprise the four major Australian banks.
By Mark Hughes
Emerging market (EM) corporate bonds have come a long way over the past 15 years—from a handful of investment-grade-rated issuers to a full-blown asset class with approximately $1 trillion of outstanding bonds.
By Bonnie M. Wongtrakool
The effect of environmental, social and governance (ESG) factors on investment returns is a perennial, albeit evolving, topic in the investment community.
09 July 2019
By Cel Sibley
Girls Who Invest is a non-profit organization dedicated to increasing the number of women in portfolio management and executive leadership in the asset management industry.
By Andreas Billmeier, PhD
In a “package deal” to fill a number of top positions in Europe, European leaders have recommended International Monetary Fund (IMF) Managing Director Christine Lagarde to succeed Mario Draghi as President of the European Central Bank (ECB) in November.
By Lawrence Daly
The Reserve Bank of Australia (RBA) cut rates by 25 bps to 1% at their July meeting. This is not only the record low for the bank, but the first consecutive cut in interest rates in Australia since 2012.
02 July 2019
By Andreas Billmeier, PhD
Following Draghi’s “whatever it takes” speech in 2012, the ECB enhanced its toolbox with unconventional policy measures in addition to introducing negative interest rates in 2014.
01 July 2019
By Matthew D. Jackson
European credit investors seem increasingly comfortable throwing themselves off the balcony, safe in the knowledge that the ECB’s magic carpet will spare them from harm.
By Robert O. Abad
For now, the US has stated that trade talks are “back on track”; it will suspend the 25% tariffs on the remaining $300 billion of imports from China and it agreed to lift US supplier restrictions on Huawei (a focal point in the negotiations).
By Judith Ewald, Thea Okin
As the season of natural disasters approaches, it is worth examining the impact that such events have on municipal debt related to affected issuers.
By Kevin J. Ritter, Kevin X. Zhang
In the evolution of emerging markets (EM) debt, the proliferation of supranational securities denominated in local currencies has been a notable highlight.
By John L. Bellows, PhD
The Fed did not cut rates or change its balance sheet policy yesterday, but that hardly mattered. The Fed was dovish in every other way that counts, from the statement to the dots to the press conference.
By Desmond Fu
The secular re-rating of the Indonesian sovereign over the last two decades has been nothing short of spectacular.




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