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MacKay Municipal Managers Top 5 Mid-Year Insights

Preparation Seizes Opportunity – Higher Accruals Set the Pace.


Convertibles Outlook

Look ahead on convertible bonds to see what sets this asset class apart from traditional straight bonds. 


Preparation Seizes Opportunity — Higher Accruals Set the Pace

Looking ahead to the year 2023, the MacKay Municipal Managers team provides their top 5 market insights on the year to come. 


Emerging Market Debt Outlook

From a fundamental perspective, we continue to keep a close eye on inflation, growth, China and refinancing risk of emerging markets.


Global Fixed Income Top 5 Insights Mid-Year Update: The Year of the Bond

We believe the ability for investors to earn attractive levels of income with less downside risk continues to be at their most attractive level in years.


Find Enduring Value in High Yield

Andrew Susser, Head of High Yield, discusses the challenges faced in 2022, the unseen risks that may present itself in 2023, and shares how he thinks about building client portfolios using a bottom-up approach while thinking of an impending recession.


U.S. High Yield Outlook

Stable fundamentals and reasonable valuations suggest that U.S. high yield market is better positioned than most fixed income asset classes due to its higher spreads, bigger coupons and shorter maturities.


Investment Grade Credit Outlook

With interest rates likely remaining higher for longer and corporate earnings growth expected to further slow into the remainder of 2023, we expect returns to be driven by carry rather than by spread compression.


Downgrades, Defaults and Regional Allocations

Michael DePalma and Cameron White on the Global Credit team share their outlook for the Global Credit market, their observations on downgrades and defaults in the next year, and how they think about regional allocations in 2023.

Slouching towards a slowdown

Over the first half of 2023, the US economy exhibited considerable resilience in the face of ongoing monetary tightening.  Read more to learn why we believe the resilience story should not be overplayed.


Securitized Outlook

We maintain that mortgage-backed securities (MBS) have become an attractive relative value alternative to investment grade (IG) credit in the face of increased economic uncertainty and the direction of Federal Reserve interest rate policy.


Issuance, Interest Rates, and Investment Process

Edward Silverstein, Head of Convertibles, gives their outlook on convertibles as an asset class in 2023, their investment process, and more.