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Convertibles Fourth Quarter Update And 1Q 2026 Outlook
Convertibles enter 2026 after strong, tech-driven gains that increased equity sensitivity. MacKay Shields is more selective, emphasizing fundamentals and valuation as issuance stays active. The team maintains tech-aligned exposure, favors healthcare, and remains underweight for utilities and financials.
Emerging Markets Debt 1Q 2026 Outlook
EM debt starts in 2026 supported by Fed easing, resilient commodities, and a weaker dollar. Opportunities remain in reform-focused sovereigns and improving credit stories. Local markets continue to lead as stronger FX, lower inflation and easing cycles reinforce returns, with several high-yield markets still attractive.
Emerging Markets Debt 1Q 2026 Outlook
Emerging Markets enter 2026 on strong footing, supported by Fed easing, resilient commodity prices, and a softer U.S. dollar - factors that continue to underpin EM fixed income.
Rates, Risk And Reality
Carry dominates early 2026 as higher-for-longer rates persist. MacKay Shields holds neutral duration with emphasis on intermediate maturities. Agency MBS offers compelling defensive income, while credit positioning favors quality issuers and selective opportunities in securitized and EM local markets.
MacKay Municipal Managers Top 5 Insights for 2025
The Old Normal is Back. Prepare For It with Meaningful Municipal Allocations.
US High Yield: Strong Fundamentals, Shifting Supply
High yield continues to offer compelling income potential amid stable credit fundamentals and evolving issuance trends—from AI infrastructure to renewed M&A. Explore where we see opportunity in today’s recalibrated market.
US High Yield: Strong Fundamentals, Shifting Supply
High yield continues to offer compelling income potential amid stable credit fundamentals and evolving issuance trends—from AI infrastructure to renewed M&A. Explore where we see opportunity in today’s recalibrated market.
2026 US Outlook: Shifting into Higher Gear
We believe the US economy will regain momentum in 2026, supported by fiscal easing and fading of the trade policy shock. The lagged effects of this year’s monetary easing and accommodative financial conditions contribute to our constructive outlook.