• Primer on portfolio strategies

    The old adage of “don’t put all your eggs in one basket” holds true time and again for investment decisions. Portfolio construction is an important aspect of portfolio diversification, with ladders, barbells, and bullets being three of the main shapes a maturity schedule can take.

  • Primer on economic indicators

    The report can serve as a reference for investors who may be less fluent in the financial markets.

  • Primer on corporate bond ratings

    We present a reference guide for corporate bond investors related to ratings protocols and techniques of the three major ratings agencies: Moody’s, S&P’s, and Fitch.

  • Primer on bankruptcy

    The bankruptcy process is a complex one, with no two the same, but knowing what to expect is key for investors.

  • Primer on convertible bonds

    In recent years, the size of the convertible bond market has shrunk as rates dropped and the cost of issuing debt over hybrid securities declined. Nevertheless, convertibles can be an intriguing portion of the market when available.

  • Where has all the Capex gone

    How companies spend their cash is an important consideration from a credit quality standpoint. In the current environment, companies have been doing more with less—a corporate strategy trend that developed in the post-recession era.

  • Municipal Market Monthly — May

    This outperformance has been particularly notable since the 10-year ratio has been above 80% since before the 2008 financial crisis and subsequent Great Recession.

  • Municipal Market Monthly — April

    Multiple factors can impact M/T ratio levels over time, including shifting supply and demand levels.

  • Texas Permanent School Fund

    The security provisions of these programs produce ratings that are based in part or in whole on the state’s creditworthiness and the mechanics of the program, often allowing school districts to finance capital expenditures at lower interest rates than might be available with bonds issued without the credit enhancement.

  • Easing credit stress for majority of states, but pressures still remain

    Given the depth of the last recession and moderate growth since, building reserves back to prior levels remains a challenge for some.

  • Many Connecticut municipalities are highly rated - how will they fare in a downturn

    Since many investors hold municipal securities long-term, understanding the risks that could likely occur through economic cycles are important.

  • Semper paratus

    Since the market low March 9, 2009, a tidal wave of buying has lifted many market indices to unprecedented levels and taken many equity portfolios with it.

  • Deja vu all over again

    We believe market participants have taken an overly pessimistic view of the macroeconomic conditions that exist today, and seem likely to unfold over the balance of 2019.

  • Only a matter of time

    An old cliché says the price is truth, but there are times when price alone does not tell the whole story. We think this is one of those times.

  • Primer on survivor’s option bonds

    Despite recent tax reform effects on demand for estate planning securities, several individual investors are still utilizing survivor’s option bonds as means to transfer wealth to beneficiaries, particularly in a potentially rising rate environment. Knowing the guidelines of these securities is important.

  • Primer on floating-rate notes

    Investors have been considering floating rate notes, as well as floating rate funds, as part of their portfolio strategies, in light of the recent rise in interest rates and the increasing uncertainty around the direction of rates.

  • Primer on early redemption and the make whole call

    Redemption features are an important consideration when investigating the investment attributes of any fixed income security.

  • Primer on preferred securities

    Preferreds offer investors higher yields than many alternatives. Preferreds are utilized in portfolio strategies to bolster yields while long-end rates remain low.

  • Tax swaps and tax loss harvesting

    Investors, who have been negatively affected by credit quality deterioration, market volatility, or asset class selloffs, may be interested in repositioning for the coming year. Tax swaps and tax loss harvesting are worth exploring, especially as a part of year-end tax planning.

  • Effects of interest rates on bonds

    With yields on many parts of the fixed income market rising to levels not seen in half a decade or more, there remains a risk that interest rates could rise in the future.

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