Viewpoints

Read, watch and listen to the latest insights from our global investment teams.

Fixed Income

CLOs: Volatility Continues, But Value Opportunities Emerge

As macro volatility continued to pummel markets throughout the first quarter, CLOs felt the effects—with dramatic price moves among tranches as investors clamored for liquidity. But we believe that those who invest with an active manager and take a long-term view will benefit.

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Fixed Income

Investment Grade Credit Markets Make an About-Face

As investment grade markets pivot sharply, with spreads reaching their widest level in over a decade, investors turn disproportionately toward quality and liquidity.

Short View - 4 min read

Fixed Income

High Yield: Finding Value in a Landscape Rife with Risk

Concerns surrounding COVID-19, lower oil prices and a global recession have weighed heavily on markets—including global high yield bonds and leveraged loans. While value opportunities are emerging, the landscape is punctuated with risks that must be carefully navigated.

Insights - 8 min read

Fixed Income

EMD: Finding Fundamental Value Through the Storm

The rapid spread of COVID-19, the precipitous fall in oil prices and the related shock to the global economy have sent markets—including EMD—into a tailspin in recent weeks. In this piece, we explore the resulting challenges and discuss opportunities beginning to emerge.

Insights - 10 min read

Fixed Income

Distressed Debt: Despite Challenges, Opportunities Persist

Recent market and economic volatility may be the trigger that distressed debt investors have been waiting for, but capitalizing on opportunities will require a different playbook than those of past cycles.

Insights - 4 min read

Fixed Income

Private Credit: Why Last Cycle's Playbook Won't Work This Time

Barings’ Jon Bock discusses the recent Insights paper he authored, which describes the mistakes that investors continue to make when allocating to private credit—and, importantly, how to avoid them.

Podcast - 31 min listen

Four Mistakes Investors Make in Private Credit

Barings’ Jon Bock discusses the biggest mistakes investors make when allocating to private credit—and shares his views on why last cycle’s playbook won’t work this time around.

Insights - 12 min read

Fixed Income

Distressed Debt: Capturing Late-Cycle Value

Barings’ Stuart Mathieson and Bryan High discuss how recent macro events and credit market dynamics are impacting the outlook for distressed debt.

Podcast - 32 min listen

Fixed Income

Are CLOs Unfairly Vilified?

Despite the late-cycle environment, we believe the recent negative headlines on CLOs are somewhat overstated, and do little justice to the many benefits of the asset class—which has delivered impressive risk-adjusted returns and low defaults over time.

Insights - 8 min read

Fixed Income

Private Credit: Where We’ve Been, Where We’re Going

Industry veterans Ian Fowler and Adam Wheeler describe the dramatic evolution of private credit markets and explain why quality of earnings and varied definitions of ‘senior’ risk could be at the center of the next credit market storm.

Podcast - 33 min listen

Equities

What Can German Equity Investors Expect in the Months Ahead?

While the phase one U.S.-China trade deal may provide a near-term boost for German equities, there are a number of risks on the horizon that could introduce volatility in the months ahead—making stock selection as important as ever.

Short View - 2 min read

Fixed Income

Sentiment Shift Fuels Lower-Rated Rally

Uncovering relative value across high yield in 2020 may require looking in less obvious places.

Short View - 3 min read

Fixed Income

EM Local Debt’s Time to Shine?

Emerging markets (EM) local currency denominated debt may be poised to outperform.

Short View - 3 min read

Fixed Income

Risk-on, Risk-off & Repeat

Sentiment continues to swing back and forth in the collateralized loan obligation (CLO) market, but bifurcation remains the constant.

Short View - 2 min read

Fixed Income

Rates, Rallies & Risks

Investment grade credit markets posted a banner year in 2019; can the good times continue to roll?

Short View - 3 min read

Europe's Time to Shine?

If Brexit headwinds begin to clear, and the German economy sees improvement, it would support the European economy as a whole. At the same time, any weakness in the U.S. dollar could further propel international markets, potentially reversing a decade of underperformance.

Short View - 2 min read

Fixed Income

2020: An Inflection Point for EM Currencies?

With the financial crisis more than a decade behind us, the global financial system seems poised to begin re-leveraging. This process, which would likely take years to play out, would provide a source of funding for EM currencies, and represent a significant tailwind.

Short View - 2 min read

Fixed Income

A Bright Spot in Higher-Yielding EM Corporate Debt

Many EM regions have been engulfed in uncertainty for weeks or months. While these situations certainly represent risks, we also continue to find value—often in globally diversified companies that have been unfairly punished by markets because of where they’re domiciled.

Short View - 2 min read

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