Muzinich & Co Corporate Credit Snapshot – September 2024 ◾ Global credit generated positive returns across the board in August. In the US, returns were once again driven by a strong rally in rates. ◾ Shorter rates outperformed, leading rate curves to bull-steepen, with US data generally supportive of the Fed starting to cut rates in September. ◾ In Europe, credit markets also generated positive returns with high yield outperforming investment grade due to higher yields and modest spread compression. Rate moves were more muted in Europe than in the US. ◾ Emerging Market (EM) debt—especially hard currency debt—generated positive returns this month in line with rising US credit markets amidst growing clarity around a September US rate cut. Please click to read our monthly Corporate Credit Snapshot which looks back at market events over the previous month - https://lnkd.in/evF2uJg8 #corporatecredit #fixedincome #publicmarkets Past performance is not a reliable indicator of current or future performance
About us
Muzinich & Co. is a privately owned, institutional-focused investment firm specializing in public and private corporate credit. Since 1990, we have an established track record highlighting our ability to deliver what we believe to be superior risk-adjusted returns in a variety of market conditions with no style drift. Investment decisions are rooted in bottom up, fundamental credit research. A global perspective prevails through dedicated US, European and Emerging Markets teams. Over the years the firm has broadened its credit based investment programs and has leveraged its credit expertise. Our global presence and deep resources allow us to offer a broad range of corporate credit investment strategies across both developed and emerging markets, and across both public and private debt. We are headquartered in New York and London and have a total of 15 offices globally. Read important disclosures at www.muzinich.com/social-media-disclaimers
- Website
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http://www.muzinich.com
External link for Muzinich & Co
- Industry
- Financial Services
- Company size
- 201-500 employees
- Headquarters
- New York, NY
- Type
- Privately Held
- Founded
- 1988
Locations
Employees at Muzinich & Co
Updates
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Muzinich Weekly Market Comment Are we back in risk-off mode? In our latest roundup of key developments in economies and financial markets, we consider the investment implications of another disappointing week of economic data, zeroing in on: ◾ A less-than-stellar nonfarm payroll report in the US ◾ Why China’s growth targets are under scrutiny ◾ The risk of a double dip in the Eurozone Click here to read the full article - https://lnkd.in/eNHNjT4X For more information on Muzinich & Co., visit www.muzinich.com To receive the latest thinking from our investment teams on public and private corporate credit markets, click here - https://lnkd.in/epZwbVYx #GlobalEconomy #FinancialMarkets #InvestmentInsights
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Broadcast live from the recent J.P. Morgan High Yield & Leveraged Finance Conference in London, our co-head of public markets Tatjana Greil Castro, PhD spoke to CNBC about the prospects of a soft economic landing, the potential impact of rate cuts on credit, and why investors need to keep their nerve in a market that seems to be more often driven by 'noise' than reality. Please click here to watch the interview - https://lnkd.in/evqw6UXE To learn more about Muzinich & Co please visit, www.muzinich.com
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There is a story behind every business. This is ours. For more information on Muzinich & Co., visit www.muzinich.com To receive the latest thinking from our investment teams on public and private corporate credit markets, click here - https://lnkd.in/epZwbVYx
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Spreads within subordinated (Tier 2) bank debt have tightened considerably over the last 12 months, and investors may be wondering whether there’s any value left in this segment of the market. However, index data only tells part of the story, and there’s a lot more to uncover as senior credit analysts Mark Robinson and Joe Hopkins explore. Click here to read more - https://lnkd.in/ek9vADQq Muzinich & Co views and opinions are for illustrated purposes only and not to be construed as investment advice.
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Muzinich & Co Weekly Market Comment In our latest roundup of the key developments in financial markets and economies, we look back at a month of turbulence and consider whether a softer US jobs market could prompt the Federal Reserve into more radical action at the September 17-18 meeting of the Federal Open Market Committee. Please click here to read the full article - https://lnkd.in/eMQe663m
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Why aren’t longer-dated European investment-grade spreads behaving in-line with the rest of the pack? In his latest monthly column, Muzinich portfolio manager Ian Horn, CFA takes another look at longer-dated spreads and discusses why their early-year tightness is being reversed. Click here to read more - https://lnkd.in/eU6aBXCY Muzinich & Co views and opinions are for illustrated purposes only and not to be construed as investment advice. #investmentgrade #corporatecredit #publicmarkets
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The big question for credit investors this year is whether spreads are tight relative to history. In his latest monthly column, Muzinich portfolio manager Ian Horn, CFA looks at five key factors in the European investment-grade markets in an effort to provide an answer. Click here to read more https://lnkd.in/eZzFg2yq Muzinich & Co views and opinions are for illustrated purposes only and not to be construed as investment advice. #investmentgrade #creditspreads #riskreward
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Recent market turbulence should offer a sobering reminder to investors that this is not a risk-free environment, writes Founder and Executive Chairman of Muzinich & Co., George Muzinich. Click here to read the article - https://lnkd.in/dzvAKAdX To learn more about Muzinich & Co, please visit - www.muzinich.com #publicmarkets #privatemarkets #corporatecredit
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Our co-head of public markets, Tatjana Greil Castro, PhD, appeared on Bloomberg’s The Opening Trade programme on August 21. Tatjana discusses if she believes the bond market has room to run; why the short end of the curve is the best place to offer the highest carry as the yield curve normalises; where the interest rate floor is likely to be and if markets have already priced that in; what’s driving the US Treasury market volatility and how she believes credit is likely to perform for the remainder of the year. Tatjana appears at 24:51 available here https://lnkd.in/dk-gyeb3 For more information on Muzinich & Co., visit www.muzinich.com Views and opinions for illustrative purposes only, not to be construed as investment advice or an invitation to engage in any investment activity.