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First Principles Quarterly - Summer 2017


Compass on rope coil

We are pleased to share the Summer 2017 edition of First Principles Quarterly. 

First Principles Quarterly (FPQ) captures our portfolio management team’s insights across fixed income markets. 

For the Summer edition, we cover topics including market structure observations – particularly, views on the FOMC’s appraisal of corporate bond market liquidity; the importance of the timing of other-than-debt liabilities when assessing creditworthiness of municipal issuers; the Fed's posture in the face of subdued inflation and high cross-asset valuations; the mortgage market’s continued exposure to regulatory reform; fundamental vs. technical considerations re: toppish valuations in corporate credit; potential second-order risks to ABS investors; and where we expect to find value in coming months. 

We invite your comments and questions.

View the First Principles Quarterly - Summer 2017