Investments

Analysts are unsure what the Federal Open Market Committee will do with monetary policy in 2025. The panel projects two rate cuts, but some analysts expect more, and others see fewer.

The overlooked segment offers a premium over AAAs backed by significant subordination, the firm says.

The $300 million offering marks private-market-specialist StepStone's inaugural middle market CLO.

Deal finds lower pricing and adds a new class of AAA notes.

The fund will invest in the riskiest tranches of bonds backed by leveraged loans.

Higher charges for BB bonds would only marginally impact CLO market.

Tighter spreads are expected as floating-rate demand continues.

Nonagency issuances are expected to increase 85% for this year over 2023, and rise another 36% in 2025, the second best since the financial crisis.

Offshoot of well-known European asset manager taps JP Morgan to structure deal

Fitch describes the Goldman-arranged CLO as similar to Blackstone's Lewey Park CLO, which closed last month.

Franklin Templeton Investments Chief Executive Officer Jenny Johnson said she's concerned that some investment- and non-investment-grade private credit assets are trading at the same spreads as traditional fixed-income investments like corporate bonds.

The "greenium" spread is not economically feasible for bond issuers anymore, T. Rowe Price's Matt Lawton said.

Economic forecasts include the possibility of higher inflation and slower growth that could stall future cuts to the federal fund rates.

The rally left yields lower by at least three basis points, with short maturities — more sensitive to Fed policy changes — falling the most.

HPS founders Scott Kapnick, Scot French and Michael Patterson will lead a new private financing solutions business unit with BlackRock as the company seeks to offer the full range of public fixed-income and alternative credit funds.

The market retraced an opening selloff, with longer-dated benchmarks outperforming the front end.

Amid challenging times for loans in CLOs, Sculptor Capital Management sees refi and reset surge likely to continue well into 2025.

The renewables firm also plans to raise as much as $500 million by February via banks or a private placement in the offshore market.

The economist, who runs Roubini Macro Associates, is positioning for a curve steepener, a popular Treasuries trade where the gap between long- and short-dated yields widens.

Tuesday's declines lifted yields by one to four basis points across maturities after Trump said he'd impose additional 10% tariffs on goods from China and 25% tariffs on all products from Mexico and Canada.