(Bloomberg) -- The credit world’s version of the “Trump trade” is beginning to take shape: Buy American high-yield bonds and steer clear of anything...
-- The credit world’s version of the “Trump trade” is beginning to take shape: Buy American high-yield bonds and steer clear of anything inflation-sensitive.Travel Chaos Mounts as Airlines Resume Flights After Outage
“We have reduced duration by having shorter-dated bonds, using futures and also using steepener trades,” said Gabriele Foa, a portfolio manager at Algebris Investments’ global credit team, referring to wagers that benefit when the gap between short- and long-dated yields widens. “It’s a bit too early to adjust your portfolio based on ‘what ifs’ when Donald Trump is in office,” said Joost de Graaf, co-head of the credit team at Van Lanschot Kempen Investment Management. “We still expect to see a bit of summer grind tighter in spreads.”
Yield-hungry insurance firms are adopting an unconventional strategy: they’re skipping mortgage-backed bonds and buying the underlying whole loans outright. Banks and private credit funds are competing to provide as much as £1.75 billion to back a possible take-private of Hargreaves Lansdown. Lombard Odier Investment Managers will expand exposure to Indian high-yield dollar credit in its $2 billion Asian bond strategy, after the sector helped the product become a top performer by beating 96% of its peers this year.Elliott Investment Management has hired Jordan Bryk from Marathon Asset Management to help bolster the firm’s private credit efforts.
Chorus Capital Management Ltd. hired Penny Tan from hedge fund ArrowMark Partners as the demand for experts on the hot topic of significant risk transfers continues to rise.
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