Tim Leary joins us on the BlueBay Insights podcast to update on high yield and leveraged finance markets, with a special focus on the subject of liquidity.

We asked Tim:

1. How does the global high-yield universe breakdown in terms of the US and European split? Are there any notable differences between the two regions that investors should be aware of?
2. What percentage of the US HY market trades enough to be considered liquid?
3. In terms of active versus passive investing – how significant is the ETF portion of the universe?
4. As an active manager, how do you define liquidity?
5. Did you learn anything from the coronavirus crisis period about best-practice liquidity management or anything that particularly surprised you as a seasoned investor?
6. Could you give us a quick liquidity outlook for the asset class and some positioning highlights as we approach the final quarter of the year?

Senior ESG analyst, Lucy Byrne, joins us on the BlueBay Insights podcast to share her views on the impact of the COVID crisis on ESG investing.

We asked Lucy:

1. Has the appetite for ESG among investors increased during the COVID crisis?
2. How has BlueBay’s ESG business been affected by the crisis?
3. What is the rationale behind BlueBay’s ESG priorities for 2020 and where do you see areas for improvement?

David Riley joins us on the BlueBay Insights podcast to update us on the Brexit saga and the latest takeaways form the Fed.

We asked David:

1. Brexit has returned onto investors’ radar. What are your thoughts on the latest developments in the Brexit saga?
   
   
2. What are your takeaways from the latest Fed meeting?

David Riley joins us on the BlueBay Insights podcast for his regular update on the latest economic data.

We asked David:

1. US Federal Reserve Chairman Jerome Powell’s speech at Jackson Hole is a big point of debate amongst investors. What is your view on the Fed’s new policy framework?
   
   
2. What are you expecting from next week’s meeting of the European Central Bank?
   
   
3. Equity and credit markets had another positive month in August. Do you expect the rally to continue?

Tim Leary joins us on the BlueBay Insights podcast to update on high yield’s positive summer run, what might be to come in the default cycle and how influential ESG really is to leveraged finance investors.

We asked Tim:

1. High yield has had an encouraging summer run – July proved to be a notable month for the US market, which registered its largest monthly gain since October 2011. Has the investment opportunity largely topped out for the year or are you still seeing value?
   
   
2. The second-quarter earnings season seemed broadly upbeat for high-yield companies – did any sectoral themes or surprises emerge in line with announcements?
   
   
3. Moving onto the topic of defaults, we saw an initial wave in the early days of the pandemic, but things appear to have stabilised now. Could you talk us through your expectations for the shape of the default cycle?
   
   
4. With ESG being both part of the BlueBay investment philosophy and a high-profile industry focus, can you comment on how important is it for you as an active investor in the high-yield market?
   
   
5. Finally, could you talk us through any big risks or watchpoints that are on your investment horizon for the remainder of the year?

Polina Kurdyavko joins us on the BlueBay Insights podcast to share her perspectives on Emerging Markets.

We asked Polina:

1. After prolonged negotiations between the Argentine government and major bond holder groups, there seemed to be a swift end to restructuring talks. Firstly, were you surprised by the eventual agreement and secondly, what are the broader implications for the country?
2. Considering the unfortunate circumstances surrounding the Beirut port explosion, how do you evaluate governance risk within the investment process?
3. Staying in the same region, some investors have perceived the recent bout of Turkish lira weakness as a sign that Turkey appears to be on the brink of another Balance of Payments crisis. How is the current landscape different to August 2018 when USD/TRY first went above 7?
4. Turning to technicals; flows into Emerging Market-dedicated bond funds have remained positive over the last few months, while EM-dedicated equity funds continue to see outflows. Do you expect this trend to continue?

David Riley joins us on the BlueBay Insights podcast to update us on the latest economic data, US-China relations and the upcoming US elections.

We asked David:

1. Since we last spoke there has been a raft of economic data. What does it tell us about the outlook for the global economy?
2. In the second quarter, the UK economy contracted more than any other major economy – what’s the outlook for the UK?
3. US-China relations appear to be going from bad to worse – why aren’t the markets reacting?
4. You've just mentioned the US elections. Do you think that the market is now expecting a Biden victory?

David Riley joins us on the BlueBay Insights podcast to update us on the latest quarterly GDP figures from the US.

We asked David:

1. A theme that has emerged in markets is the weakness of the US dollar. Are we entering a dollar bear market?
2. You mentioned the rise in the gold price and worries about central banks debasing currencies with money printing. What are the implications for fixed income investors?
3. Our discussion is highlighting just how important the Fed is for markets. What is your takeaway from the latest Fed meeting?
4. The second quarter US GDP figures have just been released – what did you learn?

David Riley joins us on the BlueBay Insights podcast to talk about fiscal stimulus, the Fed, and yield curve control.

We asked David:

1. What’s your view on the agreement by EU leaders on a new European Recovery fund?
   
   
2. Is the package big enough to support the recovery in the EU economy? 
   
   
3. You mentioned US fiscal stimulus. Congress is debating another budget package. What is the latest and what do you expect?
   
   
4. The Fed meets next week. What are you expecting?
   
   
5. What is yield curve control?

Polina Kurdyavko joins us on the BlueBay Insights podcast to share her perspectives on Emerging Markets.

We asked Polina:

1. Over the past weekend the Ecuadorian government reached an agreement in principle with a major group of private bondholders which included BlueBay. How does this negotiation compare with previous restructuring talks that you have been involved in?
   
   
2. Do you expect the sovereign debt re-profiling theme to be one of your key focus areas for the rest of the year? What other countries will be talking to creditors and how significant is Ecuador’s precedent for other negotiations?
   
   
3. How has the easing of lockdown restrictions impacted economic activity in various Emerging Market countries?
   
   
4. So far this calendar year has been very atypical in many aspects. Do you expect any of the normal summer seasonality trends in terms of liquidity and asset price volatility to apply this time around?
   
   
5. And lastly can you comment on the opportunities you are seeing on the more illiquid side of the EM investment universe.