David Riley joins us on the BlueBay Insights podcast to discuss the latest economic data and highlights key takeaways from his research on investment grade credit published earlier this week. 

We asked David: 

1. What are the early signs on the economic data on the depth of the global recession?
2. When will economies get back to work? 
3. You have just published some research on investment grade credit. What are the key takeaways? 
4. Are we at the end of the sell off?  

Polina Kurdyavko, Head of Emerging Markets, speaks with Claudio Da Gama Rose, Institutional Portfolio Manager on the BlueBay Insights podcast to answer questions on responses of governments and corporates to the current situation. 

We asked Polina: 

1. How you think EM governments will manage the fallout from the crisis – do you think sovereign issuers have enough buffers to manage upcoming maturities for the rest of the year? 
2. In your opinion, which EM region and countries have the most policy flexibility? 
3. And now switching to companies, what is the funding pressure looking like for EM corporates? 
4. What are your default expectations for this year and next? 
5. What feedback are management teams providing you on the economic/fundamental backdrop for their companies in light of the current environment? Any early green shoots? 

Marc Kemp joins us on the BlueBay Insights podcast to discuss leveraged loan market performance, price action and fundamentals. 

We asked Marc:

1. We’ve heard a lot about precipitous falls in high yield bonds and a commensurate spread widening over the past couple of weeks – how have leveraged loans fared?
   
   
2. The magnitude of moves is really very large and essentially on par with what we have seen in high yield bond markets on both sides of the Atlantic – that’s pretty unusual isn’t it?
   
   
3. Why do you think loans actually lagged over the past month?
   
   
4. It’s clear price action has been rather punitive, what, if anything, should we infer from this in regard to the fundamentals of issuers in the loan market? 

David Riley joins us on the BlueBay Insights podcast to share his thoughts on the latest actions from policymakers.

We asked David:

1. Have policymakers done enough to support the economy and financial markets?
   
   
2. Are we over the worst of the sell off?
   
   
3. In the short term - what indicators do you look to for insights?

Marc Kemp joins us on the BlueBay Insights podcast to discuss fundamentals, defaults and fallen angels in global high yield markets.

The views expressed in this piece are not intended to be a source of advice or credit analysis and the information does not constitute investment advice.

We asked Marc:

1. Things are clearly changing rapidly – how do you assess fundamentals for the companies that you follow in such an environment?
   
   
2. What’s your latest thinking on defaults?
   
   
3. Can you comment on falling angels? Presumably pressure will be evident on the investment grade sector too?
   
   
4. Can you talk us through current valuations in HY?

Graham Stock joins us on BlueBay insights to discuss the latest economic data from China.

Marc Kemp joins us on the BlueBay Insights podcast to discuss the most recent movements in global high yield, how the market is differentiating despite the chaos and how we’re not reliving 2007.

We asked Marc:

1. We’re clearly in unprecedented times, can you help us frame the magnitude of the moves that we have seen in global high yield markets over recent weeks?
   
   
2. Have you witnessed an element of differentiation in those moves or has everything fallen indiscriminately?
   
   
3. How does this all compare to 2007?

David Riley joins us on the BlueBay Insights podcast to discuss latest market developments and outlines a path to stability.

We asked David:

1. Where do you think we stand now in terms of the spread of the virus and the economic and financial consequences?
   
   
2. Is this the beginning of the end of this crisis?  When will we see economic and market recovery?
   
   
3. Why are some commentators now suggesting that we again are facing a financial crisis?
   
   
4. What has been happening in fixed and credit markets?
   
   
5. What is the path to stability?

David Riley, Chief Investment Strategist, joins us on the BlueBay Insights podcast to discuss the volatility in financial markets, likelihood of recession and buying opportunities for investors.

David answers:

1. We have seen huge volatility in financial markets in the last few weeks as the coronavirus has spread with big corrections in equity markets, widening in credit spreads and government bond yields falling to record lows. Have markets over-reacted?
   
   
2. You mentioned the collapse in oil prices in 2015 and oil prices have fallen around 40% in the last few weeks. What are the implications of the collapse in global oil prices?
   
   
3. How should and will policymakers respond? Will central banks cutting interest rates help if the virus means companies will produce less and consumers spend less?
   
   
4. So, investors are right to be worried about growth. Does that mean it is likely there will be a global recession?
   
   
5. Our base-case means that after a near-term hit to the global economy, growth will pick-up. With the big sell-off in credit and emerging markets, does this mean this is a buying opportunity for investors?
   
   
6. What are the key developments that you think investors should watch over the coming weeks?
   
   
7. Looking beyond the near-term hit from the coronavirus, are there any key themes that investors should consider? 

Marc Stacey joins us on the BlueBay Insights podcast to discuss the fundamentals, supply dynamics and banking sector changes that are lining up to form a compelling case for European bank capital.

We asked Marc:

1. What are coco bonds and what can they offer investors?
2. The evolution of banking regulation has a huge influence on the investment case for cocos – do you think future changes will be positive or negative for the asset class?
3. We’ve seen cocos go from zero to become an asset class worth over USD200 billion in just five years. What does this rapid growth mean in terms of bond supply?
4. We’re hearing investors becoming nervy about buying into cocos for fear they’ve missed the top of the market – do you think this is a valid concern or is there more upside to come?
5. How are you looking to capture these alpha opportunities through 2020?
6. What are the three main risks currently on your investment horizon?
7. What are the key differences between European AT1s and US preference shares (prefs)?
8. We’re seeing ESG factors influence all asset classes across the bond universe – what are the key points to note in the cocos market and how do you integrate ESG factors when you invest?