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Moody's: High-yield covenant quality declines
trueMoody's Investors Services said the average covenant quality score for high-yield bonds issued in the 12 months ended Sept. 30 was 4.29, 0.12 points weaker than the average for the same period a year ago.
Intermediate Capital Group expands U.S. private debt team
trueJeffrey Rabel was named managing director at Intermediate Capital Group.
Money managers seeing big bonanza from Japan
trueGlobal bond managers say Japan is looming ever larger on their radar screens as the country's largest public funds shift allocations away from Japanese government bonds and show a greater willingness to pay for performance.
CalPERS international fixed-income returns
trueBloomberg reported Wednesday that CalPERS might “keep buying Russian bonds after building a $250 million position in local currency notes.” That amount, based on June 30 figures, represents about 5% of the fund's international fixed-income portfolio.
Fewer managers expect interest rate hike this year — BofA
trueMoney managers are increasingly skeptical of a 2015 U.S. interest rate hike, Bank of America Merrill Lynch’s latest monthly fund manager survey found.
Moody's: MiFID II proposals are credit negative for bond managers
trueNew transparency rules affecting European capital markets risk reducing market liquidity, the capacity of investment funds and will raise compliance costs for money managers, in particular bond managers, warns Moody’s Investors Service.
Laredo Firefighters extinguishes Loomis Sayles strategy
trueLaredo (Texas) Firefighters' Retirement System is redeeming its $5.9 million investment in Loomis Sayles' senior loan fund, said recently released board meeting minutes.
Adapting to a changed fixed-income landscape
trueEver since the Federal Open Market Committee dropped the federal funds rate range to zero to 0.25% in 2008, investors have been waiting for rates to go up. Following the latest committee meeting Sept. 17, investors are still waiting.
Upending careers, portfolios
trueInterest rates pretty much have fallen steadily for 34 years, the working lives of most institutional investors, with only relatively brief periods of increases, creating a bullish market for bonds.
Investors are reviewing fixed-income game plan
trueNow that Federal Reserve Chairwoman Janet Yellen has acknowledged that the central bank is likely to raise rates later this year, institutional investors are evaluating the role of fixed income in their portfolios.
Leveraged loan defaults tick up in September
trueThe trailing 12-month default rate for leveraged loans ticked up to 1.5% in September (from 1.3% in August), driven by Samson Resources’ bankruptcy last month.
Japan's GPIF triples active international bond manager lineup
trueJapan's Government Pension Investment Fund on Thursday tripled its manager lineup for active international bonds and announced its first specific allocations for high-yield bonds and emerging markets debt.
Chicago Laborers pension fund looking for emerging markets debt manager
trueChicago Laborers’ Annuity & Benefit Fund is searching for an active emerging markets debt manager to run $30 million.
MiFID II proposals would bring equity trading rules to other asset classes
trueThe European Union’s market regulator proposed new regulations that would apply equity trading templates to other asset classes and put limits on the use of dark pools.
Japan's KKR public fund seeking active global bond managers
trueJapan's Federation of National Public Service Personnel Mutual Aid Associations, the ¥7.8 trillion ($65 billion), Tokyo-based public pension fund known by its acronym KKR, is searching for active global bond managers.