With many non-investment grade cable bonds trading wide of the market, we see attractive opportunities in the space.

In our view, cable companies have attractive credit profiles, benefiting from asset-rich infrastructure, subscription-oriented business models and relative insulation from cyclical/inflation/supply chain issues. Notwithstanding these defensive characteristics, the spreads on many cable bonds have widened more than the market, which is different from prior credit sell-offs.

What has changed?

Part of the issue is technical. Cable issuers ...

Floating-rate SASB products are new favorites in the commercial mortgage-backed securities market, given their shorter tenors and greater prepayment flexibility.

The CMBS market has grown steadily over the past few years, crossing the $700 billion level seen before the Global Financial Crisis. A significant contributor to the market’s growth has been the single asset, single borrower (SASB) segment, which comprises securitization of a single loan to a single borrower collateralized by one very large property or a portfolio of smaller properties. Typically, in our view, these tend to be ...

Colombia’s external debt remains attractive given constraints faced by its president-elect, his signaling of fiscal moderation and supportive commodity prices.

Gustavo Petro won the Colombian presidential election on June 19, and will become the country’s first leftist leader. The market reaction has been negative, but not extreme. The day after the election, spreads remain below the recent peaks of May 2022.

We entered the election with a view that Petro’s victory was almost priced in and that tight polls meant that Colombia offered an attractive risk/reward ratio ...