Insights
Insights
2023 Global Corporate Credit ESG Engagement Report
During the past year our established relationships with issuers in developed and emerging markets enabled us to have meaningful engagements with a number of management teams. We engaged on key ESG issues such as climate transition, equity, inclusion and diversity (EID), and executive compensation structure.Disruptive Forces in Investing Podcast
Bonds and Beyond in Today’s Fixed Income Markets
(25:51) As investors reassess their strategic asset allocation in this new investment regime, how should they position their fixed income portfolio?CIO Weekly Perspectives
Navigating by Flashes of Lightning
Central banks may be reluctant to hike further, but as long as they tie themselves to incoming data their hands may be forced.CIO Weekly Perspectives
What if Everything’s Going to Be OK?
Falling inflation, recovering growth, relaxed central bankers—how one of the most widely forecast recessions in history failed to happen.Insights
Ten for 2023—Midyear Update
We check in on the key themes we anticipated from the economy and markets in 2023.Asset Allocation Committee Outlook
Engine Running, Shifting to Neutral
In the face of conflicting signals from our short- and medium-term outlooks, our Asset Allocation Committee is adopting more neutral views.Disruptive Forces in Investing Podcast
Emerging Opportunities in Emerging Markets Debt
(18:02) As a wave of sovereign debt default is on the rise, what’s next for Emerging Markets?CIO Weekly Perspectives
The View From the Peak
Despite hawkish policymakers and very mixed economic data, the approaching plateau in rates brings more clarity and conviction to our fixed income views.Insights
Navigating the Evolving ESG Landscape
Expanding interest in ESG suggests that issuers are likely to be called upon for more disclosure, communication and progress in the coming years, making it crucial to effectively navigate these areas.Fixed Income Investment Outlook
Last Mile for Tightening
With tightening nearing an end but policy rates likely to remain elevated, we currently favor shorter durations, quality and attention to underwriting.White Paper
How to Get the Most From Private Placement Debt
Private Placement Debt can offer fixed income investments enhanced diversification, risk-adjusted yield and downside mitigation. We anticipate growing recognition of the role it can play in a wide range of investor portfolios.Disruptive Forces in Investing Podcast
Finding the Silver Lining in Commercial Real Estate
(19:40) Given the market crises that have challenged real estate markets, is there a silver lining to be found in commercial real estate?CIO Weekly Perspectives
Are Agency Mortgages a Home Run?
Why we think recent banking-sector stress has made already attractive U.S. mortgage securities even more keenly valued.Fixed Income Investment Outlook
A Sharp Turn
Risk/reward for many fixed income sectors has been shifting.Insights
Non-Investment Grade Defaults: Up From the Lows, but Contained
With defaults rising off of all-time lows, but likely remaining well below recession norms, we remain constructive on high yield and non-investment grade credit.CIO Weekly Perspectives
The More Things Change
Has recent strong data changed the fundamental economic and market outlook, or just the timeline?CIO Weekly Perspectives
A Peak That Persists
We think sticky services inflation paired with a moderate slowdown will enable central banks to maintain higher rates for longer.Fixed Income Investment Outlook
Reducing Altitude
As inflation recedes, focus on quality and security selection.CIO Weekly Perspectives
Outlook 2023
The leaders of our investment platforms welcome the New Year with their views for 2023.Disruptive Forces in Investing Podcast
What Goes Up Must Come Down…Right?
(27:02) As inflation grows more apparent across the globe, we explore if there’s an end in sight, and how we see it impacting both Equities and Fixed Income investments.Insights
2022 Global Corporate Credit ESG Engagement Report
During the past year our established relationships with issuers in developed and emerging markets enabled us to have meaningful engagements with a number of management teams. We engaged on key ESG issues such as climate change, community relations, and human capital management.Insights
An Emerging Opportunity
If you are one of the many investors looking positively at high yield bonds, you might want to consider emerging markets debt, too.CIO Weekly Perspectives
Shooting Down the Hawks
As the U.S. Federal Reserve’s messaging gets blurrier, markets are focusing on the data.Insights
Solving for 2023: Back to the "Old Normal"
Our senior investment leaders discuss their market and investment themes for the coming year.Asset Allocation Committee Outlook
Tighter Conditions Begin to Squeeze the Economy
As the economy slows, an epic climb in short-dated rates and bond yields appears to have shocked investors into accepting the prospect of stickier inflation, but they still seem reluctant to price for substantially lower earnings.CIO Weekly Perspectives
Schooling the Sovereigns
Bond markets appear to be disciplining policy inconsistencies, both within sovereigns and among them.Disruptive Forces in Investing Podcast
Making Sense of Markets and Policy Change
(16:00) From the Fed’s rate hikes to the BoE’s historic fiscal stimulus package, how should investors make sense of policy actions occurring around the world right now?Fixed Income Investment Outlook
Policy Stays in the Crosshairs
Despite volatility, the basic storyline of inflation and the Federal Reserve should continue to drive market behavior.CIO Weekly Perspectives
A High-Yielding Haven
As an ever-more-aggressive rate-hiking cycle rocks the financial markets, might corporate credit offer a space that is both remunerative and relatively calm?CIO Weekly Perspectives
Euro Parity: Threshold or Boundary?
The euro is subject to enormous economic forces that could equally be very positive for the currency or the cause of an even greater fall.Disruptive Forces in Investing Podcast
SDGs: A Framework for Investing
(28:35) How can investors utilize the UN’s Sustainable Development Goals as an informative framework to achieve better investment outcomes?CIO Weekly Perspectives
Inflation is Hot—and Could Stay Hot
Autumn and winter should bring respite from the northern hemisphere’s punishing summer heatwave, but we don’t think they will ease the inflation temperature.Asset Allocation Committee Outlook
Into the Inflationary Slowdown
As inflation persists and recession risks rise, our Asset Allocation Committee sees more yield potential in fixed income and favors commodities for ongoing inflation exposure, but remains cautious in equities.Fixed Income Investment Outlook
Building Value as Conditions Tighten
We anticipate resilient fundamentals, but also volatility tied to inflation and higher short rates.CIO Weekly Perspectives
The ECB’s Trilemma
Are we seeing the start of another eurozone crisis, or can the ECB fashion an effective tool to manage volatile southern European bond spreads?Insights
Smoothing Long-Term ESG Transition
Our Non-Investment Grade Credit team explores key issues and trends facing issuers.Disruptive Forces in Investing Podcast
How to Keep Energy Going and Going…
(21:20) Energy markets have been dealing with the implications of ongoing inflation, ESG and geopolitical factors that have changed the investment landscape globally, so what’s next for the sector?Insights
A Value Opportunity in Hybrids
Recent spread-widening appears to reflect concern about rising rates incentivizing extensions, and an economic slowdown incentivizing coupon deferrals—concerns we regard as significantly overstated and a source of attractive valuations.Insights
EMD as a Hedge Against Inflation
Inflation concerns have caused investors to search for income with lower duration, and we believe Asia high yield delivers on this front.White Paper
Transitioning to Net-Zero in Credit Portfolios
From defining and setting interim targets from day one, to the critical role of bondholder engagement, we reflect on the process of putting together a major net-zero credit portfolio.Insights
Short Duration High Yield: Replacing Rates Risk With Credit Risk
Short-duration high yield could be an under-explored option for investors who need current income to meet short-term liabilities, but cannot afford the interest rate risk that would accompany a search for yield in longer-dated bonds.Insights
Rethinking the Credit Liquidity Continuum
As private credit markets have expanded, matured and democratized, eligible investors can now, in a cost-effective and operationally efficient manner, combine liquid and less-liquid credit assets in one portfolio. This allows investors to increase yield profile and potentially reduce volatility and correlation.Disruptive Forces in Investing Podcast
Understanding Short Duration for the Long Run
(21:01) The current High Yield market seems to display the characteristics that could make it an interesting investment opportunity, but does it answer an investor’s question of, will I get paid back?Asset Allocation Committee Outlook
Regime Change
While we do not anticipate a recession over the next 12 months, the prospect of slowing growth and stubborn inflation has led us to downgrade our view on equities, and prepare for a new regime in which real assets could generally perform better than financial assets such as stocks and bonds.Fixed Income Investment Outlook
Investing Through Inflation and Growth Uncertainty
Recession seems unlikely this year—opening up opportunities in credit.Insights
Fixed Income Amid Inflation
What does the current inflationary environment mean for multi-sector fixed income portfolios?Video
Multi Sector Fixed Income Team Outlook
(7:13) Jaina Varsani and Ashok Bhatia discuss the fixed income outlook for 2022 and update on the positioning of our multi-sector fixed income funds.White Paper
Emerging Sovereigns and Sustainability
Global sustainability cannot be achieved without sustainability in the world’s poorer countries—so how can we address the challenges of sustainable investing in emerging markets sovereigns?Video
Solving for 2022: Brad Tank on Fixed Income
(7:30) As 2021 concludes, the leaders of our investment platforms got together to debate and identify the key themes that they think will guide investment decisions in 2022.Disruptive Forces in Investing Podcast
It’s Quitting Time: Exploring Labor Market Dynamics
(18:18) Known as “The Great Resignation” or “The Big Quit”, this phenomenon has been turning heads—but how long might this trend last? And what effects might we see going forward?Insights
Global Corporate Credit ESG Engagement Report
Environmental, social and governance (ESG) factors continue to impact the global credit markets. This year, our Credit Research and ESG Investing teams explored engagement issues labor relations, health and safety, climate change and long-term business strategy.Insights
Solving for 2022: Entering a New Age
Our senior investment leaders look to the coming year in the global economy and markets.Insights
El Salvador and Bitcoin
Establishing the cryptocurrency as legal tender is a risky move, but also carries some potential benefits.Insights
Public/Private Investing: Fixed Income at a Crossroads
Drawing on multiple fixed income asset classes can help investors navigate varied market environments.Insights
Evergrande Heads for Default
We believe systematic risk beyond the Chinese property market remains limited.Insights
EM Corporate High Yield 2021 Default Outlook – Midyear Review
We expect a marginal uptick in defaults from our original estimates, given rising China corporate default risk offset by an improving outlook for much of the emerging markets.Insights
Ten for 2021—Midyear Update
We check in on the key themes we anticipated from the economy and markets in 2021.Insights
Developing a Roadmap for ESG Performance
Neuberger Berman’s Engagement Series presents insights and case studies on our dialogue with companies, government entities and other securities issuers.Disruptive Forces in Investing Podcast
The Great Housing Diaspora of COVID-19
(19:35) As a result of mass deurbanization during the pandemic, the residential housing markets have seen unprecedented buyer activity over the last several months. But as buyer demand continues to saturate the market, where does that leave supply?Disruptive Forces in Investing Podcast
Public vs. Private Credit: Competitors or Allies?
(19:50) Over the course of more than a decade, private debt has been in high investor demand. But how does private debt come into play alongside public fixed income markets?Video
Non-IG News: An Update on the Cruise Industry
(6:41) In this video, our Senior Research Analyst, Adam Howaniec, provides an update on the Non-Investment Grade Cruise Industry.Insights
The State of BBBs: Here to Stay
A significant, if misunderstood, market segment continues to offer attractive investment opportunity.Disruptive Forces in Investing Podcast
Striving for a Net-Zero Investment Climate
(20:45) Climate change and achieving net-zero carbon emissions are at the forefront of global policy issues today, but how can investors make an impact when it comes to their portfolios?Insights
Senior Floating Rate Loans: Opportunity as Rates Rise
Where to find yield without duration when inflation expectations and nominal long rates are on the rise.Video
Non-IG News: Leisure & Entertainment Sector Update
(3:27) Non-IG Leisure and Entertainment Sectors UpdateDisruptive Forces in Investing Podcast
The Workhorse for 5G
(20:08) With society continuing to rapidly rely more and more on the Internet of Things, telecom companies have needed to find ways to stay competitive. But what makes that intriguing for investors?White Paper
Time to Get Strategic: Emerging Markets Debt as a Core Insurance Portfolio Allocation
We believe emerging markets debt warrants a strategic allocation by insurance companies—but while our own conversations indicate change is coming, holdings analysis suggests insurers are not yet taking advantage of the opportunity.Video
Non-IG News: Earnings Trends in Non-IG Credit
(3:47) During the early stages of the pandemic, most market participants and company managements were very concerned about the impact from mandated shutdowns and shelter-in-place orders on company revenues and bottom line results.Disruptive Forces in Investing Podcast
Solving for 2021: An Inside Look
(16:34) As 2020 comes to a close, we reflect on the volatile year we have had and look forward to the year ahead, as detailed in our annual investment outlook, Solving for 2021.Video
Municipal Market Views
(3:58) Jamie Iselin, Head of Municipal Fixed Income, discusses the effects of stimulus on the municipal bond markets and their behavior given the ongoing debate in Washington.Insights
China Credits: Default Outlook From an Onshore Perspective
Changing government policy could impact default levels in 2021.Insights
Thermal Coal: Aligning Policy With Emerging Reality
In seeking to curb client exposure to a key carbon source, our team’s thermal coal policy acknowledges distinct characteristics found within the emerging markets.Insights
Solving for 2021: The World After the Coronavirus
Our senior investment leaders look to the coming year in the global economy and markets.Insights
Investment Grade Credit: Corporate Decision-Making in the Post-COVID-19 Economy
Corporate fundamentals are recovering, but the path forward is divergent.Video
Non-IG News: Record High Yield New Issuance in a Pandemic?
(4:47) Despite the COVID-19 pandemic and a significant contraction in global GDP, the High Yield Market has seen record levels of new issuance in recent months.Insights
China Property: Recovery From the COVID-19 Lockdown
With recovery, home price growth and overheated land prices could attract policy intervention.Disruptive Forces in Investing Podcast
Great Expectations in Credit: Now What Comes Next?
(19:16) Despite volatility since March, the credit markets have in fact seen opportunities, as a result of the COVID-19 crisis. So now, what’s next for investors?Insights
Vulnerability to Default in Emerging Markets
While emerging markets sovereign defaults are at levels not seen since 2001 this year, rapid policy responses are helping to avoid the worst—furthermore, we believe the corporate default rate for 2020 could be lower than in 2009 or even 2016.Insights
Asian Credit Remains Firmly Investment Grade
Spread-widening in the Asian credit markets due to COVID-19 is understandable, but we believe it overstates downgrade and default risks, and represents an attractive value opportunity for long-term investors.White Paper
Corporate Credit in China: Beyond Domestic Ratings
Investors remain skeptical of domestic corporate credit rating agencies in China, but independent credit research can be used to categorize bonds in accordance with international credit-rating norms.Disruptive Forces in Investing Podcast
Thriving Amid Volatility: Perspectives on Asian Credit
(13:02) Despite volatility seen across global markets, the emerging markets across Asia have continued to thrive, both before and after the COVID-19 crisis. What is it about this region that has created these key opportunities?Insights
Spotlight on Sustainability: Evolving Engagement in ESG and Non-Investment Grade Credit
In February 2020, Neuberger Berman sat with high yield bond issuers to discuss ESG engagement in the Non-Investment Grade credit market.Insights
A Very Bond-Friendly Crisis
We believe the COVID-19 crisis and the response from governments and central banks creates an unusually favorable macro environment for credit.Insights
Neuberger Berman Fixed Income: Company Leadership during COVID-19
Assessing Company Leadership during COVID-19 with Active ESG EngagementInsights
The TALF 2.0 Opportunity in Asset Backed Securities
During the 2008 – 10 financial crisis, the Federal Reserve’s Term Asset Backed Securities Loan Facility (TALF) enabled double-digit returns from high-rated ABS. What are the prospects under TALF 2.0, part of the Fed’s COVID-19 response?White Paper
Navigating Volatility in Global Non-Investment Grade Credit Markets
High yield spreads and loan prices appear attractive for long-term investors, in our view.Insights
Four Things to Remember in a Market Downturn
Volatility, diversification and the merits of long-term investingInsights
Corporate Hybrid Bonds for Insurance Investors
To overcome the low-yield problem, European insurers are eager to identify assets that offer the right balance between quality and return.Insights
Update on Global Non-Investment Grade Credit Markets
We unpack the short-term and long-term, transitory and permanent impacts of recent news on the high yield and loan markets.Disruptive Forces in Investing Podcast
Will Fallen Angels Drive the Market? A Look into BBB Bonds
(17:17) With about half of the investment-grade credit market categorized as BBB, investors have been keeping an eye on volatility, but growth might still be the right outlook.Insights
Checking in on BBBs
Improved credit conditions are reflected in spreads, but volatility may create opportunities.Insights
Another Breakthrough Year for China Bonds
The market made it into global indices but also broke records for defaults in 2019 and is facing uncertainty from the coronavirus: we take stock for 2020.Disruptive Forces in Investing Podcast
CLOs and Late Cycle Credit Investing
(15:31) How should investors be thinking about the loan market as the bifurcation in credit continues?White Paper
The Solvency Sharpe Ratio: Strategic Asset Allocation for Insurers
New approaches to Strategic Asset Allocation for increasingly complex insurance balance sheets.Systematically Speaking
Fixed Expense Investing
Low and even negative yields have turned some fixed income investing into “fixed expense” investing—but there are still good reasons to hold negative-yielding bonds.Insights
Asia Bonds: Tactical Value for a Long-Term Opportunity
Asian debt exhibits robust fundamentals and bright long-term prospects, with attractive yields.Insights
Solving for 2020: "Fiscal Dysfunction" Unmasked
The heads of our investment platforms identified the key themes they anticipate will guide investment decisions in 2020.Disruptive Forces in Investing Podcast
Disruption Outlook: Negative Rates
(19:03) What are the investment implications of this unusual bond market environment?Insights
