Insights

Disruptive Forces in Investing | May 07, 2025

The High Yield Playbook: Positions and Possibilities

(17:35) Explore how wider spreads, tariff impacts, and sector-specific trends are reshaping the high yield market.

CIO Weekly Perspectives | April 27, 2025

Default Not in Our Stars

We don’t think tariffs will cause a major spike in high-yield and loan defaults, and that means current spreads and yields look attractive.

CIO Weekly Perspectives | April 20, 2025

Buried Treasuries

Why U.S. government bonds had a scare, what calmed them down, and what all that suggests for the next few months.

Fixed Income Investment Outlook | April 15, 2025

Riding Out the Storm

Announced tariffs could have long-term implications, but are already creating windows of opportunity across the fixed income markets.

Article | April 10, 2025

High Yield’s Eye-Catching Spreads

We believe a yield advantage and improved credit quality make U.S. high yield worth a look.

Article | April 04, 2025

Trump’s Tariffs: The Impact on Fixed Income

New tariffs could hamper U.S. economic growth and change market dynamics for the long term.

CIO Weekly Perspectives | March 30, 2025

It’s ‘Show Me’ Time

Seventy days into the new U.S. administration, we are beginning to accrue enough hard data to correct or confirm the pessimism of recent soft data.

Article | March 27, 2025

German Infrastructure: Catalyst for European High Yield?

We believe the new German government’s infrastructure plans have the potential to materially benefit the European high yield market.

White Paper | March 20, 2025

Corporate Hybrids: What Are They?

A short introduction to a unique and fast-growing asset class.

Article | March 11, 2025

The M&A Resurgence: Finding Opportunities in Fixed Income

After years of limited activity, companies are looking for a chance to accelerate M&A, but the new administration and its policies will likely set the tone for dealmaking.

Article | March 07, 2025

Going Global in Investment Grade Credit

Investment grade credit yields are attractive even though spreads are tight, and a global approach can add another layer of opportunity.

CIO Weekly Perspectives | March 04, 2025

Germany’s Game-Changing Election

The country’s politics are getting a boost of uncharacteristic urgency from coming Chancellor Friedrich Merz, with even the constitutional “debt brake” up for grabs.

White Paper | March 03, 2025

Local-Currency Frontier Bonds: EMD’s New Horizon

High yields, surprisingly low volatility and strong diversification benefits are attracting investor interest.

Article | February 25, 2025

Ratings Renaissance in Emerging Market Corporates

In a dynamic environment, we believe emerging market corporate credit ratings should show continued improvement.

Article | February 13, 2025

Emerging Markets: Low Corporate Defaults Spell Potential Opportunity

Investors appear to be underestimating credit prospects in a generally moderate economic climate.

White Paper | February 10, 2025

Corporate Hybrids Arbitrage: Trading the Ebbs and Flows of Extension Risk

Is there structural mispricing in Corporate Hybrids?

Article | February 07, 2025

Local Currency Bonds: The Next Frontier

Frontier markets are well represented in investors’ allocation to USD markets but not so much in local currencies. This may be changing given growing interest in its strong performance and benchmark providers creating more transparency.

CIO Weekly Perspectives | February 03, 2025

A More Commodious Curve

By fundamentally changing incentives, a normalizing yield curve makes the bond market much more friendly to investors.

Article | January 27, 2025

Fixed Income: Be Prepared for Policy-Driven Volatility

In the wake of electoral shifts, policy changes could add to market turbulence, creating new risks but also opportunities.

White Paper | January 21, 2025

Corporate Hybrids Take the World Stage—Revisited

The U.S. corporate hybrid market emerged as a competitor to Europe’s in 2024, creating alpha opportunities for global investors like Neuberger Berman.

Fixed Income Investment Outlook | January 15, 2025

Navigating New Fiscal Forces

Monetary policy is giving way to fiscal dynamics in driving market behavior.

CIO Weekly Perspectives | January 06, 2025

The Year Ahead for Bond Markets

Why we think 2025 presents a favorable backdrop for fixed income investors, despite the potential for rising volatility.

CIO Weekly Perspectives | November 24, 2024

The Dollar and the Euro: On a Path to Parity?

Why we think it could take longer than expected, with better entry points still to come.

Disruptive Forces in Investing | November 14, 2024

Disruptive Forces Election Special: Trump's Cabinet

(25:36) Join Anu Rajakumar and Brad Tank as they explore the anticipated differences, potential impacts, and policy directions of Trump 2.0.

NB Blog | November 07, 2024

Assessing Trump 2.0

What does the U.S. election mean for growth, inflation, Fed policy and interest rates?

NB Blog | November 04, 2024

Subdued Tone at the IMF

Uncertainties around trade make for a somber economic summit, even as multilaterals could soften the potential blows.

CIO Weekly Perspectives | October 27, 2024

Beware of Buying the Dip in Bonds

Government bonds have sold off rapidly; here’s why we don’t think it’s time to buy back in.

Fixed Income Investment Outlook | October 11, 2024

Treading Carefully Downhill

Fixed income investors are welcoming rate cuts, but caution on duration and selectivity on credit remains important.

CIO Weekly Perspectives | October 01, 2024

CLOs Go Mainstream

Rates are on their way down—so why are investors lining up for these floating-rate securities?

CIO Weekly Perspectives | August 25, 2024

Municipal Fixed Income: Shelter From the Storm?

Technical factors and market volatility are creating a value opportunity in the U.S. municipal market.

Article | August 01, 2024

Corporate Hybrid Issuers Adopt a 30-Year Maturity Standard

A growing trend for issuing corporate hybrids with shorter contractual maturities is further reducing aspects of risk in the asset class.

CIO Weekly Perspectives | July 28, 2024

A Soft Landing Is Still a Landing

What do slowing growth, lower inflation, tight credit spreads and a steepening yield curve mean for our fixed income views for the rest of the year?

Asset Allocation Committee Outlook | July 16, 2024

Policy and Politics

The first-quarter inflation bump is behind us, but we believe the risks of monetary policy errors and electoral surprises have risen.

Fixed Income Investment Outlook | July 16, 2024

Widening Differences, New Opportunities

Monetary changes and economic stresses are starting to drive diverging fundamentals across fixed income markets, reinforcing the value of security selection.

CIO Weekly Perspectives | June 30, 2024

Higher for Longer: The CIOs’ Weigh In

While this year’s inflation and rates environment has disappointed many, we see it as a bump in the road that has created opportunity in several markets.

Article | June 28, 2024

ESG Momentum in Non-Investment Grade Credit

Issuers are facing an increasingly high bar in relation to environmental, social and governance standards. Our recent panel discussion provided ideas on setting goals and working toward achieving them.

CIO Weekly Perspectives | June 16, 2024

Un Pas à Droite?

Midway through a record-breaking year for elections, we have just been given another—and it is potentially among the most important.

Article | June 07, 2024

Are U.S. and European Bonds About to Break Ranks?

The two markets have marched in lockstep for several months, setting up the potential for attractive relative-value and dispersion trades.

Article | June 05, 2024

China Takes It Slow

The world may want higher growth, but Chinese policymakers are employing a balanced approach.

Disruptive Forces in Investing | June 05, 2024

Consumer Dynamics Amid the Credit Crunch

(22:53) How are current consumers and companies alike navigating the current, seemingly uneasy, economic environment as it relates to credit markets?

CIO Weekly Perspectives | May 26, 2024

Re-Rating Financials

A year after the mini-banking crisis, we see the normalizing interest rate and yield backdrop generating tailwinds behind the Financials sector.

Article | May 21, 2024

Deconstructing Opportunities in IG Credit

With narrow spreads and supportive fundamentals, watch for opportunities tied to value dislocations.

White Paper | May 08, 2024

Corporate Hybrids Take the World Stage

Why a predominantly European asset class is now growing in the U.S., creating new opportunities for seasoned investors.

White Paper | May 08, 2024

De-Siloing Your Fixed Income Portfolio

The potential benefits of multi-asset over siloed fixed income management, and why we think asset allocation should be a bottom-up as much as a top-down process.

CIO Weekly Perspectives | April 28, 2024

An Ocean of Difference

‘Copy and paste’ your U.S. inflation outlook onto Europe and you may miss the opportunity in core European bonds.

Asset Allocation Committee Outlook | April 17, 2024

Breadth and Balance

The economic outlook may have improved, but we believe large parts of the credit and equity markets are fully valued.

Fixed Income Investment Outlook | April 09, 2024

A Winding, Downward Path

While inflation remains a stubborn issue, the softening economy suggests that developed-market monetary easing could start sometime this year.

Article | April 08, 2024

Breadth and Balance

The economic outlook may have improved, but large parts of the credit and equity markets are fully valued.

CIO Weekly Perspectives | April 01, 2024

Time for the Yen to Blossom?

Strong forces still weigh on Japan’s currency, but its long, cold winter may be coming to an end.

CIO Weekly Perspectives | March 18, 2024

Re-Emerging Markets

After two years of record-breaking outflows, is emerging markets debt due for a turnaround?

CIO Weekly Perspectives | March 04, 2024

The Credit Opportunity in M&A

In an environment of tight spreads and low volatility, we believe the reemergence of mergers and acquisitions can be a source of idiosyncratic alpha in credit markets.

CIO Weekly Perspectives | February 12, 2024

Added Value in ABS

Corporate credit offers tight spreads and a broad consensus—might the complex crosscurrents of securitized products be more interesting?

CIO Weekly Perspectives | January 14, 2024

The Destination, Not the Journey

Interest rate expectations are volatile right now, but focus on the fact that almost everyone agrees rates have peaked and their next move is down.

Asset Allocation Committee Outlook | January 11, 2024

Flows and Fundamentals

With cash rates priced to decline substantially, we think it is time to deploy liquidity, locking in bond yields and seeking out value in the equity market.

White Paper | November 28, 2023

European High Yield: A Clear Case for Active Management

Passive European high-yield strategies may not be as cheap as they appear, and may pose more risk than you think.

Video | November 23, 2023

The Inside Track - Public and Private Markets Outlook; Episode 3: The Credit Continuum

(08:27) In this short video, experts from our public and private markets teams share their outlook on credit markets.

CIO Weekly Perspectives | November 20, 2023

The Mortgage-Backed Moment

Securitized credit, and especially mortgage-backed securities, can be an attractive source of income while waiting for volatile bond markets to settle.

CIO Weekly Perspectives | October 22, 2023

The Global Challenges for the Next Generation

The Annual IMF Meetings in Marrakech raised an interesting question: Is the whole world a developing economy now—and can it pay for that development?

Disruptive Forces in Investing | October 17, 2023

A Force to Be Reckoned With

(22:41) As we mark our 100th episode, we explore the disruptions facing our industry at large.

Asset Allocation Committee Outlook | October 11, 2023

Higher for Longer, Longer the Stronger

“Savings depletion and weakness among small-cap and regional bank stocks suggest that the U.S. economy may not be as strong as it seems.”

CIO Weekly Perspectives | October 08, 2023

Tighten Your Seatbelts

Shifting supply-and-demand dynamics appear to be driving bond markets more than fundamentals, which makes for a bumpy ride.

Article | September 21, 2023

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 | September 18, 2023

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 | September 03, 2023

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 | July 30, 2023

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.

Article | July 24, 2023

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 | July 17, 2023

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 | July 11, 2023

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 | July 02, 2023

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.

Article | June 30, 2023

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 | June 28, 2023

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 | June 16, 2023

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 | June 06, 2023

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 | April 17, 2023

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 | April 12, 2023

A Sharp Turn

Risk/reward for many fixed income sectors has been shifting.

Article | February 15, 2023

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 | February 12, 2023

The More Things Change

Has recent strong data changed the fundamental economic and market outlook, or just the timeline?

CIO Weekly Perspectives | January 15, 2023

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 | January 11, 2023

Reducing Altitude

As inflation recedes, focus on quality and security selection.

CIO Weekly Perspectives | January 01, 2023

Outlook 2023

The leaders of our investment platforms welcome the New Year with their views for 2023.

Disruptive Forces in Investing | December 21, 2022

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.

Article | November 30, 2022

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.

Article | November 29, 2022

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 | November 20, 2022

Shooting Down the Hawks

As the U.S. Federal Reserve’s messaging gets blurrier, markets are focusing on the data.

CIO Weekly Perspectives | October 16, 2022

Schooling the Sovereigns

Bond markets appear to be disciplining policy inconsistencies, both within sovereigns and among them.

Disruptive Forces in Investing | October 11, 2022

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 | October 07, 2022

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 | September 25, 2022

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 | August 28, 2022

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 | August 17, 2022

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 | July 24, 2022

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.

CIO Weekly Perspectives | July 03, 2022

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?

Article | June 01, 2022

Smoothing Long-Term ESG Transition

Our Non-Investment Grade Credit team explores key issues and trends facing issuers.

Disruptive Forces in Investing | May 03, 2022

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?

Article | April 29, 2022

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.

White Paper | April 19, 2022

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.

Article | April 13, 2022

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.

Article | April 13, 2022

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 | April 12, 2022

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?

Insights

FILTERS

The High Yield Playbook: Positions and Possibilities

Default Not in Our Stars

Buried Treasuries

Riding Out the Storm

High Yield’s Eye-Catching Spreads

Trump’s Tariffs: The Impact on Fixed Income

It’s ‘Show Me’ Time

German Infrastructure: Catalyst for European High Yield?

Corporate Hybrids: What Are They?

The M&A Resurgence: Finding Opportunities in Fixed Income

Going Global in Investment Grade Credit

Germany’s Game-Changing Election

Local-Currency Frontier Bonds: EMD’s New Horizon

Ratings Renaissance in Emerging Market Corporates

Emerging Markets: Low Corporate Defaults Spell Potential Opportunity

Corporate Hybrids Arbitrage: Trading the Ebbs and Flows of Extension Risk

Local Currency Bonds: The Next Frontier

A More Commodious Curve

Fixed Income: Be Prepared for Policy-Driven Volatility

Corporate Hybrids Take the World Stage—Revisited

Navigating New Fiscal Forces

The Year Ahead for Bond Markets

The Dollar and the Euro: On a Path to Parity?

Disruptive Forces Election Special: Trump's Cabinet

Assessing Trump 2.0

Subdued Tone at the IMF

Beware of Buying the Dip in Bonds

Treading Carefully Downhill

CLOs Go Mainstream

Municipal Fixed Income: Shelter From the Storm?

Corporate Hybrid Issuers Adopt a 30-Year Maturity Standard

A Soft Landing Is Still a Landing

Policy and Politics

Widening Differences, New Opportunities

Higher for Longer: The CIOs’ Weigh In

ESG Momentum in Non-Investment Grade Credit

Un Pas à Droite?

Are U.S. and European Bonds About to Break Ranks?

China Takes It Slow

Consumer Dynamics Amid the Credit Crunch

Re-Rating Financials

Deconstructing Opportunities in IG Credit

Corporate Hybrids Take the World Stage

De-Siloing Your Fixed Income Portfolio

An Ocean of Difference

Breadth and Balance

A Winding, Downward Path

Breadth and Balance

Time for the Yen to Blossom?

Re-Emerging Markets

The Credit Opportunity in M&A

Added Value in ABS

The Destination, Not the Journey

Flows and Fundamentals

European High Yield: A Clear Case for Active Management

The Inside Track - Public and Private Markets Outlook; Episode 3: The Credit Continuum

The Mortgage-Backed Moment

The Global Challenges for the Next Generation

A Force to Be Reckoned With

Higher for Longer, Longer the Stronger

Tighten Your Seatbelts

2023 Global Corporate Credit ESG Engagement Report

Bonds and Beyond in Today’s Fixed Income Markets

Navigating by Flashes of Lightning

What if Everything’s Going to Be OK?

Ten for 2023—Midyear Update

Engine Running, Shifting to Neutral

Emerging Opportunities in Emerging Markets Debt

The View From the Peak

Navigating the Evolving ESG Landscape

Last Mile for Tightening

How to Get the Most From Private Placement Debt

Finding the Silver Lining in Commercial Real Estate

Are Agency Mortgages a Home Run?

A Sharp Turn

Non-Investment Grade Defaults: Up From the Lows, but Contained

The More Things Change

A Peak That Persists