Shenkman August 2019 Market Perspective Newsletter

Though equity investors initially cheered lower interest rates as bond investors lament a race to the bottom in yield, the mood has suddenly turned. For the first time in ten years, the Federal Reserve cut interest rates by 25 bps, reshaping the economic and investment landscape. On top of the Fed’s “insurance policy” against a … Continued

SHENKMAN CAPITAL | ESG Quarterly Newsletter – 2019 PRI Assessment, Private Prisons & Opioids

There has been a plethora of articles and reports about Environmental, Social, and Governance (ESG) investment issues, as well as on Socially Responsible Investing (SRI), during the last three months. Several key trending topics include issues on opioids and private prisons. Additionally, the Principles of Responsible Investing (PRI) released the results of their respondents’ annual … Continued

The U.S. Leveraged Loan Market: Risk or Rhetoric?

With recent media focus on the leveraged loan market, many misconceptions have surfaced surrounding the asset class.  Politicians and financial pundits have raised concerns over the size and growth of the loan market, covenants, and perceived similarities between CLOs and CDOs. Please click HERE to read more.

Shenkman – Market Perspective Letter – July 2019

The bruising trade battle with China over economic, military, and technological supremacy could play out over many years with far-reaching implications. One of the most notable developments is the use of currency as a tool of foreign policy. The ubiquity of the U.S. dollar has played a major role in global commerce. Though China has … Continued

SHENKMAN CAPITAL: CLO Market Update – May 2019

New issue CLO volume was $10.0bn in May, a substantial decrease from April’s multi-year record $15.7bn. Refi and reset volume came in at $2.0bn and $1.4bn, respectively, continuing at a much slower pace than in the same period 2018. The slowdown in new issues this month (and in the near term) was expected for a … Continued