Bad Habits Return to the High Yield Market
December 14, 2021 — High yield investors that had hoped for management teams to maintain balance sheet discipline are likely to be disappointed as we enter a new year. Starting in mid-2022, the prospectuses of new high yield bond issues have started to mention vaguely familiar phrases, such as acquisition financing, leveraged buyout (LBO), and share repurchases. While equity investors in the underlying issuers might have cheered these shareholder-friendly actions, bond investors should take caution.
Featured Insights
Fixed Income
2022 Fixed Income Outlook: What Follows the Great Repricing?
December 13, 2021 -- Read Sage's 2022 Fixed Income Outlook Q&A with Thomas Urano, Managing Partner, Portfolio Management.
Fixed Income
Fixed Income Perspectives — December 2021
December 13, 2021 -- This presentation provides insight into our fixed income outlook and illustrates how Sage is positioned in the current environment.
Fixed Income
No, 60/40 is Not Dead
December 1, 2021 -- A recent trend in commentaries has had some disturbing elements, including suggestions that a traditional 60/40 portfolio no longer . . .