Insights
CIO Weekly Perspectives
CLOs Go Mainstream
Rates are on their way down—so why are investors lining up for these floating-rate securities?CIO Weekly Perspectives
Municipal Fixed Income: Shelter From the Storm?
Technical factors and market volatility are creating a value opportunity in the U.S. municipal market.Insights
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
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?Fixed Income Investment Outlook
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.Asset Allocation Committee Outlook
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.CIO Weekly Perspectives
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.Insights
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
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.Insights
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.Insights
China Takes It Slow
The world may want higher growth, but Chinese policymakers are employing a balanced approach.Podcast
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
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.Insights
Deconstructing Opportunities in IG Credit
With narrow spreads and supportive fundamentals, watch for opportunities tied to value dislocations.White Paper
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.White Paper
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.CIO Weekly Perspectives
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
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
A Winding, Downward Path
While inflation remains a stubborn issue, the softening economy suggests that developed-market monetary easing could start sometime this year.Insights
Breadth and Balance
The economic outlook may have improved, but large parts of the credit and equity markets are fully valued.CIO Weekly Perspectives
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
Re-Emerging Markets
After two years of record-breaking outflows, is emerging markets debt due for a turnaround?CIO Weekly Perspectives
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
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
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
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
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
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
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
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?Podcast
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
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
Tighten Your Seatbelts
Shifting supply-and-demand dynamics appear to be driving bond markets more than fundamentals, which makes for a bumpy ride.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.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.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.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.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.CIO Weekly Perspectives
Schooling the Sovereigns
Bond markets appear to be disciplining policy inconsistencies, both within sovereigns and among them.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.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.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.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.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.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?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?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
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.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?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.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?Insights
The State of BBBs: Here to Stay
A significant, if misunderstood, market segment continues to offer attractive investment opportunity.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 UpdatePodcast
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.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
Investment Grade Credit: Corporate Decision-Making in the Post-COVID-19 Economy
Corporate fundamentals are recovering, but the path forward is divergent.Video
