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Corporate Credits

Santa’s Sleigh May Be a Little Light This Year – Our Analysis of the Most Important Drivers

Hoverboards and Michael Jordan shoes. I can’t get through a conversation with my kids without one or both of these […]

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November 19, 2015 | Categories: Corporate Credits, Home Page - Thought Leadership Article, Industry Insight, sidebar: featured publication A

The End of the Credit Cycle? – AAM Corporate Credit View (Fall 2015)

Volatility remained high in all markets with investment grade credit spreads widening 23 basis points (bps) versus Treasuries in the […]

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October 12, 2015 | Categories: Corporate Credits, Home Page - Thought Leadership Article, Industry Insight, sidebar: featured publication A

The Perfect Storm? Fixed Income Portfolio Management in a Reduced Liquidity Environment

Since the extreme disruption of the global financial crisis in 2008 the world and the U.S. have experienced a deep […]

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September 28, 2015 | Categories: Corporate Credits, Home Page - Thought Leadership Article, Industry Insight, sidebar: featured publication A

Fallen Angels Expected to Increase: Corporate Market Outlook – AAM Corporate Credit View (Summer 2015)

Volatility increased this quarter with investment grade credit spreads widening 16 basis points versus Treasuries in the second quarter. The […]

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July 22, 2015 | Categories: Corporate Credits, Home Page - Thought Leadership Article, Industry Insight, sidebar: featured publication A

Illinois Pension Ruled “Untouchable” by Court, Prepare for More Downgrades

Illinois faces an increased risk of credit rating downgrades after the 2013 pension overhaul was struck down by the Illinois […]

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May 13, 2015 | Categories: Corporate Credits, Hide "view original document", Home Page - Thought Leadership Article

The Top Five Issues That Will Affect Corporate Credit Spreads Today – AAM Corporate Credit View (Spring 2015)

Investment grade corporate bond spreads tightened 2 basis points (bps) this quarter, driven largely by the Energy sector (8 bps […]

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April 22, 2015 | Categories: Corporate Credits, Home Page - Thought Leadership Article, Industry Insight, sidebar: featured publication A

Another Day…Another Pharmaceutical Acquisition: Teva and Mylan

A couple of weeks ago Teva held a call to announce the company’s acquisition of Auspex for about $3 billion. […]

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April 21, 2015 | Categories: Corporate Credits, Industry Insight

Adios GECC!

Big Changes Announced This Morning by General Electric & Co. (GE) Today. The company announced this morning that it will […]

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April 10, 2015 | Categories: Corporate Credits, Hide "view original document", Home Page - Thought Leadership Article, Industry Insight

A Detailed Analysis Into the Fundamental Factors Affecting Crude Oil Prices

Excess returns of the energy sector have significantly lagged the investment grade corporate market in 2014 due to the unexpected […]

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December 2, 2014 | Categories: Corporate Credits, Home Page - Thought Leadership Article, Industry Insight

Improved Consumer Confidence Bodes Well for Strong Holiday Retail Sales

A brief snowfall on Halloween in Chicago quickly reminded us that the holidays are fast approaching. Pumpkin candy buckets and […]

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November 26, 2014 | Categories: Corporate Credits, Industry Insight

Investment Grade Corporate Credit Remains Resilient Despite Heightened Volatility – AAM Corporate Credit View (Fall 2014)

Market volatility has increased, and although investment grade corporate bonds outperformed riskier asset classes such as high yield (-1.9%) during […]

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October 15, 2014 | Categories: Corporate Credits, Home Page - Thought Leadership Article, Industry Insight

Energy Companies Can Withstand the Instability in Russia

The latest sanctions against Russia are just the most recent bout of volatility that energy companies have had to manage […]

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August 5, 2014 | Categories: Corporate Credits, Home Page - Thought Leadership Article, Industry Insight, sidebar: featured publication A

Be Defensive, Not Bearish – AAM Corporate Credit View (Summer 2014)

Corporate credit spreads tightened 7 basis points (bps) in the second quarter, supported by dovish comments from the Federal Open […]

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July 11, 2014 | Categories: Corporate Credits, Home Page - Thought Leadership Article, Industry Insight

The Paradigm Demographic Shift and Influence of Hispanics and Millennials

When contemplating an investment, it is important to step back and look at the big picture. Baby Boomers, Generation X’ers, […]

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June 25, 2014 | Categories: Corporate Credits, Industry Insight

Credit Market Stays Healthy Through Tough Winter – AAM Corporate Credit (Spring 2014)

The Investment Grade Corporate market generated solid performance in the first quarter 2014, with spreads tightening and Treasury yields falling, […]

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April 17, 2014 | Categories: Corporate Credits, Home Page - Thought Leadership Article, Industry Insight

Cautious Consumers Likely to Dampen Retail Holiday Sales

Another year is behind us and we find ourselves in the midst of the holiday shopping season. Holiday merchandise seems […]

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November 26, 2013 | Categories: Corporate Credits, Industry Insight

AAM Corporate Credit View (October 2013)

In the third quarter of 2013, investment grade corporate bond spreads staged a nice comeback with significant tightening starting at […]

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October 17, 2013 | Categories: Corporate Credits, Industry Insight

The Case for REITS in an Insurance Portfolio

AAM has established an overweight to REIT (Real Estate Investment Trust) debt over the past three years. This position reflects […]

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October 1, 2013 | Categories: Corporate Credits, Industry Insight

Is $100 Billion Opportunity in Oil Service Sector Future?

President Enrique Pena Nieto of Mexico hopes to attract private companies to Mexican oilfields for the first time since 1938. […]

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September 20, 2013 | Categories: Corporate Credits, Industry Insight

AAM Corporate Credit View (Second Quarter 2013)

Investment grade corporate spreads tightened from 141 basis points (bps) at year-end 2012 to 130 bps in mid-May, as investors […]

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July 11, 2013 | Categories: Corporate Credits, Industry Insight

The Railroad Industry Hits a Gusher

The relationship between the oil and rail industries goes back over 100 years to the days of the Standard Oil […]

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May 31, 2013 | Categories: Corporate Credits, Industry Insight

AAM Corporate Credit View (April 2013)

The Investment Grade Corporate market started the year well, as spreads tightened 8 basis points (bps) in response to fiscal […]

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April 12, 2013 | Categories: Corporate Credits, Industry Insight

Bail-In or Bail-Out? New Risks on the Horizon for the Banking Sector

The US banking sector is currently characterized by good credit fundamentals and supportive technicals. A key risk offsetting this credit […]

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April 9, 2013 | Categories: Corporate Credits, Industry Insight

Navigating the Activist Waters in the Energy Space

Navigating the energy sector has been a difficult exercise in the first two months of 2013 due to activist investors. […]

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February 28, 2013 | Categories: Corporate Credits, Industry Insight

Crude Oil Pipeline Build Out More Than Just Keystone XL

North American crude oil production growth from new regions requires new infrastructure Keystone XL is the largest project; Flanagan South […]

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November 29, 2012 | Categories: Corporate Credits, Industry Insight

2012 Holiday Retail Sales Forecast: Naughty or Nice?

Thanksgiving is here and Christmas is right around the corner. This is a very important time of year for the […]

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November 20, 2012 | Categories: Corporate Credits, Industry Insight

Strong Performance From Investment Grade Corporates – AAM Corporate Credit View (October/November 2012)

Strong Performance from Investment Grade Corporates  QE3 has Increased Demand for Investment Grade Corporates Company Earnings and Outlooks have been […]

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November 6, 2012 | Categories: Corporate Credits, Industry Insight

Back to Work – AAM Corporate Credit View (September 2012)

Back to Work Corporate Bond Markets Outperformed Treasuries in August European Headlines Will be Plentiful, Leading to Higher Volatility Stimulus […]

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September 7, 2012 | Categories: Corporate Credits, Industry Insight

Keeping It Simple – AAM Corporate Credit View (August 2012)

Keeping It Simple Corporate Bond Market Outperformed Treasuries in July Near Term Outlook Uncertain with Politics in the U.S. and […]

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August 10, 2012 | Categories: Corporate Credits, Industry Insight

Focus Will Be on the U.S. in the Second Half of 2012 – AAM Corporate Credit View (July 2012)

Volatility has Increased in the Corporate Bond Market But is Lower than 2011 Expect a Lackluster Earnings Season Company Fundamentals […]

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July 17, 2012 | Categories: Corporate Credits, Industry Insight

Plans for Significant Domestic Liquefied Natural Gas (LNG) Exports Likely to Chill Out

In the past decade, the domestic natural gas market has gone from a potential shortage to having nearly a centuries’ […]

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July 17, 2012 | Categories: Corporate Credits, Industry Insight

A Negative Rating Forecast Adds to Pressure on Yield Starved Life Insurance Companies – AAM Corporate Credit View (May 2012)

Investment Grade Corporate Bond Spreads Increase Spreads have widened to reflect the increased volatility and credit risk associated with the […]

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May 30, 2012 | Categories: Corporate Credits, Industry Insight

Railroading Into the Future

Introduction In 1827, the Baltimore and Ohio (B&O) Rail Road Company, now part of CSX Corporation, was capitalized with just […]

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May 9, 2012 | Categories: Corporate Credits, Industry Insight

Is This Time Different? – AAM Corporate Credit View (April 2012)

After Strong Performance in the First Quarter, Corporate Bond Spreads are Widening in April Due to European and U.S. Growth […]

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April 20, 2012 | Categories: Corporate Credits, Industry Insight

The Pain in Spain Falls Mainly on the…

Spain is in the headlines again due to rising capital markets concerns about the country’s fiscal sustainability and the soundness […]

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April 18, 2012 | Categories: Corporate Credits, Industry Insight

Strong Start to the Year – AAM Corporate Credit View (March 2012)

The Positive Role of the LTRO Risk assets have rallied in 2012, fueled by European Central Bank (ECB) stimulus via […]

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March 8, 2012 | Categories: Corporate Credits, Industry Insight

2012 Outlook – AAM Corporate Credit View (January 2012)

Overview Performance in 2011 departed from our outlook of positive excess returns largely due to the heightened systemic risk emanating […]

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January 26, 2012 | Categories: Corporate Credits, Industry Insight

Is European Central Bank Monetization the Answer? – AAM Corporate Credit View (December 2011)

Corporate Bonds Underperformed Again in November It did not take investors long to turn cynical, selling risk assets once again […]

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December 13, 2011 | Categories: Corporate Credits, Industry Insight

Will It Be a “Merry Christmas” or “Bah Humbug” for U.S. Retailers This Year?

With Thanksgiving approaching, we thought it prudent to release our outlook for holiday retail sales. This is an especially important […]

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November 18, 2011 | Categories: Corporate Credits, Industry Insight

Sovereign Risk Decreased But Not Diminished – AAM Corporate Credit View (November 2011)

Results were Favorable for Corporate Bonds in October After months of debate, European leaders finalized their plan, and investors didn’t […]

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November 9, 2011 | Categories: Corporate Credits, Industry Insight

Private Label (Generic) vs. Branded Products: Differences Aren’t Black and White Anymore

Today’s private label products are far superior to those black and white labeled generic products familiar from the 1970’s. Private […]

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October 26, 2011 | Categories: Corporate Credits, Industry Insight

Where to Invest in a Low Yield Environment – AAM Corporate Credit View (October 2011)

The late rally in September for both equities and Corporate bond spreads was not sufficient to exit the month in […]

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October 3, 2011 | Categories: Corporate Credits, Industry Insight

New Regulations and Volatile Market Provide Opportunities in Electric Utilities

There are two items which we expect to drive the performance of bonds issued by electric utilities in the next […]

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September 30, 2011 | Categories: Corporate Credits, Industry Insight

Political Risk is Rising – AAM Corporate Credit View (September 2011)

What an ugly month! The Barclays Corporate Index posted -333 basis points (bps) of excess return in August, wiping out […]

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September 9, 2011 | Categories: Corporate Credits, Industry Insight

Leadership – AAM Corporate Credit View (August 2011)

The Corporate credit market turned up in July, posting 33 basis points (bps) of excess return per the Barclays Corporate […]

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August 9, 2011 | Categories: Corporate Credits, Industry Insight

Mid-Year Review and Outlook – AAM Corporate Credit View (July 2011)

Investment grade corporate bond spreads widened again last month, producing -35 basis points (bps) of excess return, as the OAS […]

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July 18, 2011 | Categories: Corporate Credits, Industry Insight

Credit Developments in the UK Bank Sector

During the 2007/2008 financial crisis, the United Kingdom (UK) government was forced to take material ownership stakes in the Royal […]

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July 13, 2011 | Categories: Corporate Credits, Industry Insight

How Important Are The Autos? – AAM Corporate Credit View (June 2011)

Investment grade corporate bond spreads widened last month, producing -39 basis points (bps) of excess return, as the OAS of […]

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June 9, 2011 | Categories: Corporate Credits, Industry Insight

A Tale of Two Retailers

A Tale of Two Retailers   In this thought leadership piece, we analyze the home improvement sector of the retail industry. […]

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June 6, 2011 | Categories: Corporate Credits, Industry Insight

More Buyers than Sellers – Is it Really that Simple? – AAM Corporate Credit View (May 2011)

There was a strong bid for Corporate bonds last month, as evidenced by the 42 basis points (bps) of excess […]

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May 4, 2011 | Categories: Corporate Credits, Industry Insight

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Santa’s Sleigh May Be a Little Light This Year – Our Analysis of the Most Important Drivers

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2014 Investment Accounting Changes Every Insurance Investment Officer Needs to Know

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