US Bonds

Higher quality Corporate bonds should be able to weather the rate hike quite well.

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After the big supply last month, we believe there is more room for spreads to narrow.

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The reflation theme got an extra kick after the election. Companies with stronger credit profiles continued to benefit from tighter credit spreads.

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Regardless of whether the reflation theme continues, high quality spread products should continue to do well.

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Although the spread cushion is thinner than it was a couple years ago, these bonds still offer the attractive combination of quality and spread.

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There is still room for spreads to compress. We maintain our Favorable view of US Investment Grade Corporates.

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The demand for safe spreads remains strong and we maintain our Favorable view on these bonds.

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The demand for safe spreads is here to stay and we maintain our Favorable view on these bonds.

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The demand for safe spreads is still strong and we maintain our Favorable view on these bonds.

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More spread compression is likely ahead.

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Given more attractive valuations, we tactically upgraded investment grade Corporates to Favorable.

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We maintain Neutral in light of persistent high volatility.

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We are downgrading U.S. Investment Grade bonds to Neutral in light of the risk-off environment.

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We believe higher quality Corporate bonds should be able to weather the higher volatility expected from a rate hike and oil sell-off. Maintain Favorable.

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We think higher Quality Corporate bonds offer a better reward/risk profile now.

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Despite more attractive value now, we expect volatility and near term headwinds to persist.

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Issuance surged in recent weeks as companies rushed to lock in low rates before expected rate hikes.

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The fundamental backdrop remains favorable for high grade credits.

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Although the fundamental picture remains healthy for most U.S. High Yield issuers and defaults are expected to be low, the reversal of a crowded trade could lead to further substantial losses on these bonds.

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We believe the sell-off in Munis is overdone in the short-term and these bonds look attractive relative to Treasuries. But in the medium-term the tapering risk will linger; this is a big negative for long maturity credits like Munis.

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