Research
- The Evolving Risk / Reward Landscape
Derrick Wulf, CFA, October 2007
An evaluation of the similarities and differences between the credit crisis of 1998 and 2007
- Historical Bond Market Returns (1997 - 2007)
Dwight Asset Management Company, December 2007
A ranking of annual returns of Lehman Brothers Indices over the last ten years
- Evaluating/Considering/Understanding Subprime Exposure
Peter Milne and David Kilborn, CFA, July 2007
An assessment of recent subprime market issues, including factors such as the capital structure, the tenor of the underlying collateral, and other important considerations
- The New Face of Leverage in the Financial System
Derrick Wulf, CFA, April 2007
An analysis of the use of leverage through new financial products and associated risks
- Why Use ABS in Investment-Grade Fixed Income Portfolios?
Janet Braggs, CFA, December 2006
A case for asset-backed securities as an effective asset class in fixed-income portfolios as a potential for providing an attractive alternative source of high-quality, risk-adjusted returns with several other attractive features, including competitive returns with low risk and increased liquidity and diversity
- The Importance of Credit Analysis in Today's Corporate Landscape
Scott McIntyre, CFA, October 2006
A discussion about the importance of credit analysis in an environment of historically tight yield spreads, heightened event risk, and the entrance of additional financial players such as hedge funds
- Clouds in the Crystal Ball: Has the Yield Curve Lost Its Predictive Power?
Jane Caron, CFA and Derrick Wulf, CFA, April 2006
A discussion of how in this current cycle, the flattening of the yield curve has occurred for atypical reasons, which makes historical comparisons tenuous
- Timing is Everything: Protecting Non-Agency Mortgage-Backed Securities From Declines in the Housing Market
Janet Braggs, CFA, July 2005
A review of certain considerations, including location, underwriting standards, servicing, portfolio strategies, and loss coverage protection analysis
- Corporate Bonds: The First Spread Product
Frederick Meltzer, Ph.D., April 2005
A history of the corporate bond market
- An Intermediate Strategy Can be Effective in a Rising Interest Rate Environment
Jane Caron, CFA and David Rossouw, CFA, February 2005
Makes the case for intermediate strategies that offer the upside of the Lehman Aggregate with less downside in a rising interest rate environment
- CMBS: Its Place in a Diversified Bond Portfolio
Derrick Wulf, CFA, October 2004
A history of the CMBS bond market
Liability Driven Investing (LDI)
- Asset-Backed Securities (PDF)
Asset-backed securities (ABS) are bonds or notes collateralized by the cash flows from a specified pool of underlying assets.
- Corporate Bond Market (PDF)
Corporate bonds (or "corporates") comprise a category of fixed income securities issued by private and public corporations.
- High-Yield Bond Market (PDF)
The high-yield or "below investment-grade" segment of the bond market is comprised of all securities rated BB or lower by Standard & Poor's (S&P), and Ba or lower by Moody's Investors Service (Moody's).
- Interest Rate Swaps (PDF)
Interest rate swaps are agreements between two parties to exchange or "swap" cash flow streams.
- Mortgage-Backed Securities (PDF)
Mortgage-backed securities (MBS) are bonds backed by a pool of personal loans used to finance the purchase of homes or other real estate.
- Municipal Bond Market (PDF)
Municipal bonds (or "munis") are fixed income securities issued by state and local governments.
Copyright 2007 Dwight Asset Management Company
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