This document is intended for institutional investors and is not subject to all of the independence and disclosure standards applicable to debt research reports prepared for retail investors.
Join Amherst Pierpont strategists in a series of important calls looking at the unexpected risks and opportunities across markets.
Outlook 2022: Emerging markets
Thursday, December 9, 11a ET
Latin America should continue to transition next year in the aftermath of Covid as many countries enter either a more difficult phase of their International Monetary Fund program or an election cycle. Despite economic recovery, there is recession fatigue after surviving prolonged pandemic shock. This makes it socially and politically difficult to adopt the fiscal restraint needed to tackle higher debt burdens. A trend of rating downgrades has also made debt sustainability difficult. However, it is also difficult to be bearish when most of the ‘B’ sovereign credits are trading at or near double-digit yields and discount a significant probability of default. We head into next year with attractive valuations that argue for less defensive positions. Join Steve Abrahams, Stephen Stanley and Siobhan Morden for a recap of major themes and Q&A.
Outlook 2022: Corporate credit
Wednesday, December 8, 3p ET
Strong issuance. Steady demand for yield. Robust M&A. A weaker consumer. An imprint from inflation on companies and their customers. And credit picking comes back into play. These are some of the things likely to mark the investment grade corporate market next year. Investors can target selective relative value opportunities in positioning for some of these developments. Join Steve Abrahams, Stephen Stanley, Meredith Contente and Dan Bruzzo for a recap of major themes and Q&A.
Outlook 2022: MBS and CMBS
Tuesday, December 7, 3p ET
Government-sponsored lending will likely play an even larger role in mortgage finance in 2022. Higher loan limits should give agency MBS a larger share of new origination, and government policymakers will attempt to widen the credit box, boost affordability, and increase lending to underserved markets. A bigger agency footprint should change the face of the private-label MBS market next year with a growing focus on expanded credit and non-QM lending. The transition to a post-pandemic world should broadly help commercial real estate although performance should vary significantly across multifamily, lodging and office sectors. Join Steve Abrahams, Stephen Stanley, Brian Landy, Chris Helwig and Mary Beth Fisher for a recap of major themes and Q&A.
SCIB US Strategy Team
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