In the Press

Financial Times
June 6, 2017

Global investors develop taste for US high-yield corporate bonds

"Given that Treasury yields have moved lower and corresponding spreads in the investment-grade universe have moved lower, many global investors . . . may be looking at double-B rated corporate bonds,” said Jon Duensing, deputy chief investment officer of Amundi Smith Breeden.

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CNBC
May 5, 2017

Companies may do something unexpected when they brung home $1 trillion overseas cash horde

"Certainly we as credit investors or lenders to companies would be concerned if companies paid out all that cash (in dividens, buybacks) and then we were left with all the debt and just the future cash flow generation" Duensing said.

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Bloomberg
March 21, 2017

With Ackman Out, Valeant Confronts Rocky Road to Revival

“They are going to be chopping wood on the debt for a while,” said Ken Monaghan, a portfolio manager at Amundi Smith Breeden LLC, which oversees about $11 billion in assets. “We aren’t expecting this to return to a growth trajectory anytime in the near future.”

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Reuters
March 1, 2017

Credit buoyed by a 'presidential' Trump and growth hopes

"As long as the market appears to be resilient and is at least retaining some of the optimism and exuberance, a Fed rate hike shouldn’t really derail any of that," said Jon Duensing, deputy chief investment officer at Amundi Smith Breeden. "We are nearing full employment and inflation is picking up so no one believes at this point that a continuation of policy normalization is a big surprise," he said.

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Financial Times
February 23, 2017

Viacom’s $1.3bn debt deal turns spotlight on Trump tax plan

“All of a sudden [the provision] has taken on a different interest given the potential for what may happen out of corporate tax reform,” said Jon Duensing, deputy chief investment officer of Amundi Smith Breeden. “There is a sensitivity in the market place around potential changes in the tax law.”

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Bloomberg
February 21, 2017

Fed's $2.5 Trillion Hoard of Treasuries Seen Barely Shrinking

The market is hungry for clues as to any developing consensus over the balance sheet,” said Dan Dektar, chief investment officer of Amundi Smith Breeden in Durham, North Carolina, which manages $10 billion in bonds."

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New York Times
February 15, 2017

Investors Look Past Headlines as Bull Market Roars Ahead

“I fully get the euphoria — there has probably never been a more business-friendly president,” said Adrian Helfert, the head of global fixed income at Amundi Smith Breeden. “Lower taxes and less regulations are good for corporations and equity holders.”

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Reuters
February 3, 2017

Tax reforms threaten U.S. bond market

Of course, there is often a significant difference between what is proposed by politicians and what finally makes it to law. And many of the people that IFR spoke to said that the elimination of tax deductibility would be one of the most difficult aspects of the proposed tax reforms to push through. "It is being regarded as a long shot," said John Duensing, deputy chief investment officer at Amundi Smith Breeden. "It’s a more difficult part to implement."

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Reuters
February 3, 2017

Not anything goes in junk bonds

"The process of borrowing money is always a negotiation," said Jon Duensing, deputy chief investment officer at Amundi Smith Breeden." Obviously the fact that a company is willing to try is indicative that there has been interest in the slightly more aggressive transactions."

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CNBC
January 13, 2017

This market has had a wild start to the new year

Jon Duensing, head of corporate credit at Amundi Smith Breeden, said "the pace in the first few days of the year was well above normal, but it fits the pattern of financial firms coming out early in the new year — and they normally do it ahead of the earnings period, which for banks kicked off in earnest Friday. Issuers this year included  Citigroup , Barclays, Credit Suisse, Caterpillar Financial and Ford Motor Credit."

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Bloomberg
January 11, 2017

Bond-Buyer Rebellion Spreads Against Effort to Weaken Protection

“It really is a significant erosion of bondholder protection,” said Ken Monaghan, a money manager at Amundi Smith Breeden in Durham, North Carolina. “Bond investors who are aware of the prospective changes are pushing back for good reason.”

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