In the Press

Contributions to Articles

November 15, 2017

Investors keep nerve while high-yield wobbles

"It's the first weakness we've seen in a while of this magnitude," Ken Monaghan, co-head of high yield at Amundi Pioneer, told IFR.

"But if you look at how high-yield has performed, it's outpaced many people's expectations. Some people are booking the gains they've generated."

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August  24, 2017

Tesla leading unusual August rush to issue junk bonds before Fed ends the party

"Issuance this month in the high-yield market has been higher than it normally is," said Jonathan Duensing, director of investment-grade credit and senior portfolio manager at Amundi Pioneer. "Corporate management teams are trying to get ahead of what they may perceive as a period of higher debt costs in September and October," he said.

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August 14, 2017

After a Summer Bond Binge, Signs of Angst Are Growing in the Market

“The one thing we are watching is how much money is flowing into credit markets from outside the U.S.,” said Ken Monaghan, Amundi Pioneer Director of Global High Yield. “Those investors aren’t buying Treasury bonds anymore -- they’re buying corporate bonds, both investment grade and high yield. One of the things that concerns us is to what extent that money will depart when rates rise overseas.”

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Financial Times
August 8, 2017

BAT’s $17bn bond sale is the second-largest of the year

“Right now, there is plenty of investor interest given the capital flow dynamics are very supportive, fuelling that demand for corporate bond issuance,” said Jon Duensing, director of investment grade credit at Amundi Smith Breeden.

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Pension & Investments
August 7, 2017

Manager split on risk extends to own investments

The concern is that while volatility is low now, central banks are still supporting economic growth "and haven't taken away the punchbowl yet, political risk is fading a bit," pricing must not be ignored. "If the market is already pricing all of that in, you are not supposed to be taking extreme levels of risk. We would argue the market is already pricing in all the good news."

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Financial Times
August 2, 2017 

US regulators issue warning over ‘aggressive’ lending

“There is a constant attempt to erode the quality of covenants and that’s nonstop,” said Ken Monaghan, the head of high yield at Amundi Smith Breeden.

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Fox Business
July 27, 2017

Some experts say the dollar is poised to fall further, particularly if Mr. Trump, facing resistance to his economic agenda, attempts to use the currency as a tool to help the economy grow faster. He could do so by, "jawboning the dollar further down and instituting policies that are more dollar depreciative in nature," said Adrian Helfert, head of global fixed income at Amundi Smith Breeden.

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