Vanguard continues to bolster its fixed income ETF lineup with the addition of the new Vanguard Core-Plus Bond Index ETF (BNDP). The new fund offers broad-based, diversified U.S. taxable bond exposure... ...

The Xtrackers Short Duration High Yield Bond ETF ( SHYL ) is a fixed income exchange traded fund we have not covered before. With an extended high yield market, we are going to analyze this name andWith an investment banking cash and derivatives trading background, Binary Tree Analytics ('BTA') aims to provide transparency and analytics in respect to capital markets instruments and trades. BTA focuses on CEFs, ETFs and Special Situations, and aims to deliver high annualized returns with a low volatility pro ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The Macau gaming industry shows strong GGR growth in 11M25, with the full - year 2025 GGR expected to exceed the government's budget. The 2026 government target seems conservative. MPELs, STCITYs are top picks, and WYNMAC'27 and '29 are yield - pick - up plays, while neutral on MGMCHIs, SANLTDs, and SJMHOLs [7][9][12] - In the fixed - income market, various bonds have different price and spread movements, influenced by factors such as company performance, market flows, and macroeconomic conditions [2][3] Summary by Related Catalogs Trading Desk Comments - Yesterday, there were active flows among AMs/PBs on JP financials and corps, but spreads were generally unchanged. Asian AMs and prop desks bought Yankee AT1s. Korean IGs tightened, while Chinese TMTs/POEs widened. NWDEVL complex mostly rose, CWAHK decreased, EHICAR was stable to up, FAEACO recovered, Macau gaming bonds had small price changes, and Chinese property bonds had mixed performance. In SE Asia, BBLTB senior tightened, and SMCGL Perps had small price movements [2] - This morning, new AGRBK 28, ANZ 28s/30s FRN, and HYUELEs tightened, while China TMTs/HAOHUA/PINGIN widened. JP insurance hybrids and AT1s were lower. SMCGL Perps were unchanged [3] Last Trading Day's Top Movers - Top performers include CHIOLI, NWDEVL, FAEACO, etc., with significant price increases. Top underperformers include CFAMCI, LNGFOR, TENCNT, etc., with price decreases [5] Macro News Recap - On Monday, S&P, Dow, and Nasdaq were lower. US Nov'25 S&P Global Manufacturing PMI was higher than expected, while ISM Manufacturing PMI/Prices were lower. UST yield was higher, with 2/5/10/30 - year yields at 3.54%/3.67%/4.09%/4.74% [6] Desk Analyst Comments - Macau Gaming - Cumulative GGR growth accelerated in 11M25. In Nov'25, GGR increased 14.4% yoy to MOP21.1bn. The 11M25 GGR reached MOP226.5bn, 84.0% of the 2019 level, and yoy growth widened to 8.6%. Full - year 2025 GGR is expected to reach cMOP245bn, exceeding the government budget. The 2026 government target of MOP236bn seems conservative [7][9][10] Offshore Asia New Issues - New issues include Agricultural Bank of China Limited Tokyo Branch (300mn USD, 3 - year, SOFR + 42) and ANZ (750mn USD 3 - year/500mn USD 5 - year, SOFR + 59/SOFR + 68) [15] - There is no new issue pipeline today [16] News and Market Color - 64 credit bonds were issued onshore yesterday with an amount of RMB63bn. Media reported China asked real - estate data providers to withhold Nov'25 home - sales data. Asahi Mutual Life acquired MVI Life for cUSD170mn, and Fosun International issued a 2 - year JPY4.2bn bond at 3% [17] Company - Specific News - Fitch downgraded Greenko Energy to BB - from BB. Kaisa started consent solicitation on six USD bonds. NWD accepted tenders for multiple bonds. Petron Malaysia will halt operations due to a storm. S&P revised Vedanta Resources' outlook to positive. China Vanke seeks grace to repay a bond. West China Cement accepted a tender offer. ENN Energy extended the privatization document dispatch [22]

Core Insights - The article emphasizes the importance of active management in fixed income investments, especially in the current macroeconomic environment where inflation is subsiding and interest rates are being cut [1][3][6] Group 1: Evolution of Fixed Income - Fixed income markets have evolved significantly since 2022, influenced by aggressive interest rate hikes from the Federal Reserve to combat inflation, which led to declines in both equities and bonds [2][3] - The current environment presents opportunities for investors to re-enter the bond market, but they should consider active management strategies to maximize potential returns [3][4] Group 2: Active Management Advantages - Active management allows portfolio managers to identify unique income opportunities and adapt to changing market conditions, making active ETFs suitable for various economic scenarios [4][6] - The Vanguard Multi-Sector Income Bond ETF (VGMS) is highlighted as a potential investment for those seeking to diversify income sources through an active strategy, incorporating corporate and international bonds [5] Group 3: Market Dynamics - Factors affecting the equities market, such as tariffs and geopolitical issues, also impact fixed income markets, underscoring the need for expertise in navigating these complexities [6]

Core Insights - Active management is essential in CLO investing, providing structural protections and mitigating credit risk while enhancing yields compared to traditional corporate bonds [1][2][4]. Investment Opportunities - VanEck has launched two CLO ETFs: VanEck CLO ETF (CLOI) with a 30-day SEC yield of 5.43% and VanEck AABB CLO ETF (CLOB) with a yield of 6.59% as of 10/31/2025, offering access to investment-grade floating-rate CLOs and mezzanine tranches [4]. Market Dynamics - CLOs may strengthen core bond portfolios and provide broader access to the asset class, offering a yield advantage over similarly rated investment-grade corporates while reducing duration risk [6]. - Manager expertise, strong security selection, and tranche analysis are critical for performance dispersion in CLOs, emphasizing the importance of active management [6]. - Investors are increasingly attentive to credit concerns specific to companies like First Brands and Tricolor, indicating that careful security selection, especially in mezzanine tranches, can help mitigate risks [6].

Group 1 - AltaGas is recognized as one of Canada's prominent utilities and infrastructure companies, operating in both Canada and the US [1] - The current share price of AltaGas is approximately 25% higher compared to the previous year [1] - The Investment Doctor emphasizes a diversified portfolio consisting of dividend and growth stocks, focusing on high-quality small-cap investment opportunities [1]

Group 1 - Hudson Pacific Properties Inc. (HPP) has been closely monitored over the past few years, indicating a significant trend in its performance [1] - The narrative surrounding HPP resembles a compelling story, suggesting that the company has experienced notable developments [1] Group 2 - Trapping Value is a team of analysts with over 40 years of combined experience, focusing on generating options income and capital preservation [2] - The Conservative Income Portfolio, managed by Trapping Value in partnership with Preferred Stock Trader, includes two income-generating portfolios and a bond ladder [2] - The Covered Calls Portfolio aims to provide lower volatility income investing while emphasizing capital preservation [2] - The fixed income portfolio targets securities with high income potential and significant undervaluation compared to peers [2]

Market Trends & Opportunities - Macroeconomic environment is constructive for risk assets heading into 2026, identifying opportunities across small caps, international markets, and fixed income [1] - Small caps, as indicated by the Russell 2000, are up nearly 10% this year, while the S&P 500 is up approximately 135% [2] - International developed markets are up 25% this year [10] - Broadening of equity markets is expected, with opportunities across sectors within the S&P 500, particularly in AI and healthcare [7][8] Federal Reserve & Interest Rates - Anticipation of Federal Reserve rate cuts has positively impacted small caps [2][3] - Small cap performance is correlated with the perceived probability of Fed rate cuts [3][4] - Expectation of Fed rate cuts makes it sensible to build income in portfolios beyond government bonds [13] Small Cap Innovation & AI - Small caps are seen as AI innovators with opportunities in niche markets, not directly competing with hyperscalers [4][5][6] - There are opportunities for small caps to compete in niche AI markets [5] International Markets - Fiscal expansion in Germany and a new administration in Japan supportive of fiscal expansion are expected to drive growth in international markets [9] - International markets are expected to continue outperforming the US, though not necessarily at the expense of the US market [10][11] Investment Strategies - Downside protection is important in portfolios due to market uncertainty and complexity [12][13] - Strategies for generating higher yields include international stocks with higher dividend yields, securitized high yield, and option-based income strategies within the S&P 500 [13][14] - Exposure to mega-cap tech AI hyperscaler trade should be market cap neutral [15]

Core Insights - Piper Sandler Companies has appointed Michael Piper as the head of fixed income, effective in the first quarter of 2026 [1] - The previous head of fixed income, John Beckelman, will transition to vice chairman of fixed income capital markets and will focus on client engagement [1] - Michael Piper will report directly to Deb Schoneman, the president at Piper Sandler [1] Company Changes - The leadership change in the fixed income division indicates a strategic shift within Piper Sandler [1] - John Beckelman will continue to serve as a senior advisor, emphasizing the importance of client relationships in the firm's operations [1]

pendle pt-susde trading at $0.94, locks in 13% fixed apy until june maturity. underlying susde yields 8-12% variable. you're getting paid 5% premium to hold the fixed side during panic. $4.2b tvl held through the crash. pt-jrusde printing 30% apy if you trust ethena plus jito stack. fixed income beats catching knives when fear and greed hits 11 ...