Commentary

The Federal Reserve Revives TALF

The Federal Reserve (Fed) has taken another step in its attempt to avert a financial crisis. It revived its Term Asset-Backed Securities Loan Facility (TALF), a measure last used in the Great Recession.

White Paper

The Local Effects of a Global Pandemic: Loomis Sayles' Municipal Sector Outlook

The Loomis Sayles municipal credit research team offers their current outlooks on key sectors.

Commentary

Loomis Sayles' Investment Outlook - April 2020

COVID-19 continues to cause havoc across global economies—a trend that, unfortunately, is likely to continue through this quarter. However, we anticipate a broad rebound later this year on the back of meaningful stimulus recently put in place.

Commentary

ECB Bazooka: A Look at its Rescue Programs

Like everywhere else, Europe needs liquidity. And the European Central Bank is delivering that in abundance. It appears to stand ready to do more without delay when markets become dysfunctional.

Commentary

Jae Park and Michael Giles on the COVID-19 Crisis, Credit Cycle and Investing with Conviction

It’s been said before, but the truth appears to be this crisis is very different than others we’ve experienced. It's not an asset bubble tied to exuberance, greed, default, fraud or mismanagement of a country, currencies or anything else in our manmade economic system.

Commentary

Fed to the Rescue: Providing Liquidity to the Corporate Bond Market

To help support investment-grade corporate bond market liquidity, the Federal Reserve introduced two facilities March 23: the Primary Market Corporate Credit Facility (PMCCF) and the Secondary Market Corporate Credit Facility (SMCCF).

Commentary

Oil: A Price War with No Likely Winners

Oil’s back below $30 and suddenly it feels like 2016 all over again. Only it’s not. Saudi Arabia’s 2015-2016 production boom was a war on US shale. This time, Saudi Arabia is waging a war for market share against Russia and the US. It’s a war with no winners, least of all US fracking.

Commentary

Municipal Fixed Income Update

The municipal fixed income market, like most other asset classes, is experiencing unprecedented volatility. Large mutual fund outflows are adding to the volatility as investors seek to add to cash reserves by selling what may be deemed easiest to sell.

Commentary

COVID-19 and the Loan Market

We expect to see a combination of anti-viral medications and vaccines develop over 6 to 12 months globally. We are seeing daily positive articles on the effectiveness of anti-virals from other countries. Vaccine development appears to be moving very quickly, and there is potential for a vaccine to get to people as soon as the end of 2020.

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Pandemic and Price War: Industry Analysis of the Current Environment

In a rapidly evolving environment, our credit analysts offer their early takes on how key industries might fare.

Commentary

Loomis Sayles’ Core Plus Fixed Income Team Talks Volatility and Managing Through the Cycle

On Thursday, March 12, Rick Raczkowski, co-lead portfolio manager of Core Plus Fixed Income participated in a conference call with clients to discuss recent events and market activity. He discussed that while there is a lot of fear and uncertainty in the market right now he and co-lead portfolio manager Peter Palfrey, are maintaining their discipline of managing through the cycle as they have for the past 20 years.

Commentary

COVID-19, Monetary and Fiscal Actions, Credit Markets and Future Tailwinds

On Friday, March 13, Loomis Sayles’ Global Fixed Income team held a conference call to discuss the current market environment, policy responses and potential opportunities. Here, portfolio managers Lynda Schweitzer and Scott Service summarized a few key points.

Commentary

Can the Fed Fix the Treasury Market?

When the world’s biggest debt market starts having major liquidity issues, investor panic rises to a whole new level. On March 12 and 13, after about a week of extraordinary dysfunction in the US Treasury market, the Federal Reserve issued a major crisis response, expanding Treasury purchases and repurchase operations to boost liquidity and shore up so-called risk-free assets.

Commentary

Loomis Sayles’ Full Discretion Team Talks COVID-19, Policy, Credit and New Territory

On Thursday, March 12, Loomis Sayles’ Full Discretion team held a conference call to discuss current conditions, upcoming challenges and potential portfolio positioning and solutions. Here, portfolio managers Matt Eagan and Elaine Stokes summarized a few key points.

Commentary

Big-Picture Insights from the Loomis Sayles Alpha Strategies Team

The Loomis Sayles Alpha Strategies team shares some insights as markets grapple with three issues: the impact of COVID-19, an oil fight and a crisis of confidence in Western governments.