A Bird's-Eye View of the Bond Market

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A Bird’s-Eye View of the Bond Market offers real-time analysis and commentary covering the major themes and issues driving the U.S. investment grade markets. Subscribers will have the chance to hear from different members of the Merganser investment team,

Merganser Capital Management


    • Jun 18, 2024 LATEST EPISODE
    • infrequent NEW EPISODES
    • 10m AVG DURATION
    • 19 EPISODES


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    Latest episodes from A Bird's-Eye View of the Bond Market

    Unpacking the 2023 Banking Crisis: Causes, Risks, and the Future Outlook

    Play Episode Listen Later Jun 18, 2024 10:10


    The 2023 banking crisis brought to light significant vulnerabilities within the financial system, exemplified by the collapse of Silicon Valley Bank (SVB) and other financial institutions. To understand the underlying causes and potential ramifications, Alli Morse, Principal & Relationship Manager, conducted an insightful interview with Corporate Credit analyst, Charlie Sheehan. Here are the key points discussed regarding the failures of these banks, the systemic risks exposed, and the future outlook for the banking sector:SVB's collapse and the loss of confidenceVelocity of money and technological advancementsRisk management oversightRegulatory reforms Future outlook for banking and investor considerations

    All Things Treasury

    Play Episode Listen Later Feb 27, 2024 12:21


    Explore the dynamic world of Treasury Markets with our latest podcast episode. Tune in as Mike Cloutier, Chief Marketing Officer at Merganser Capital engages in an insightful conversation with Todd Copenhaver, Deputy Chief Investment Officer, and Saloni Daga, Credit Analyst. Together, they delve deeper into the historic highs of US Government Debt, future refunding needs, potential pitfalls, and how this expected supply might reshape the Treasury curve. Whether you're a seasoned bond investor or newer to the asset class, this episode is your gateway to understanding the dynamics currently driving Treasury Markets.

    Take Five – Market Recap with our CIO

    Play Episode Listen Later Sep 18, 2023 7:07


    Need a brief review of the fixed income markets as we head into year-end? This five-minute Q&A with Merganser's CIO, Andy Smock, covers it all, including the path of interest rates, spread moves year-to-date, issuance patterns, our views across investment grade sectors, and our outlook for the macro environment. 

    Impacts of Chasing Yield with an Inverted Curve

    Play Episode Listen Later May 23, 2023 6:45


    In fixed income, it is generally understood that bondholders are paid more to lend for longer, but with an inverted yield curve, this theory is being put to the test. How then, should investors position their short-term reserves in the current environment? Pile into money market funds which are currently outyielding short duration bond funds? Based on our analysis, the answer is not so simple. Hear from Merganser team members Alli Morse, Relationship Manager, as she interviews Todd Copenhaver, Deputy Chief Investment Officer and Portfolio Manager. Together, they review historical performance of ultra-short and short duration bonds and explore the opportunity cost of allocating to each in various market environments.  

    Debt Ceiling Talks, Again

    Play Episode Listen Later Feb 7, 2023 11:37


    It has been an eventful start to 2023, and among many topics, the Debt Ceiling is once again in the spotlight. Hear from host Mike Cloutier, Merganser's Chief Marketing Officer, as he interviews Andy Smock, Merganser's Chief Investment Officer, to discuss one of the key risks facing fixed income investors in 2023 – the US Treasury Debt Limit. Together, they summarize the current state of affairs, use of extraordinary measures, supply concerns for investors, and potential consequences if congress can't reach a deal. They also reflect on the lessons learned during  the 2011 US debt-ceiling crisis and offer clues to what may lie ahead.

    Multi-Family Real Estate Update and CMBS Performance Implications

    Play Episode Listen Later Dec 6, 2022 15:01


    In this episode, David Fishman, Merganser Deputy CIO and CMBS analyst, interviews Eric Draeger, CIO of Berkshire Residential Investments (“Berkshire”) on the state of the multi-family residential real estate market. Among other topics, they discuss multifamily housing fundamentals, rising rates and the health of the US consumer, as we brace for a potential economic recession in 2023.Berkshire has over 55 years of experience, managing approximately $22.2 billion in real estate assets on behalf of global institutional clients. In his role as CIO, Eric Draeger oversees multifamily acquisitions, dispositions, and debt capital markets teams. 

    Take Five – Q&A with our CIO

    Play Episode Listen Later Nov 10, 2022 4:23


    Is now a good time to invest in the front-end of the yield curve? This five-minute Q&A with Merganser's CIO, Andy Smock, discusses just that. Andy shares a few thoughts on the dramatic year thus far for fixed income markets, how relative value has shifted and a look forward over the next twelve months. He also provides some insight into the current macro backdrop and the Fed's path for monetary policy in light of inflation and employment trends.

    After an empty first half, where should income thirsty investors look?

    Play Episode Listen Later Aug 23, 2022 14:41


    In this episode, Andy Smock, CIO and Todd Copenhaver, Deputy CIO break down the rapid repricing of fixed income assets year to date. They discuss recent inflation data, potential next steps from the Fed and how higher yields on the front-end of the curve have shifted the value proposition.

    Any TIPS on a Good Inflation Hedge?

    Play Episode Listen Later Mar 23, 2022 10:16


    U.S. inflation is at its highest level in four decades and making investors nervous. In episode #11, we discuss the mechanics of a commonly known inflation hedge, Treasury Inflation-Protected Securities, or TIPS, and analyze how these fixed income instruments perform in inflationary environments relative to alternative hedges.

    Inflation is Here... To Stay?

    Play Episode Listen Later Jul 26, 2021 14:25


    In this episode, Merganser's CIO, Andy Smock, reviews the impact of inflation on fixed income portfolios. He unpacks possible reasons for what's driving recent price increases, and why interest rates are moving in the opposite direction. We end by discussing how the team at Merganser is shifting portfolios to insulate against these possible risks. 

    inflation cio merganser
    GSE's Approach to ESG and Other Insights

    Play Episode Listen Later May 12, 2021 11:07


    In this episode, Portfolio Manager and Chief ESG officer, Jennifer Wynn, discusses Merganser's ESG initiatives broadly at the firm and within the investment process. Deputy CIO and Portfolio Manager, Dave Fishman, explains the state of structured products as it relates to recent issuance patterns across sub-sectors.

    You Can Bank on It

    Play Episode Listen Later Feb 22, 2021 10:21


    We are now over a year into the pandemic. Are banks well positioned? In episode 8, we compare The Great Lockdown versus The Great Financial Crisis of 2008 from a banking perspective.

    A Fresh Look at the Numbers

    Play Episode Listen Later Dec 3, 2020 13:42


    Risk assets continue to notch gains courtesy of investors' optimism that COVID-19 vaccines will be an accelerant to growth next year. In episode 7, members of the Merganser Investment Team parse various economic indicators in an effort to uncover clues about the health of consumer spending and US business 

    Portfolio Fitness Involves Minding Your ABS

    Play Episode Listen Later Nov 5, 2020 11:43


    In Episode 6, Peter Kaplan, Head of Structured Products at Merganser shares his perspective on the ABS market and the outlook for performance and liquidity in the most recent market cycle.

    The Changing Face of Retail Amidst a Global Pandemic

    Play Episode Listen Later Sep 1, 2020 14:42


    In Episode 5, David Fishman, Deputy CIO speaks with a retail industry expert to understand how the current pandemic has accelerated certain trends and outlines why investors should be paying attention.

    Hanging in the Balance

    Play Episode Listen Later Aug 11, 2020 8:35


    Recent data is showing some signs of stabilization, however, COVID-19 case resurgence combined with lofty risk asset prices leaves us more circumspect about certain areas of the market. 

    Not Your Father's Recession

    Play Episode Listen Later Jul 23, 2020 7:32


    Following a risk-on second quarter, we pause to reflect on fixed income valuations, the state of the economy and the impact of recent stimulus measures

    The Fed vs. Fundamentals

    Play Episode Listen Later Jun 30, 2020 6:16


    Financial market performance and economic fundamentals were at odds in Q2 2020. Markets rallied hard despite continued deterioration in the underling fundamental data, both at the company level and in the broader economy.  The single most important reason for the divergence was Fed intervention.  Since the last podcast three weeks ago, markets took on a more “risk off” tone in equities and rates while investment grade spreads held in much better.

    Self-Awareness During Challenging Times

    Play Episode Listen Later Jun 15, 2020 8:20


    An eight minute review of markets, the investment climate, and activity in client portfolios over the past few weeks.

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