Fixed Income Update | Lord Abbett
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Fixed-Income Insights

Lord Abbett Portfolio Manager Andy O’Brien shares his perspective on the week ahead. 

Transcript

INTRO: Animation with Andy’s Name and Title

Andy O'Brien: Hi this is Andy O'Brien. I'm a partner and portfolio manager in Lord Abbett's taxable fixed income group where I focus on investment grade corporate bonds.

Andy O'Brien: Three things that we're focused on as we start the year.

Andy O'Brien: The first is the health care situation. We're starting to see vaccines roll out across the nation and elsewhere in the world and seeing how quickly that that rollout happens, how quickly vaccinations happen relative to market expectations. and whether there are any other hiccups with the healthcare pictures is high on the list of concerns.

Second, we are watching the runoff election that will be happening in Georgia. Trying to get a sense of what the Senate and therefore the balance of government power will look like for the next couple of years. That has the potential to determine a lot a lot of different policies things that affect a lot of different areas. So paying attention to that is important.

And then lastly, we've already had just in the early parts of this year, a couple of merger announcements, some cancellations of mergers and other event risk. And one of the big concerns for fixed income, and in particular, investment-grade corporates, was whether this was going to be your year of debt-financed M&A was one of the concerns people had. Otherwise we have a positive outlook for the investment great corporate bond market.

So between healthcare, the run off and then a pretty active day one of the new year for M&A, certainly a lot to look at and think about as we start 2021.

Thanks for watching, and thanks for your interest in Lord Abbett

 

M&A refers to Mergers and Acquisitions, or the consolidation of companies and assets through a particular type of financial transaction, including a merger, acquisition, asset purchase, tender offer, consolidation, etc.

 

Unless otherwise noted, all discussions are based on U.S. markets and U.S. monetary and fiscal policies.

Asset allocation or diversification does not guarantee a profit or protect against loss in declining markets.

No investing strategy can overcome all market volatility or guarantee future results.

Market forecasts and projections are based on current market conditions and are subject to change without notice. Projections should not be considered a guarantee.

The value of investments in fixed-income securities will change as interest rates fluctuate and in response to market movements. Generally, when interest rates rise, the prices of debt securities fall, and when interest rates fall, prices generally rise. High-yield securities, sometimes called junk bonds, carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. Bonds may also be subject to other types of risk, such as call, credit, liquidity, interest-rate, and general market risks. Longer-term debt securities are usually more sensitive to interest-rate changes; the longer the maturity of a security, the greater the effect a change in interest rates is likely to have on its price. Lower-rated bonds may be subject to greater risk than higher-rated bonds. No investing strategy can overcome all market volatility or guarantee future results.

The credit quality of the securities in a portfolio are assigned by a nationally recognized statistical rating organization (NRSRO), such as Standard & Poor’s, Moody’s, or Fitch, as an indication of an issuer’s creditworthiness. Ratings range from ‘AAA’ (highest) to ‘D’ (lowest). Bonds rated ‘BBB’ or above are considered investment grade. Credit ratings ‘BB’ and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer’s ability to pay interest and principal on these securities.

This broadcast may contain assumptions that are “forward-looking statements,” which are based on certain assumptions of future events. Actual events are difficult to predict and may differ from those assumed. There can be no assurance that forward-looking statements will materialize or that actual returns or results will not be materially different from those described here.

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The views and opinions expressed by the Lord Abbett speaker are those of the speaker as of the date of the broadcast, and do not necessarily represent the views of the firm as a whole. Any such views are subject to change at any time based upon market or other conditions and Lord Abbett disclaims any responsibility to update such views. Neither Lord Abbett nor the Lord Abbett speaker can be responsible for any direct or incidental loss incurred by applying any of the information offered.

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Please consult your investment professional for additional information concerning your specific situation.

The information provided is not directed at any investor or category of investors and is provided solely as general information about Lord Abbett’s products and services and to otherwise provide general investment education. None of the information provided should be regarded as a suggestion to engage in or refrain from any investment-related course of action as neither Lord Abbett nor its affiliates are undertaking to provide impartial investment advice, act as an impartial adviser, or give advice in a fiduciary capacity. If you are an individual retirement investor, contact your financial advisor or other fiduciary about whether any given investment idea, strategy, product or service may be appropriate for your circumstances.

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