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Our Latest COVID-19 Coverage

The Federal Reserve Revives TALF

April 3, 2020
By Brian Horrigan, PhD, CFA

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. The TALF will enable the issuance of asset-backed securities (ABS) backed by student loans, auto loans, credit card loans, loans guaranteed by the Small Business Administration (SBA), and certain other assets. It will do so by lending to those holding AAA-rated ABS.

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Senior Loans' Potential Recovery Opportunity

April 2, 2020
By John Bell

Loans are senior and secured, so they are generally at the head of the queue if there is a default. That gives loans an advantage over high yield bonds and equities in the companies we loan money to when defaults are a concern. As I’ve said before, this advantage is why I think loans have more than one road back to par even as the global economy feels the pain inflicted by COVID-19.

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April 2020 Investment Outlook

April 1, 2020
By Craig Burelle

We believe global stimulus measures could encourage a broad rebound from the current downturn.

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Treasury Liquidity on the Rebound

March 31, 2020
By Michael Gladchun

It’s amazing what you can achieve with a budget of $75 billion per day. Since mid-March, the Federal Reserve has worked relentlessly to unfreeze Treasury markets. The results of its asset purchases are starting to show. Treasury liquidity—one of the most unusual and troubling pain points of this liquidity crisis—has vastly improved since quantitative easing (QE) started.

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ECB Bazooka: A Look at its Rescue Programs

March 30, 2020
By Tom Fahey, Marianne Winkelman, Robyn Wilkin and Valerie Miles

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.

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

March 30, 2020
By Jae Park and Michael Giles, CFA

Last week, we held a call with our Chief Investment Officer and Chief Investment Risk Officer to discuss how Loomis Sayles is responding to COVID-19. Read a summary of the call here.

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

March 30, 2020
By The Loomis Sayles Municipal Credit Research Team

Our municipal credit research team offers their current outlooks on the impact of COVID-19 on key sectors.

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

March 30, 2020
By Brian Horrigan, PhD, CFA and Brian Kennedy

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

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Fed Acts Fast and Furious....Again: Announces Rescue Liquidity for Corporate Sector

March 27, 2020
By Brian Horrigan, PhD, CFA and Brian Kennedy

On March 23, the Federal Reserve announced measures to support the corporate bond market beyond the more traditional support for only financial institutions.

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Oil: A Price War with No Likely Winners

March 23, 2020
By Ryan McGrail

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.

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Investment Implications of COVID-19 and Pension Plans: What Plan Sponsors Need to Consider

March 20, 2020
By Justin Teman, CFA, ASA

While the human element is certainly the primary concern in relation to the coronavirus impact, we turn our attention here to the impact on pension plans and review key considerations for plan sponsors in this evolving crisis.

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Municipal Fixed Income Update

March 19, 2020
By the Loomis Sayles Municipal Fixed Income Team

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. There’s been significant widening in bid/ask spreads as a result of the market sell imbalance and a corresponding significant decline in liquidity.

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COVID-19 and the Loan Market

March 19, 2020
By John Bell

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. If people think effective treatments and vaccines are imminent, life could go back to normal, and in this case, that could mean coming out of our protective shells into a world powered by loose monetary and fiscal policy.

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Pandemic and Price War: Industry Analysis of the Current Environment

March 18, 2020
By the Loomis Sayles Credit Research Group

In the evolving pandemic environment, Loomis Sayles credit analysts are reassessing, recalibrating and reconsidering the factors influencing the businesses they follow. As one might expect, companies are feeling the impact of the new economic landscape in a variety of ways. Here, our analysts offer their early takes on how key sectors and industries might fare.

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

March 15, 2020
By Rick Raczkowski and Peter Palfrey, CFA

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.

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Loomis Sayles’ Global Fixed Income Team on COVID-19, Monetary and Fiscal Actions, Credit Markets and Future Tailwinds

March 15, 2020
By Lynda Schweitzer, CFA and Scott Service, CFA

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.

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Can The Fed Fix The Treasury Market?

March 15, 2020
By Maura T. Murphy, CFA and Michael Gladchun

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. Will it be enough to fix the Treasury market? Here’s our take.

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

March 15, 2020
By Matt Eagan and Elaine Stokes

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.

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Big-Picture Insights From The Loomis Sayles Alpha Strategies Team

March 13, 2020
By Kevin Kearns, Harish Sundaresh, Andrea DiCenso and Maura T. Murphy, CFA

On Thursday, March 12, Loomis Sayles’ Alpha Strategies team held a conference call to discuss current conditions, upcoming challenges and potential portfolio positioning and solutions. Here, each speaker summarized a few key points.

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Quick Takes On The Market And Economic Impact Of The Coronavirus

March 6, 2020
By Saurabh Lele, CFA, Tom Fahey, Michael Crowell and Michael Gladchun

We held a conference call on March 5 to discuss the market and economic impact of COVID-19. In case you missed it, each of our speakers shared their key takeaways.

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The Coronavirus: Distinguishing Short-Term Tumult From Long-Term Impact

February 28, 2020
By Michael Crowell, Tom Fahey, Craig Burelle and Saurabh Lele, CFA

Markets have sent a clear message in recent days: investors are afraid of the coronavirus. The disease’s global progression and containment measures are seen as impediments to global economic recovery. The toll on human lives has indeed been unnerving and regrettable. However, fear can lead investors to make irrational choices. We acknowledge that the virus is a global growth risk, and the situation will probably get worse before it gets better. Read on for our assessment of developments, likely implications and what we are analyzing to test our outlook.

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A message from CEO Kevin Charleston to our global clients and business partners.

March 26, 2020

As COVID-19 continues to spread and global market volatility persists, we are closely monitoring the evolving situation.

Read the Letter

Read Previous Updates from Kevin Charleston

March 3, 2020

March 12, 2020

March 18, 2020