A Bird's-Eye View of the Bond Market

In our latest podcast episode, we’re excited to introduce the newest member of our investment team, Marcela Saavedra Gonzalez. Join Alli Morse, Principal and Relationship Manager, for a Q&A session exploring Marcela’s journey to Merganser, including her impressive personal and professional background. Marcela officially joined Merganser as an analyst covering governments in July 2024, following a successful summer internship with us before her senior year at Macalester College in Minnesot...

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...

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...

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 behal...

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.

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.

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.

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.

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.

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.