Description: U.S. bond markets have undergone dramatic changes due to the 2008 Global Financial Crisis (GFC) and the COVID-19 pandemic. In taking a retrospective view, we can see that bond markets, viewed through the lens of major bond indices, have been evolving for quite some time. Within this paper, TD Asset Management Inc. (TDAM) will explore underlying changes that have occurred within the U.S. Corporate Bond Index, a sub-component of the larger U.S. investment grade bond market, over the past decade. We will highlight key structural changes that have occurred within bond markets and why they are noteworthy

Description: The article discusses the characteristics of the high-yielding bank loan asset class.

Description: Presents results of 2003-2012 cohorts of insurance company private placement bonds. Finds private bonds show a 15bp annual advantage relative to public bonds, due to lower loss severity.

Description: The author, head of Alternatives Investment Specialists at Fortis Investments, recently presented a research paper on the potential benefits and possible pitfalls of investing in illiquid assets. This newsletter provides a brief summary of that paper. The full paper is available upon request.

Description: This article discusses the possibility of high inflation down the road. The high levels of debt incurred due to the COVID-19 pandemic will be difficult for many countries to support. Central bank activity is "standing in the gap" but this is not necessarily the optimal solution. Inflation can also become an issue due to contagion coming from less financially stable countries, resulting a crisis of confidence, driving up interest rates.

Description: Introduces terms and concepts of Takaful (Islamic) insurance and describes the processes, goals and constraints that apply to the investments of such insurers.

Description: Correspondent's report from the Investment Section Breakfast at the SOA Annual Meeting in Austin 2015

Description: Is Risk/Return a sound tool for decision-making? No. It is not consistent, not objective, distorts decision and degrades governance. Why? What shall we do then?