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 provides a summary of the Drake Risk & Opportunity Forum held on October 21, 2022. The forum was a hybrid conference that attracted more than 200 attendees from 17 states, two countries, 48 employers, and five universities. Following an introduction by the Zimpleman College of Business Dean, the forum held six sessions. First was an insurance company CRO panel followed by a panel of non-insurance company CROs. Gary Zhu shared his outlook for interest rates and capital markets. The fourth panel discussed insurance capital models. The fifth panel discussed environmental, social, and governance (ESG) criteria when building insurance company investment portfolios. The final session of the day was a discussion about the NAIC, how they operate, and their priorities for the coming year.

Description: Feature article discussing the PBGC’s asset reallocation plan.

Description: The author compares and contrasts methodologies used for value investing and enterprise risk management.

Description: The paper demonstrates that the most popular rationalization for evolving glide paths is flawed and should be discarded. The paper also demonstrates that glide paths should generally evolve for investors that endeavor to optimize outcomes and reevaluate their portfolios regularly.

Description: Impact of low and negative interest rates on various aspects of insurer operations including product management, investment management and capital management.

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

Description: This article presents the background around the Post Retirement Needs and Risk call for essays focused on: (1) defined contribution plan risk management strategies; (2) decumulation strategies for retirement and (3) long-term care financing. The important essays from that exercise are presented in this Pension Section News publication along with interviews of the winning authors.

Description: Read the August 2017 issue of Risks & Rewards published by the Investment Section.