Global Fixed Income 1Q15 Market Commentary - March 31, 2015

MacKay Shields

Description

INSIGHTS & PERSPECTIVES from Global Fixed Income reached a turning point. Accordingly, we will maintain our base case outlook for domestic growth while emphasizing credit risk over interest rate risk. However, as idiosyncratic risks have risen, we have made moderate adjustments to portfolio positions. More specifically, we elected to pare back some of our higher beta, weaker credit positions, including those in the developing markets (where applicable). We also took advantage of an active new issue calendar, while moving up in the capital structure on a selective basis. ¹ Please note that security specific disclosures are representative and may not be included in your portfolio. Availability of this document and products and services provided by MacKay Shields may be limited by applicable laws and regulations in certain jurisdictions and this document is provided only for persons to whom this document and the products and services of MacKay Shields may otherwise lawfully be issued or made available.

None of the products and services provided by MacKay Shields are offered to any person in any jurisdiction where such offering would be contrary to local law or regulation. This document is provided for information purposes only. It does not constitute investment advice and should not be construed as an offer to buy securities.

The contents of this document have not been reviewed by any regulatory authority in any jurisdiction. Note to European Investors: This document is intended for the use of professional and qualifying investors (as defined in the Alternative Investment Fund Manager’s Directive) only. Where applicable, this document has been issued by MacKay Shields UK LLP, 200 Aldersgate Street, 13th Floor, London EC1A 4HD, which is authorised and regulated by the UK Financial Conduct Authority (FRN594166). Please note that security specific disclosures are representative and may not be included in your portfolio. This material contains the opinions of the Global Fixed Income team of MacKay Shields LLC but not necessarily those of MacKay Shields LLC. The opinions expressed herein are subject to change without notice.

This material is distributed for informational purposes only. Forecasts, estimates, and opinions contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed.

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