Is this time different? The dragonfly is often represented as an agent of change, with its agility reflected in its ability to move comfortably on land, water or air. That symbol of change is further reflected in the search for a deeper meaning “beyond the surface”, as exemplified by the insect’s scurrying flight across the […]

With yields at record lows in recent years, sovereign bonds seem to have been considered the ugly ducklings of the fixed income market. At the same time, corporate debt issuance, especially high-yield debt, has exploded since 2009. Some of which has found their way into exchange traded fund vehicles, creating the illusion of daily liquidity. […]