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As an asset class, we believe bank loans are likely to outperform most other fixed income asset classes that have duration risk in a rising interest rate environment. That potential outperformance will likely be somewhat muted in the early phases of the environment, due to LIBOR floors. As with other tactical or strategic allocations, the attractiveness of bank loans should be assessed against the investor’s overall objectives. Total-return investors who are particularly concerned with interest rate risk – investors such as endowments, foundations and public funds – may consider that a partial reallocation from interest rate–sensitive bonds to bank.