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News and Insights- 2020

Carbon Neutrality Announcement - ZAIS is 100% Carbon Neutral

By Christian Zugel, Founder and CIO of ZAIS
1 minute read

We believe a properly implemented ESG purpose can drive solid investment performance in addition to a cleaner, greener environment.
ZAIS is a signatory to the United Nations-Supported Principles for Responsible Investment ("UN PRI") and supports the companion Sustainable Development Goals (SDGs).

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The Search for Yield, the Future of Fixed Income and Debt Monetization

By Christian Zugel, Founder and CIO of ZAIS
2 minute read

Dear Investors, Friends and Colleagues,
We hope you are keeping well and safe!
What a year it has been. At ZAIS, we produce an internal annual outlook for financial markets and on our asset classes in particular. Our outlook also includes a list of biggest surprises loosely modeled after Byron Wein's annual List. A global pandemic had not made it to the list...

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Housing to stay on positive growth track

By Bernhard Eschweiler, PhD2 minute read

  • The recent housing surge is likely to abate soon
  • But a bubble has not emerged
  • And fundamentals are favorable for continued moderate gains

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Banks are in better shape to weather the Corona fallout

By Bernhard Eschweiler, PhD2 minute read

  • Banks reduced balance sheet risk and leverage, and raised capital buffers, while retaining profitability
  • Housing market resilience also supports banks’ financial position
  • Banks expected to perform better under stress than during the financial crisis

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The Euro's Italian Heel

By Bernhard Eschweiler, PhD2 minute read

  • A debt crisis in Italy is a major risk for the stability of the Euro
  • The Corona crisis makes Italy’s debt sustainability problem worse
  • Structural reforms are needed but “muddling through” seems more likely for now, leaving the Euro vulnerable

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Life after the Coronavirus - back to normal or not?

By Bernhard Eschweiler, PhD2 minute read

  • Corona crisis could change economic and financial market trends
  • Extent of dislocation plus fiscal and monetary consequences matter most
  • The next 1-2 weeks are critical

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The Glass Stays Both Half Full and Half Empty

By Bernhard Eschweiler, PhD2 minute read

  • 2019 was marked by uncertainty as well as relief which, combined, helped boost all asset classes
  • We expect no recession in 2020, but also see no strong economic rebound
  • Against this view, we see a continuation of the rally in risk assets as unlikely

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Synthetic Corporate Credit Update

By ZAIS Group2 minute read

  • 2019 turned out to be a year of strong performance for corporate credit returns as a whole.
  • However, the high yield bond and loan markets experienced a significant uptick in dispersion.
  • Against this backdrop we are looking to corporate synthetic tranches poised to benefit from rolling down the credit curve.

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