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News and Insights- 2020

Carbon Neutrality Announcement - ZAIS is 100% Carbon Neutral

By Christian Zugel, Founder and CIO of ZAIS 12.2020
— 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).

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

By Christian Zugel, Founder and CIO of ZAIS 12.2020
— 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...

Housing to stay on positive growth track

By Bernhard Eschweiler, PhD 11.2020 — 2 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

Banks are in better shape to weather the Corona fallout

By Bernhard Eschweiler, PhD 08.2020 — 2 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

The Euro's Italian Heel

By Bernhard Eschweiler, PhD 05.2020 — 2 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

Life after the Coronavirus - back to normal or not?

By Bernhard Eschweiler, PhD 03.2020 — 2 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

The Glass Stays Both Half Full and Half Empty

By Bernhard Eschweiler, PhD 01.2020 — 2 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

Synthetic Corporate Credit Update

By ZAIS Group 01.2020 — 2 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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