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News and Insights - 2021

The New Investment Cycle

By Bernhard Eschweiler
2 minute read

  • Business investment has recovered quickly from the Corona-crisis
  • Favorable financial conditions and structural changes could lift business investment further
  • This would be good for productivity and economic growth
  • The main risk is policy uncertainty

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ZAIS and BNP Paribas strike ESG breakthrough with climate change CSO

By Creditflux, Dan Alderson
2 minute read

Andreas Ross, ZAIS Group
"The positive screen selects companies [we believe are] positioned to transition to a low carbon economy."
Andreas Ross, Head of Product Research and Development ZAIS

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The Fed is Debt Constrained

By Bernhard Eschweiler
2 minute read

  • The Fed is caught between inflation control and maintaining financial stability
  • The result may be an attempt by the Fed to muddle through …
  • … and a shorter business cycle

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CRE - uneven road to recovery

By Bernhard Eschweiler
2 minute read

  • Corona had a mixed impact on CRE
  • We are positive on selected sectors of multi-family, industrial and lodging
  • And negative on retail as well as lower-end offices

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New Default Risks Emerging

By Bernhard Eschweiler
2 minute read

  • Massive fiscal and monetary support have limited high-yield defaults
  • But margin pressures and leverage are new concerns
  • The risk is that default rates rise even as the recovery broadens

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No Housing Bubble Yet

By Bernhard Eschweiler
2 minute read

  • House price appreciation has reached double digits
  • So far, this is a sign of supply shortage amid strong demand…
  • …and not a bubble alarm
  • Mortgage lending and house construction have not yet reached excessive levels
  • Tougher regulation and a different mindset to prevent a déjà-vu

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Who's Afraid of Higher Yields?

By Bernhard Eschweiler
2 minute read

  • Inflation fears and rising bond yields temper the recovery euphoria
  • Most likely, yields will just normalize as the economy recovers
  • The risk is overheating, which creates a dilemma for the Fed
  • Private and public debt is too high to swallow much higher yields

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Creditflux - Moving fast pays off for hedge funds

By ZAIS Group
2 minute read

  • Credit hedge fund managers which were able to assess rapid fluctuations across markets and react accordingly performed best last year. Conservative positioning in Q1 also helped generate returns.
  • Delighted to announce, ZAIS locked in fourth place in the overall 2020 rankings and topped the multi-strategy credit category in the recent Creditflux article "Moving fast pays off for hedge funds".

View PDF (~400 KB)

Consumers to the Rescue

By Bernhard Eschweiler, PhD
2 minute read

  • Consumers are in good financial shape for recovery in 2021
  • Yet consumers are prudent and unlikely to spend it all at once
  • Public ABS markets already reflect the positive outlook
  • But we see good risk rewards in less crowded market segments

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