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The Big Housing Correction

By Bernhard Eschweiler, PhD2 minute read

  • The plunge in home sales is caused by much deteriorated affordability
  • … and not, in our view, a sign of a bursting housing bubble
  • The main risk for housing would be a deep and protracted recession
  • The surge in house prices is likely to force more households to rent

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Corporates under pressure

By Bernhard Eschweiler, PhD2 minute read

  • Corporate leverage is elevate…
  • …creating risks given rising margin and interest rate pressures
  • Leveraged loans in trade-off between duration and credit risks
  • CLOs offer fundamental value amid rising leveraged loan default risk

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Households less vulnerable to recession risk than businesses

By Bernhard Eschweiler, PhD2 minute read

  • Recession is unlikely in 2022 but risk is rising in 2023…
  • …as monetary and operating conditions tighten
  • Household and business credit fundamentals to diverge…
  • …making credit selection key

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Corporate Bond and CLO Spreads to Diverge

By Bernhard Eschweiler, PhD2 minute read

  • Fed tightening is expected to …
  • ... widen corporate bond spreads …
  • … and tighten CLO spreads
  • Main risk is financial and economic instability

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Stubbornly Low Treasury Yields

By Bernhard Eschweiler, PhD2 minute read

  • Treasury yields are low given imminent Fed tightening
  • We expect Treasury yields to rise but probably not out of the low range

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Carbon Neutral for the Second Year

By Dan Curry, President and Chief ESG Integration Officer
1 minute read

ZAIS is a signatory to the United Nations-Supported Principles for Responsible Investment and supports the companion Sustainable Development Goals.  As in 2019, ZAIS used a third-party vendor software to calculate the carbon footprint of our operation. ZAIS continues to purchase carbon offsets via Carbonfund.org. Our colleagues have picked two projects to help fund this year.

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