Archive for December, 2014

November 2014 Monthly Commentary

December 24, 2014  |   Monthly Commentary   |     |   0 Comment

November 2014 November witnessed a barrage of better than expected economic data that ordinarily would have pushed interest rates higher. Instead, rates fell as bond prices rallied. In evaluating what went wrong, the obvious culprit is our misjudgment of the demand for U.S. Government securities. We anticipated that the steadily improving economic backdrop would have spooked investors and caused them to sell bonds in advance of a tightening of monetary policy. However, buyers seemed convinced that monetary ...

Financial Times – 12/12/14

December 24, 2014  |   Financial Times,In the News   |     |   0 Comment

“The junk bond market is having a hard time and the pressure will continue,” said Michael Kastner, managing principal at Halyard Asset Management. “There are no real buyers right now and mutual funds will keep seeing redemptions.” US energy junk debt sell-off spreads

Financial Times – 12/2/14

December 03, 2014  |   Financial Times,In the News   |     |   0 Comment

Michael Kastner, managing principal at Halyard Asset Management, said a further fall in the oil price raises the prospect of more underperformance of junk-rated debt, to the detriment of the broader market. “In fixed income, once you can no longer quantify risk versus return, you head for the exit,” said Mr Kastner. With junk rated debt paying a coupon of 4-6 per cent, he said there was not enough protection against rising losses.

Financial Times – 12/1/14

December 03, 2014  |   Financial Times,In the News   |     |   0 Comment

“Bankers want to push deals and issuers are looking to take advantage of lower yields,” said Michael Kastner, managing principal at Halyard Asset Management. He expected a flurry of deals before the middle of December, though investors had become more discerning about credit risk, he said. “Corporate deals are not getting done as easily as they were a couple of months ago. Investors are a little more selective on credit at the moment.”

Private Asset Management Magazine – December 2014

December 02, 2014  |   In the News   |     |   0 Comment

Michael Kastner, principal at Halyard Asset Management, investigates the impact that incoming legislative changes to money market funds could have on a family office Private Asset Management December 2014