Wednesday, September 6th, 2023 ⁠A topical newsletter from CIO Economics & Markets A newsletter for institutional investors, spotlighting news and trends in economics and markets. SPONSORED AD Market Moves At Last, Long-Awaited Inflection Point for IPOs Seems to Be Here After a lean season, a bevy of excitement-generating deals is in the pipeline, headed by Instacart. Risk Maybe We’ll Get That Soft Landing After All, Stock Market Suggests Two reports seem to show a cooling economy, with the Fed backing off. Risk Junk Bond Defaults Are Rising, Despite Healthy-Seeming Economy, S&P Says Distress in the high-yield market often is a sign of pending trouble. But economists are backing off of their recession forecasts. In-Focus Emerging Market Debt Appears Poised for a Revival The big yield advantage they enjoyed over developed countries’ debt issues has narrowed, but EM paper retains other pluses. Asset Allocation Highest Dividend Payers Are Biggest Losers in S&P 500 Those stocks, such as Altria and Verizon, carry the top yields, but their flagging prices negate the sweet payouts, according to Bespoke. In-Focus Continuation Funds Raise Questions About Valuation Risk in Pension Portfolios As more GPs pursue continuation funds, institutional investors are faced with new questions about the overall risk levels in their portfolios. Did someone forward you this newsletter? Sign up here to get Chief Investment Officer Spotlight directly in your mailbox!

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