100 E Pratt St, Baltimore, MD 21202
Ben Riley
Senior Relationship Managers, Insurance
benjamin.riley@troweprice.com, 410.345.2223
Brian Rapino
Senior Relationship Managers, Insurance
brian.rapino@troweprice.com, 646.327.7050
About T. Rowe Price
T. Rowe Price is a global asset management firm with broad investment capabilities across Equity, Fixed Income, Multi-Asset and Alternative Strategies, highly committed to excellence in service and putting client interests first. We understand that insurers have many unique considerations impacting portfolio design, and we are proud to work with many of the largest insurers in the world delivering diverse and custom solutions designed to meet those needs. Our dedicated insurance relationship managers act as an extension of your team and serve as a conduit to the T. Rowe Price organization while proactively bringing the firm’s vast resources to bear. We offer a consultative, problem-solving approach and the ability to implement solutions based on specific client objectives, constraints, and risk tolerance.
Manager Profile
01 2024
Global Market Outlook Midyear update: How central bank policy could impact your portfolio
Credit investing for today’s evolving markets
Episode 215: Current Perspectives on Securitized Credit
What factors are driving U.S. exceptionalism, and will they last?
U.S. economic growth has outperformed other developed markets, leading to divergent monetary policy expectations. A slowdown in U.S. GDP and employment growth could lead to narrowing outperformance and congruent monetary policy paths. However, other factors support longer-term divergence.
Opportunities in fixed income for investors moving out of cash
With the path of cash rates uncertain, we think it is time for investors to consider redeploying into the market. But where? With bond yields near historic highs, we believe that fixed income is an attractive asset class to put cash to work—especially for investors seeking to lock in income.
Let’s get real (about interest rates)
“The New Normal was abnormal.” The near-zero interest rates of the last decade heavily favored growth stocks, but gravity has returned to financial markets. A tactical tilt to value stocks might be warranted over the longer term.
Perspectives on securitized credit - Q1 2024
The rally in securitized credit market that began in late 2023 accelerated in early 2024 even as the Federal Reserve pushed back on the market’s high expectations for rate cuts. Amid less enticing valuations, we still see pockets of value, supportive technical conditions, and decent fundamentals.
Blue bonds: The key to unlocking the blue economy’s potential
An increasingly prominent environmental issue is the declining health of the world’s oceans. Blue bonds have emerged as a critical tool in potentially attracting investment into the blue economy and play a part in providing finance to help address the pressing issue of ocean health.
WHY IS IT IMPORTANT TO MEASURE THE IMPACT OF A BLUE BOND?
Like other sustainable debt, blue bonds need to be evaluated differently to mitigate against bluewashing risks. There are four areas that are critical to analyze, including the issuer’s sustainable Investing profile, alignment with industry standards, bond creditability, and post-issuance reporting.
Adding emerging market debt exposure? Look to local bonds.
Seizing Opportunities in Today’s Market
A decade-long adventure navigating treacherous markets successfully
As the Dynamic Global Bond Strategy celebrated its 10-year anniversary since launch in February, we analyze the key drivers for performance, whether the strategy has kept up with the changing times, and if it is still relevant in a market environment that is a mirror image of the time when it was launched.
With rising headwinds, uncover the power of quality credit research
For insurance companies, corporate bonds offer attractive income, but security selection is imperative as rising headwinds could lead to defaults picking up.
Dynamic credit investing: A Q&A with Saurabh Sud
Saurabh Sud passed his five-year anniversary as portfolio manager of the Dynamic Credit Strategy!
Corporate bonds— A compelling long‑term income profile
Credit markets remain a compelling income-generating opportunity. But with headwinds rising, some investors may be feeling apprehensive. In this piece, we’re delving into the dynamics and how an approach that prioritizes research can help to instill confidence about credit investing in 2024.
Perspectives on Securitized Credit - Q4 2023
Securitized credit markets joined in the year-end cross-asset rally, fueled by a discernable shift in the Federal Reserve’s tone, leading to broad gains in 2023 and strong tailwinds entering 2024. With credit-risk premiums much lower, we analyze the opportunities seen in the new year.
Central bank rate-cut pricing is eye-catching but deceiving
The aggressive monetary easing priced in to markets is simply an average of expectations priced in across a range of potential outcomes, so it can be deceiving.
Will new long-term debt holders effectively discipline banks?
New U.S. regional bank debt can lower the odds of a default and help reduce the cost of a failed bank, but this requires holders to discipline riskier banks.
How could energy productivity cycles lead to credit opportunities
Portfolio Manager Steve Boothe highlights factors that could cause energy productivity to wane and usher in a bull market for oil and gas. These changes in productivity could create opportunities for energy credits.
Attractive yields but narrow spreads: The credit dilemma
The Active Advantage in High Yield
Active management of high yield bonds offers several advantages over a passive approach, in our view.
Government Bond Issuance Boom to Pressure Yields Higher
A flood of new global sovereign debt will affect market dynamics.
High Yield Bond Market Changes Provide Support
Transformations have bolstered high yield for a modest downturn.
Perspectives on Securitized Credit
Securitized credit markets produced mixed results in the third quarter. Despite a steep rise in U.S. Treasury yields, credit investors appeared more confident that the Federal Reserve could engineer a soft economic landing. Securitized credit was generally resilient, aided by light supply, which helped to offset gradually deteriorating fundamentals.
The Case for High Yield
The credit quality of the high yield market has drastically improved since the global financial crisis (GFC). Meanwhile, unprecedented quantitative tightening and related recession fears have led to rate and credit spread volatility since the first quarter of 2022, resulting in attractive yields and dollar discounts not seen since the GFC.
Quality High Yield Offers Performance Resilience and Diversification
Bond yields have surged dramatically over the past year, and we're here to talk about leveraged credit, specifically the high yield bond market with Paul Massaro, head of Global High Yield Franchise, and a member of the senior management asset allocation committee at T. Rowe Price.
Passive Investing Doesn’t Exist in Fixed Income
Welcome to another edition of the InsuranceAUM.com podcast. Our guest today says passive bond investing does not exist. That would be Steve Boothe, Head of Global Investment grade with T. Rowe Price.
Emerging Markets—Dancing to Their Own Beat
After a solid first-half performance, what does the remainder of 2023 look like for emerging markets (EM)? It could be more of the same, but it will be important to keep an eye on China and whether the slowdown there drags down the rest of EM and weighs on sentiment. For now, we are seeing resiliency on the growth side, while inflation has come down quickly. On the monetary policy front, several countries are positioned to embark on an interest rate-cutting cycle soon—striking out ahead of their developed market peers—which is an encouraging sign that EM is maturing as an asset class.
Perspectives on Securitized Credit
Since early April, securitized credit markets maintained the positive momentum that transpired following March’s banking system distress. Improved investor sentiment supported demand for risk assets broadly, benefiting securitized assets. A moderation in high interest rate volatility and signs that the Federal Reserve was near the end of its tightening cycle were positive factors for more interest rate-sensitive areas such as residential mortgage-backed securities, which enjoyed a strong quarter. Supply technicals remained highly supportive, but fundamentals are gradually worsening, and valuations have become more fair than cheap, resulting in a relatively neutral outlook for the asset class. However, yields are broadly attractive for long-term-oriented investors. We saw the best opportunities in high-quality asset-backed securities and collateralized loan obligations, had a balanced opinion of non-agency residential mortgage credit, and remained cautious on commercial mortgage-backed securities.
Buy and Align—The Next-Generation of Buy and Maintain Portfolios
Introducing the Net Zero Transition Product Framework, which seeks to deliver financial returns and manage risk while promoting energy transition. Category: ESG
Central Banks Step Into Potential Policy Error Territory
Recent hawkish stances taken by some major developed market central banks raise the question of whether we are entering the zone of a global monetary policy mistake. There is now a meaningful risk that these central banks could overtighten in their quest to quell inflation and help push the global economy into recession.
U.S. Debt Deal Does More Than Avoid Default
The deal to suspend the limit on the U.S. government’s borrowing averted a default but also appears to mark a new era in fiscal policy, with growth in federal spending moderating for at least the next two years and perhaps longer.
ESG Integral to Emerging Markets Corporate Bond Investing
In this Q&A, we sit down with Siby Thomas, co-portfolio manager for the Emerging Markets Corporate Bond Strategy, to discuss the importance of environmental, social, and governance (ESG); his approach; and the key trends to watch out for in this space in the future.
Strategy Focus on Global Impact Credit
Matt Lawton gives an overview of the characteristics and attributes of the Global Impact Credit strategy.
Global Fixed Income and More with Arif Husain, Fixed Income CIO of T. Rowe Price
Welcome back to another edition of the InsuranceAUM.com podcast. Today's topic is a good one, global fixed income, huge allocation by most any insurance company.
The Art of Actively Managing Interest Rate Risk
When managing interest rate risk, it’s important to go beyond duration as risk and alpha opportunities can also be found in country selection, convexity, curve positioning, and security selection.
Perspectives on Securitized Credit
Securitized credit markets experienced a choppy rebound to start 2023. We discuss the driving factors and what’s next.
Smoothing the Ride for Credit Allocations
The Dynamic Credit Strategy seeks to offer investors a “smoother ride” in credit investing by finding diverse alpha sources in a variety of market environments. The strategy focuses on credit selection and sector rotation across the credit spectrum by harnessing expertise across T. Rowe Price’s global multi-sector research platform.
Fostering Change With Impact Investing
Impact investing has gained traction in recent years to address the needs of investors seeking a more values-based investment approach. We brought together our three impact portfolio managers to discuss the rise of impact investing and how they see the sector evolving.
When Markets Twist and Turn, Flex Your Fixed Income
After a challenging period, bond markets are better priced for the new realities of high inflation and tighter monetary policy. Therefore, we have identified five flexible bond opportunities to help investors navigate the current market environment.
Perspectives on Securitized Credit
After a difficult year, securitized credit markets exited 2022 with positive momentum that carried over into early 2023. Valuations remain attractive relative to corporate bonds, yields are sitting well above their long-term averages, and we believe that strong bond pickers could be rewarded as fundamentals come under greater scrutiny.
The Private Credit Landscape with Bill Bohnsack, President of Oak Hill Advisors
Welcome to another edition of the InsuranceAUM.com Podcast - this is a good one today. We are talking about private credit with Bill Bohnsack, President of Oak Hill Advisors.
Global Impact Credit—One Year On
With one year having passed since the launch of the strategy, Portfolio Manager Matt Lawton answers questions about the evolution of impact investing over the past 12 months, activity within the strategy, successes and challenges, and what he is watching in 2023.
Five Key Insights From 2022
The Fed is committed to do whatever it takes to get inflation back to healthy levels. In 2022, the rout in bonds helped to restore healthy yields but reminded investors that stocks and bonds can sometimes sell off at the same time. Meanwhile, a focus on socially oriented goals could lead to less predictable economic policy changes in China.
The Active Advantage in High Yield
There is a strong case to be made for active management in high yield bonds, in our view, with an active approach offering several advantages. Active management allows for fundamental analysis and security selection across the full high yield universe as well as the ability to nimbly reposition a portfolio to take advantage of macro trends.
Do Not Underestimate the Impact of Quantitative Tightening
Central banks appear to intend quantitative tightening (QT) measures to run largely in the background. However, our analysis suggests that QT measures may have a much bigger economic impact than expected. This may result in banks tightening more than necessary in order to bring inflation down, potentially exacerbating recessionary dynamics.
Impact Investing in Credit: Debunking Four Common Misconceptions
Companies are being measured not only by their earnings and cash flow, but according to the effect their activities have on the environment and society. As a result, credit investors no longer judge those companies solely on their risk and return characteristics, but increasingly by their external impact as well.
The Case for a Strategic Allocation to High Yield Bonds
High yield bonds, in our view, have a key role as a strategic long-term investment and a mainstay allocation in a well diversified portfolio. Historically, high yield bonds have provided equity-like returns with less volatility.
Why Impact Investing Goes Beyond Green Bonds
What does impact investing mean? We're joined by Matt Lawton, portfolio manager in the Fixed Income Division at T. Rowe Price.
Finding Opportunities in Evolving Fixed Income Markets
Flexibility and a collaborative multi-sector approach, in our view, are essential components of fixed income portfolio management. We seek to combine well-diversified sector allocation with tactical insights to pursue consistent risk-adjusted returns across different market environments while capitalizing on bond market inefficiencies.