Building Robust Public and Private Credit Strategies

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Chris Lyons, Managing Director and Group Head, Private Credit	Travis King, Head of Investment Grade Credit

亚博赞助欧冠最近采访了Voya Investment Management的克里斯利昂，董事总经理和集团负责人，私人信贷和特拉维斯国王，投资级信贷负责人，在固定收入市场建设战略。这是他们的回应。

What is the major challenge facing fixed-income investors in 2016?
King:搜索收益率继续推动投资者。虽然历史标准，十年美国国债的1.85％的收益率较低，但欧洲和日本的产量甚至降低。因此，我们正在将全球流入美国市场，以利用甚至可以利用最低的收益率。

里昂：Fixed-income investors are also seeking to diversify their holdings by adding public and private corporate credits to their portfolios.

为什么美国公司信贷市场如此吸引人？
里昂：About 80 percent of corporate funding in the U.S. comes from the capital market and 20 percent from banks. That percentage is reversed in other parts of the world. Therefore, our credit market offers many more opportunities, and many international investors are expanding their mandates to include long-duration U.S. corporate bonds.

您在公共信贷市场中看到了哪些趋势？
King:今天的低利率环境为公共信贷市场的持续长期增长提供了良好的支持。然而，2016年公共公司债券中的巨大波动性巨大波动，在恢复前一年初期扩大。展望未来，我们预计一年中剩下的剩余时间都会保持高位，以160个投资级企业面积的差价。

Are there similar trends in the private credit market?
里昂：We expect spreads in private credit to remain compressed for the next few months and then widen in the second half due to continued volatility in the public market. Since it typically takes 12 to 18 months to build a private credit portfolio, we think that investors now have an opportunity to catch a cyclical rise from the bottom.

Are there opportunities in the energy sector?
里昂：回到2014年，我们的公共信贷团队认可本行业的早期迹象，并将我们的学分从上游[勘探]到中游[运输和储存]资产进行了重新定位。根据随后的价格下降，防守方法已退还。在私人信贷方面，我们通过盟约谈判保护了客户的利益，并在其他周期中得到了薪水。如果你采取逆向方法，现在可能是寻找能源长期机会的时间。

Please discuss the benefits of holding both public and private credit instruments.
King:的是nefits of combining these two asset classes include diversification and liquidity, since the private credits are held within a sleeve of public bonds.

里昂：组合策略还吸引了不想参与广泛尽职调查和面对面谈判的投资者，这些投资者涉及私人信贷部门的面对面谈判。我们的团队处理谈判契约，全部规定和其他必须亲自签署的70页的注册购买协议的其他重要方面。

How do you build a public-private credit strategy?
里昂：Many investors who want to own public corporate bonds reach their credit limits quickly because there is a limited amount of new investment-grade issues. Expanding that mandate allows a manager to move a portion of those funds to the private sector, creating more tactical opportunities.

King:There are plenty of options when building a combination credit strategy. If an investor wants long-duration credits, we can buy 30-year bonds. If an investor wants to maximize the total return, we can create a flexible solution along the term curve to match the client’s goals.

里昂：我们还制定了一项策略，将高产债券，低于投资级银行贷款和抵押抵押贷款[CMO]衍生物的策略结合在一起，以提供较低波动性的潜在高产量。该解决方案符合Voya的总体目标，具有高锐利比率，帮助投资者最大化其风险调整后的回报。

Voya Investment Management (Voya IM) is a leading active asset management firm. As of December 31, 2015, Voya IM managed approximately $209 billion for affiliated and external institutions as well as individual investors. Drawing on over 40 years of experience and an ongoing commitment to reliable investing, Voya IM has the resources and expertise to help long-term investors achieve strong investment results. Voya Investment Management’s fixed-income strategies cover a broad range of maturities, sectors and instruments, giving investors wide latitude to create a new portfolio structure or complement an existing one. As of December 31, 2015, Voya Investment Management managed $125 billion in fixed-income strategies in the United States.

想要获得多样化的好处吗？有关解决公共和私人信用的解决方案驱动方法的更多信息，请联系我们。

Brian Baskir
FIA, Managing Director
Head of Global
Consultant Relations
212-309-6481
brian.baskir@voya.com.

Ken Sarafa
Senior Vice President
Head of U.S. Institutional Sales and Relationship Management
248-554-4802
Ken.Sarafa@voya.com

约翰西蒙
Senior Vice President
Head of Insurance
IM Sales & Solutions
212-309-8413
John.Simone@voya.com