Welcome to the RBC Global Asset Management site for Institutional Investors
In order to proceed to the site, please accept our Terms & Conditions.
This RBC Global Asset Management (U.S.) Website is intended for institutional investors only.
For purposes of this Website, the term "Institutional" includes but is not limited to sophisticated non-retail investors such as investment companies, banks, insurance companies, investment advisers, plan sponsors, endowments, government entities, high net worth individuals and those acting on behalf of institutional investors. The Website contains information, material and content about RBC Global Asset Management (collectively, the “Information”).
The Website and the Information are provided for information purposes only and do not constitute an offer, solicitation or invitation to buy or sell a security, any other product or service, or to participate in any particular trading strategy. The Website and the Information are not directed at or intended for use by any person resident or located in any jurisdiction where (1) the distribution of such information or functionality is contrary to the laws of such jurisdiction or (2) such distribution is prohibited without obtaining the necessary licenses and such authorizations have not been obtained. Investment strategies may not be eligible for sale or available to residents of certain countries or certain categories of investors.
The Information is provided without regard to the specific investment objectives, financial situation or particular needs of any specific recipient and does not constitute investment, tax, accounting or legal advice. Recipients are strongly advised to make an independent review with an investment professional and reach their own conclusions regarding the investment merits and risks, legal, credit, tax and accounting aspects of any transactions.
Multi-asset credit has been a popular choice for investors over the past decade and that popularity was fuelled, in part, by low yields in traditional (investment grade) credit markets. As central banks around the world dropped interest rates to near zero, the hunt for yield pushed investors into higher-yielding credit such as high yield and emerging markets. MAC grew out of this demand, offering a convenient ‘package’ of higher-yielding credit in a single vehicle.
The question is, as interest rates start to stabilise at higher levels, does the rationale for MAC still stand? In this paper, we analyse the merits of MAC in today’s world.
Read the full piece here.