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Phil Milburn

End of the beginning?

Does the recent volatility mean this is the end of the beginning or the beginning of the end? Phil Milburn analyses where we are in the market cycle and what this means for investors. Read more
Phil Milburn

The equilibrium interest rate (r*) in the UK

Why have equilibrium UK rates fallen so much? Read more
Phil Milburn

How much duration?

Phil Milburn explains the importance of managing absolute duration risk and not chasing the most expensive risks in the market in running the new Liontrust GF Strategic Bond Fund. Read more
Phil Milburn

The wary canary and the LIBOR OIS spread

The US 3 month LIBOR OIS spread has widened since the start of the year, prompting questions about whether this is a sign of stress in the market for the wholesale liability financing of US banks. Phil Milburn analyses what has driven the widening and what this means for investors. Read more
Phil Milburn

Securitisations, alignment of interests and a recent DC Court ruling on CLO risk retention

Now if that catchy title does not tickle your fancy then you are still a functioning human and have not descended fully into the world of being a bond geek! However, the ruling does have some small ramifications for the US high yield bond market and is a sign of the retrenchment in regulation we are witnessing in the US. Read more