Dennis Badlyans

Associate Director, Global Research & Design
S&P Dow Jones Indices
Biography

Dennis Badlyans is an Associate Director in the Global Research & Design team at S&P Dow Jones Indices. Dennis joined the team in November-2015 primarily focused on fixed income indices in the Americas.

Prior to joining S&P Dow Jones Indices, Dennis held various fixed income roles at J.P. Morgan Securities including head of market risk management covering rates and currencies in Latin America, investment research strategist covering rates and currencies in Latin America and global index research focused on emerging and developed local markets.

Author Archives: Dennis Badlyans

Evolution of the Green Bond Market

A few weeks ago, Martina Macpherson wrote the blog post The Rise of Green Bonds, in which she provided an overview and outlined some of the drivers behind their recent increase in issuance.  Indeed, green bond issuance ramped up significantly in 2016, and the accelerated pace is expected to continue this year.  Total issuance of Read more […]

Monetary Cycles and the Fixed Income Market – What Can the Past Tell Us About the Current Cycle?

Rising rates are generally seen as bad news by fixed income market participants.  As rates go up, prices of fixed income assets are expected to go down.  However, returns (or losses) can vary depending on characteristics of the cycle, as well as the amount of income or carry available to cushion the decline in price. Read more […]

Does the Outperformance of UDIBonos to MBonos Have Legs?

Since the U.S. presidential election on Nov. 8, 2016, the S&P/BMV Sovereign UDIBONOS Bond Index, which seeks to track inflation-protected Mexican government bonds, outperformed its nominal counterpart, the S&P/BMV Sovereign MBONOS Bond Index (see Exhibit 1).  What was the driver behind this outperformance, and can we expect it to persist? Exhibit 1: S&P Mexico Sovereign Read more […]

Safe Spread Alternative: The S&P 500® Corporate Bond Index

The May 2016 IIF Portfolio Allocation Trends report confirms the generally defensive tone among market participants, with investors balancing between higher quality and higher yield. The S&P 500 Corporate Bond Index is the corporate bond counterpart to the market bellwether, the S&P 500 equity index. With an average option-adjusted spread (OAS) of approximately 425 bps, Read more […]

Mexico Fixed Income Markets: Foreign Investors Repositioning in Linkers

In January, foreign investors rotated positions back into UDIBonos, adding about 1.2% market share—a significant allocation to this investor base. Flows into government bonds as a whole remain muted—in net, foreign investors withdrew about MXN 9 billion over the same period. (CETES: decreased MXN 32 billion; MBonos: increased MXN 7 billion). January inflation surprised analysts Read more […]