Hamed Faquiryan is a Vice President in the Fixed Income and Multi-Asset Class Research team. He focuses on risk modeling and factor research for credit assets. Hamed previously was a researcher at the Federal Reserve Bank of San Francisco concentrating on financial markets and institutions. He has an M.Sc. in Economics from the Barcelona Graduate School of Economics and a B.A. in Economics/Mathematics and Philosophy from the University of California at Santa Barbara.
Research and Insights
Articles by Hamed Faquiryan
A Factor-Based Approach to Munis in Turbulent Times5 mins read Blog | May 11, 2022 |
Tracking municipal-bond benchmarks can mean evaluating hundreds of thousands of securities along many dimensions, such as credit ratings. We evaluate an alternative, factor-model-based approach.
Hertz So Good?3 mins read Blog | Sep 30, 2020 |
We look at the unusual bankruptcy of Hertz Global Holdings Inc. — whose equity rallied in early June, when holders of Hertz bonds were expecting losses as high as 90% in default — to discuss the importance and subtleties of firms’ capital structures.
Up in Smoke? Brazil’s Wildfires May Affect Bond Spreads9 mins read Blog | Jul 10, 2020 |
Clearing Brazilian forests to make way for agriculture may spur a backlash to soy and beef producers if purchasers impose deforestation-free rules. What are the potential implications for debt of affected companies and for Brazilian sovereign debt?
Credit in the COVID Crisis: Contagion, Valuation, DefaultBlog | May 6, 2020 |
As the COVID-19 crisis unfolded, credit markets deteriorated under the stress of a sharply diminished economic outlook. We analyze three indicators of credit-market conditions: default risk, relative value and contagion risk.
Are EU corporate bonds all alike?Blog | Nov 26, 2019 |
The integration of the eurozone’s economy may tempt investors to view corporate debt issued by European companies as undifferentiated. On average, this view has seemed correct — but not always durings times of market stress.
Bank Loans: Will Crisis Follow the Search for Yield?Blog | Jun 27, 2019 |
In the post-2008 search for yield, investors have taken on considerable exposure to leveraged bank loans. We assess whether these loans pose systemic risk in the way subprime mortgages did during the last crisis.
Venezuela and the Specter of Recovery RiskBlog | Feb 14, 2019 |
Venezuela unfortunately finds itself on the verge of political and economic collapse. From the perspective of investors in the country’s sovereign and corporate bonds, recovery risk is now likely a bigger consideration than default risk.
What if Credit Spreads Widen?Blog | Aug 21, 2018 |
Despite robust economic growth in the U.S., market conditions — as defined by tight spreads and high valuations — have wary credit investors on the lookout for trouble as the credit cycle matures. One area of scrutiny is BBB-rated credit, which sits in the middle of the rating hierarchy. Should spreads suddenly widen, investors may want to be prepared for a potential wave of BBB credits cascading into the high-yield market.
What’s Driving High-Yield Spreads?Blog | Jun 13, 2018 |
The recent trend in high-yield market spreads appears to relate more to concern about rising rates than the potential for credit losses. However, investors should be aware that the impressive recent performance of short-dated high yield bonds and floating-rate leveraged loans may be reversed if credit conditions begin to deteriorate.
Leveraged loans: Risks, rewards and investor protectionsBlog | Jan 10, 2018 |
As central banks continue to keep interest rates at historic lows, many institutional investors have turned to leveraged loans for their attractive yields.