Brad Winges, President and CEO of HilltopSecurities sits down with Mike Nicholas, CEO of The Bond Dealers of America
Certainly 2021 and early 2022 were enormously good periods for the bond market, but any time you have interest rates rising and bond valuations falling, as we saw in 2023, that poses challenges for portfolio managers and broker-dealers who are active in fixed income. From early 2022 to mid-year 2023 the 10 year treasury yield doubled, and that has an enormous impact on fixed asset valuations. I believe, overall, HilltopSecurities did a very good job of managing risk and serving our clients during the volatile rate environment and we actually took it as an opportunity to increase hiring in the face of the market headwinds.