Content (437)

  • Expecting the unexpected with more robust bond portfolios

    White papers

    Expecting the unexpected with more robust bond portfolios

    2025-03-25T17:12:00Z

    2025 was widely expected to be a good year for bonds. The US economy seemed to have found a floor, inflation looked to be contained, and interest rates had a long way to fall. The combination of high yields and capital appreciation from falling rates was, if a bit simplistic, a reason to be excited about the outlook for compelling total returns. But 2025 is looking increasingly like it will be anything but simple, writes Olivier De Larouziere.  

  • BNP_Talking Heads

    Podcast

    Talking Heads – Long-term trends underpin European private equity infrastructure

    2025-03-19T17:15:00Z

    Amid geopolitical change and shifts in the focus of public policy, private capital investments in infrastructure have a major role to play. This includes private equity investing in the ‘infra’ segment which includes digital assets such as datacentres, as well as energy storage and green mobility.  

  • Investment case for water remains buoyant

    White papers

    Investment case for water remains buoyant

    2025-03-19T16:29:00Z

    Investing in the water value chain – including infrastructure, technology, and services – can help investors achieve sustainable returns over the long term. Now is a good time: valuations of high-quality companies demonstrating strong earnings growth, such as those our strategy targets, look compelling after a correction compared to the broader equity market.

  • Monthly Market Viewpoint – Not so exceptional after all

    White papers

    Monthly Market Viewpoint – Not so exceptional after all

    2025-03-12T15:34:00Z

    Declines in US equities over the last month were primarily a function of disappointing economic data and a partial ‘Magnificent-7 unwind’ rather than tariffs. Lately, it has been self-reinforced panic selling, which we expect will be reversed. We remain optimistic on the medium-term outlook. 

  • German fiscal expansion – Whatever it takes!

    White papers

    German fiscal expansion – Whatever it takes!

    2025-03-07T15:29:00Z

    On 4 March, Friedrich Merz, Germany’s chancellor-in-waiting, proposed a constitutional amendment that would pave the way for an extensive programme to boost defence spending and overhaul German infrastructure. By employing, in English, the phrase “whatever-it-takes”, Merz made sure there was no doubt about the scale of his intentions.  

  • Talking Heads – Absolute return fixed income in an uncertain world

    Podcast

    Talking Heads – Absolute return fixed income in an uncertain world

    2025-02-19T15:31:00Z

    There is always uncertainty, particularly when it comes to the direction of bond markets in an uncertain world. James McAlevey, Head of Global Aggregate and Absolute Return explains the merits of absolute return fixed income investing in the current environment.  

  • The new world of private credit investing

    White papers

    The new world of private credit investing

    2025-02-18T15:29:00Z

    The new European Long-Term Investment Funds Regulation (ELTIF 2.0) has created opportunities to invest in private assets through open-ended funds. Stephane Blanchoz discusses this innovative regulation and the additional investment opportunities it brings.  

  • Talking Heads – Broadening perspectives on the outlook for sustainability

    Podcast

    Talking Heads – Broadening perspectives on the outlook for sustainability

    2025-02-12T15:26:00Z

    The top-down view in the US on the need for a sustainable approach to business and government has shifted, but there are still signs that initiatives on greater diversity, equity and inclusion can persist. Efforts to tackle environment, social and governance issues are finding support, argues Alex Bernhardt, Global Head of Sustainability Research. 

  • Euro high-yield – There is more to come!

    White papers

    Euro high-yield – There is more to come!

    2025-02-07T15:22:00Z

    Over the last two years, the euro high-yield segment has performed well, with relatively low volatility. It has shown resilience to both external shocks and negative idiosyncratic events within the high-yield universe. We think this demonstrates that the segment is now more mature and of better intrinsic quality than a few years back.  

  • Robust fundamentals should prop up emerging market debt

    White papers

    Robust fundamentals should prop up emerging market debt

    2025-02-06T15:18:00Z

    Many emerging market economies have robust fundamentals: strong external demand, stabilising inflation and monetary policy easing, While their GDP growth is expected to outpace that of their developed market peers, there could be some headwinds in the first few months of 2025 from renewed uncertainty around the US Federal Reserve’s rate cutting cycle, the Trump administration’s policy agenda, the outlook for geopolitics and a strong US dollar.

  • IG Credit – Be selective, even amid good fundamentals

    White papers

    IG Credit – Be selective, even amid good fundamentals

    2025-02-03T15:15:00Z

    While uncertainties remain, we retain our positive outlook, supported by resilient growth in the US, steady investor demand and a supportive monetary easing cycle in Europe. As for the fundamentals, the peak in investment-grade (IG) credit quality for this cycle is now behind us. Nonetheless, both US and European IG bond issuers are still generally in good shape: They now have bigger reserves of cash, lower net debt and better net margins.  

  • Artificial intelligence – Still positive after the sell-off

    White papers

    Artificial intelligence – Still positive after the sell-off

    2025-01-29T15:40:00Z

    In the week ending 24 January, a previously unknown Chinese start-up presented an artificial intelligence large language model apparently showing a performance comparable to that of the leading US models. The unexpected development could disrupt the paradigm of a quasi-monopolistic position for leading US chip manufacturer. This concern led to a major fall in valuations of some prominent tech companies. Markets have since recovered most of their poise. Here we give our view on these developments.