All Corporate Bonds articles
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White papersESG Investing In Corporate Bonds: Mind The Gap
This research is the companion study of three previous research projects conducted at Amundi that address the issue of socially responsible investing (SRI) in the stockmarket (Berg et al., 2014; Bennani et al., 2018a; Drei et al., 2019). The underlying idea of this new study is to explore the impact of ESG investing on asset pricing in the corporate bond market.
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White papers
Another Breakthrough Year for China Bonds
The market made it into global indices but also broke records for defaults in 2019 and is facing uncertainty from the coronavirus: we take stock for 2020.
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White papers
The pros and cons of daily and monthly index rebalancing: Canada
Is it better for a bond index to be able to change every day, or only every month?
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White papers
The Outlook for Global Markets 2020
Although global economic indicators appear to have stabilised in late 2019, investors may need to accept a degree of discomfort to find opportunities in 2020.
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White papers
Credit selectivity at the fore in European high yield bond and senior loan investing
The European leveraged finance market is recognised for its potential to offer a compelling income advantage versus other, more traditional fixed income asset classes. Current market factors such as low default rates for speculative-grade debt and further stimulus from the European Central Bank are expected to continue to lend support to this asset class, which has enjoyed strong performance in 2019. Still, a prudent perspective would view the market as standing on relatively fragile ground in a period of low yields, lackluster economic activity and weakening growth outlook.
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White papers
Building on 2019’s green bond resurgence
In almost whatever country you care to mention, climate change and social inequality are exploding into the public consciousness. Extinction Rebellion in the UK or the Gilets Jaune in Paris are just two of the more high-profile signs. Yet in the financial markets, too, green, social and sustainability bonds are growing in number and sophistication.
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White papers
Outlook 2020: The Beauty of Symmetry
− Global growth is finding its feet, but a powerful upswing is not around the corner: risks such a Hard Brexit (still!) and the US elections are impediments to a meaningful capex recovery.
− 2019 was in many ways similar to 2016; but 2020 will not be a repeat of 2017. We expect equity gains to continue, but in a far more muted fashion.
− Central banks engineered a stunning risk rally in 2019; they will be less active in 2020. But nascent efforts to make inflation targets more symmetrical will remain a risk-friendly force. -
White papers
FTSE Russell China Bond Research Report - November 2019
Highlights in the November report
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White papers
Stay agile amid diverging scenarios
After enjoying stellar performance this year, investors will increasingly question whether the global economy will proceed towards a trade war-engineered recession moving into 2020, thereby ending the longest ever bull market. Or, if growth stabilizes at a low level, and potentially rebounds, the cycle could extend even further.
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White papers
ECB QE2 Starts On A Strong Foot With A Tilt To The Private Sector
ECB QE2 started off on a strong foot, according to data released on Monday regarding the very first week of purchases. The overall increase in holdings of the four QE programmes was quite high for just one week relative to the announced monthly path of EUR 20 bn, as it totalled around half of this amount , at EUR 9 bn. Most of the increase in holdings was driven by the public sector (roughly EUR 4.5bn) and corporate bond programme, at almost EUR 2.8 bn. The CSPP portfolio expanded from EUR177.1bn at the end of October to EUR181.1bn on 8 November. With the data reflecting settled securities, this number should cover just four trading days of purchases.
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White papers
Case for GDI – A Diversified Approach to Risk-Adjusted Income
Seeking to maximize income per-unit of risk with a dynamic, multi-asset multi-manager solution. The theme of late-cycle volatility, spurred by geopolitical tensions and slowing global growth, has been well documented. Low global interest rates continue to present challenges to meet income needs and control risk.
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White papers
Three Benefits Of Emerging Market Corporate Bonds
In a low-yield world, surprisingly few investors have an allocation to one of the most attractive high-yield bond sectors: emerging market (EM) corporates. We believe this will change as investors recognize three of the key benefits: a compelling risk-return trade-off, resilience in falling markets, and inefficiencies that can be a source of durable alpha for active managers.
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White papers
ABS: Uncovering Opportunities Beyond the (IG) Index
Amid an ongoing search for yield and with a number of potential risks on the horizon, there may be benefits to exploring opportunities outside of traditional corporate and government bonds—such as certain parts of the asset-backed securities (ABS) universe.
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White papers
An innovative approach to cash flow driven investing
A multi-asset approach to cash flow driven investing (CDI) can make it more accessible to less-funded schemes. Broadening the opportunity set can improve portfolio efficiency, providing higher certainty of reaching funding level goals. Dynamic portfolio construction and fundamental security selection can accelerate the journey towards full funding. ...
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White papers
Why Are Investors Turning to Emerging Market Corporate Bonds?
Emerging market debt has expanded significantly. Its continued evolution has opened the way for more sophisticated investment strategies which exploit its diversity to improve diversification and manage risks. This is the case of Emerging Market (EM) corporate bonds. The sustained deepening of the asset class will make it even harder to ignore as an attractive investment opportunity. Alongside this growth, the increasing variety of EM corporate issuers offers continued opportunities for investors to diversify.
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White papers
Factor investing also works in corporate bond markets
Impressed by the historically good performance of factor investing in equity markets, more and more investors are appreciating the potential of this approach for bonds, says investment specialist Grégory Taieb of BNP Paribas Asset Management. “It can improve a portfolio’s long-term risk/return profile, and create diversification benefits for investors.”
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White papers
Enel steps up: the world’s first SDG-linked bond
How an Italian energy company’s new bond marks a defining moment in the evolution of sustainable fixed-income markets.
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White papers
A High-Income Survival Guide for Late-Cycle Markets
It’s easy to get spooked in late-cycle markets. But we think there’s a way to de-risk your portfolio and still generate a decent level of income—no magic spells necessary.
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White papers
High yield: where the income continues to flow
High yield debt is one of the few markets offering positive real income.
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White papers
Investment Grade: Stable Fundamentals with Hints of Wear & Tear
IG fundamentals held up relatively well in Q3, despite dampened sentiment and growing macro uncertainty. Spreads were unchanged, but may move wider before year-end.
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