All Corporate Bonds articles – Page 16
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White papersAsset Allocation Update - Much ado about equities and credit
Equities and corporate bonds often do well together. Over the past 20 years the “beta coefficient” between credit to equities has been 0.5 in both the US and Europe; that is to say, for every 1% rise (or fall) in equity prices, credit markets have tended to return (or weaken) 0.5%.
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White papersMarket Perspectives - Patience is a virtue
Sunny spots are rare this winter. Economic data in in Europe and China have continued to underwhelm. Key euro area indicators including PMIs, Ifo and Sentix are at multi-year lows, following a sharp contraction in industrial production in Q4. China reported a slump in trade and the slowest annual growth in three decades.
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White papersAn Underappreciated Subset Of High Yield
As we enter what may be the twilight hours of an elongated credit cycle, an increase in defaults is not only possible, but probable. Against this backdrop, a credit-intensive, global approach to high yield investing is key.
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White papersInvesting in the Low-Carbon Economy
Private capital has never been given such an important role in tackling climate change and de- carbonising the economy. As Philippe Le Houérou, CEO of International Finance Corporation (IFC), says, the private sector “holds the key,” noting that it “has the innovation, the financing and the tools.
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White papersTime to increase risk exposure: start with emerging markets and credit
The excess of pessimism at the end of 2018 resulted in a sharp decline in financial markets and renewed volatility. According to our analysis, market participants priced in twice the slowdown risk that economic fundamentals justified.
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White papersMarket Perspectives: When it rains, it pours
When it rains, it pours. Already the Flash crash in February was severe; then October saw the most severe monthly equity sell-off (MSCI World) since 2012. A further drawdown by mid November aggravated the year-to-date losses. Tech stocks entered bear market territory.
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White papersCentral banks in focus: assessing the path ahead for the Fed
US economy: We expect the US economy to grow above potential in 2019 and to gradually converge to its long-term growth rate of around 2% in 2020 as the boost provided by fiscal expansion in 2018 will gradually lose steam.
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White papersCore Matters: How do assets perform in a maturing business cycle?
The record long expansion in US real GDP (37 quarters so far) and the gradual pickup in inflation have started raising concerns about the beginning of the end of the current cyclical upswing.
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White papersAsset Class Return Forecasts: Q3 2018
The current global expansion is set to run until 2020, with above potential growth in most countries in 2018 and 2019. However, the global GDP growth has started to decelerate and we expect it to slow further in 2020.
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White papersGlobal Investment Views: August 2018
Concerns about trade continue to take centre stage. While US assets have so far been resilient amid escalating protectionist rhetoric, markets targeted by tariffs are under pressure.
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White papersEuro Investment Grade Credit: A Growing, Diversifying, High-Quality Market
The financial crisis and subsequent regulation has ended the dominance of financials in euro corporate bonds.
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White papersBanking problems impede India’s reforms
There has generally been a positive response to Prime Minister Narendra Modi’s structural reforms, but there has been an investment slowdown in the medium-term, and recent scandals, huge bad loans and ATM cash shortages imply a banking system that is in crisis – to the tune of $210 billion.
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White papersWhat to know about investing in China
There used to be a lot of concern around China’s old industrial economy, but supply-side reforms have curtailed excess capacity.
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White papersWhy sustainable growth supports ASEAN equities
The Association of Southeast Asian Nations is in a cycle of high-quality, balanced economic growth, with China leading the way.
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White papersAsset Allocation Update: Strong earnings prompt US equities upgrade
Amid background noise such as ongoing trade skirmishes involving the US, the evolving Chinese economy and geo-political tensions, we have spent time analysing recent market movements and the implications for risk assets.
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White papersThe inflation pendulum
It’s not good to have too much or too little inflation, but trying to get a huge pendulum the size of the US economy to settle in the middle is very difficult.
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White papersThe employment enigma: why is there no inflation?
After years of monetary stimulus, zero interest rates and quantitative easing, the global economy is now experiencing strong, synchronised growth.
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White papersRethinking fixed income investing when the easy money is coming to an end
The end of easy money may point to different investment scenarios
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White papersSparkling performance boosts luxury goods
The past two years has seen a pick-up in luxury goods, as the global economy continues to expand.
