All Corporate Bonds articles – Page 2
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White papers
Macroeconomic and financial market forecasts - January 2024
Macroeconomic forecasts as of 10 January 2024
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Corporate Credit Outlook 2024: High Tide for Yield?
Weakening economic fundamentals shouldn’t scare away corporate bond investors in 2024—provided they keep a close eye on credit quality.
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Surfing the Curve With Short-Duration Credit
Why short-dated bonds may offer the most attractive risk-adjusted yield as the economy slows.
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A Compelling Value Proposition in EM IG Corporate Debt
Elevated yields, improving credit quality and lower interest rate risk are presenting a strong case for EM investment grade corporate debt—especially in a soft landing scenario.
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The case for bank credit/AT1s over equity
It’s been a really great couple of years for the banking sector – after a decade or more of zero interest policy when every year that went by bank margins fell, suddenly banks have lots of margin to play with as interest rates have risen to more normalised levels.
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Fixed-Income Outlook 2024: Bonds Roar Back
The tide has turned for bonds. Here’s what we think is in store for 2024.
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Time for credit – why we like investment grade
To better understand the impact of potential macroeconomic scenarios on the asset class, we have undertaken a sensitivity analysis of the global investment grade corporate bond market. This sensitivity analysis points to one clear implication: the importance of investing in fixed income despite ongoing uncertainty. We believe fixed income, in particular credit markets, have become a much more attractive proposition for investors.
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Higher rates will start to bite the corporate sector in 2024
The impact of rate increases on businesses is expected to intensify in 2024. Businesses haven’t been impacted much by higher rates so far because they have used the cash they collected during Covid and refinance needs have been limited. However, refinancing needs will rise in 2024 Small and medium sized companies and lower rated HY issuers will be most impacted. The spillover from higher rates will be more limited for IG companies.
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Podcast
CIO perspectives on what lies ahead in 2024
M&G’s CIOs Jim Leaviss and Fabiana Fedeli share their perspectives for 2024, considering how to potentially drive returns through the uncertainty ahead, and highlighting the importance of being selective in a challenging economic environment.
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FOMC on Hold — Rate Cuts by May 2024?
As expected, the Federal Open Market Committee (FOMC) decided to keep its key interest rate, the federal funds rate, unchanged at 5.25%–5.50%.
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Swiss bonds: out of the comfort zone
When it comes to asset allocation, many investors rely on passive and low-cost building blocks, justifying this with the cliche that active approaches do not fulfill their promise anyway and have exorbitant fees.
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What does 2024 hold for markets?
It is time to look ahead to 2024. This year has been marked by expectations of recession in the developed world and of China re-opening to positive effect. Both have proved to be the wrong horses to bet on. In this weekly edition of Simply put, we analyse the likely shape of next year and evaluate which asset classes stand to benefit.
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The Balance Between Corporate Profit Margins and Economic Resilience
This blog shares our views on the relationship between corporate margins and different U.S. economic growth scenarios using our corporate profit model to estimate performance.
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Tracking the Transition from Tighter Policy to Corporate Spreads
We explore the historical transmission from tighter monetary policy to corporate bond spreads and the respective investment implications under our “weakflation” scenario.
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Higher for longer: 2024 Outlook
As ever, central bank policy has the power to make or break markets.
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The overlooked appeal of short-dated euro corporate debt
Corporate balance sheets continue to provide support for opportunities in the front-end of the credit curve in the eurozone.
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2024 municipal bond market outlook: Increased optimism for the year ahead
Muni bonds now offer historically elevated yields; fundamentals in the muni market remain stable; and when compared to corporate debt, tax-free muni bonds tend to display lower default characteristics.
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White papers
Cooling high-carbon sectors with corporate bonds
Investing in companies that are already low-carbon today does nothing to lower emissions in the future. That’s why we invest in transitioning companies with credible plans to decarbonise. How do we assess companies for their climate alignment to see if they make the cut for our TargetNetZero credit strategy?
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White papers
US bonds: Thinking beyond rates
In an economic environment characterized by rising interest rates and slowing growth, our investment professionals see fixed income as a beacon of opportunity.
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The Bloomberg Fixed Income Indices are Turning 50
The Bloomberg Fixed Income indices’ history traces back to 1973 when the Kuhn, Loeb & Co. investment bank created the first version of bond total return indices. Over the subsequent decades, the ownership of these benchmarks has been passed to Lehman Brothers then Barclays before getting acquired by Bloomberg LP in August 2016.