All Credit articles
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White papersFour scenarios for the future of AI
Artificial intelligence continues to evolve at a rapid pace. Models are improving, computing costs are easing and companies are beginning to report tangible efficiency gains.
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VideoContingent capital; a strong case in today’s fixed income market
In this edition of Talking Markets Lloyd Harris, Head of Fixed Income at Premier Miton, discusses how stronger bank capital positions and post‑crisis regulation continue to reshape the contingent capital landscape. He shares why CoCos are increasingly compelling for income‑focused investors, offering a robustness that has held up well through recent market stresses.
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White papersUnpicking the US securitised credit universe – asset types and characteristics
We began our mini-series of short articles about securitised credit with an overview piece on what asset-backed securities are and how the mechanism broadly works. In this second piece we will drill down into the different types of securities and their individual characteristics.
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White papersDiversification Without Complication: The Case for Global Bonds in 2026
After an extended period of declining yields and credit spreads, we believe the fixed income environment is becoming increasingly nuanced. Near-neutral rates, tight spreads and elevated macro and political risks require investors to tread carefully in setting exposures while taking a broader approach to maximizing the opportunities that will present themselves.
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White papersFixed Income: Why This Is Not 2022
The echoes of 2022 are loud but misleading. The macro still points to easing, not hikes, while the credit cycle begins to turn.
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White papersPrivate credit and real asset debt: resilience through rate normalisation
Private credit, commercial real estate (CRE), infrastructure debt, and middle market direct lending have proved resilient across most rate regimes because performance is anchored in structure, cashflow durability, and disciplined underwriting - not in the direction of policy rates.
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White papersBeyond U.S. exceptionalism
Concerns are growing over economic activity, political tension and policy uncertainty in the U.S., creating a challenging investment environment. Headlines throughout 2025 and so far in 2026 underlined this uneasiness; foreign investors were reportedly leaving U.S. markets in droves amid currency volatility and tariff-driven fears, possibly spelling the end of U.S. exceptionalism as we know it. Adding to these doubts is the spectre of an increasingly deglobalized world.
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White papersThe supply chain shock no one is talking about
A disruption far bigger than the oil price is unfolding and it’s happening through the world’s most important industrial corridor.
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White papersGermany’s Mittelstand at a turning point: the pivotal role of private debt
Germany’s mid-market is in transition, and private debt is playing a pivotal role. Digitalisation, energy, sovereignty and succession: these shifts are reshaping priorities and creating new financing needs.
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White papersTrade Finance case study: Ensuring food security in Egypt
Federated Hermes participated in a US$1.3bn syndicated trade finance facility to support wheat purchases for the Egyptian government – an essential transaction that underpins social stability.
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White papersInnovation at work: building a resilient private market ecosystem
Private markets have entered a phase shaped not only by secular shifts, but also by heightened geopolitical uncertainty and growing scrutiny around risk.
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White papersRethinking resilience in private credit
For much of the past decade, emerging markets (EM) were viewed primarily as a high-beta extension of global growth. Allocators tended to treat the asset class as cyclical exposure, sensitive to dollar strength, commodity swings, and Federal Reserve policy shifts.
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WebinarWebinar replay: How global macro factors and geopolitical events are feeding through to debt markets
Lloyd Harris, Head of Fixed Income at Premier Miton, looks at the key forces shaping debt markets today, from global macro trends to geopolitical developments, and how these influences feed into the team’s strategic investment approach. He also outlines his outlook for the months ahead and highlights where he sees the most compelling opportunities across fixed income.
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White papersNot everything that counts can be counted: Rethinking real estate credit underwriting
Our latest Private Markets Insight explores why traditional metrics like LTV, debt yield and ICR, while useful, can distort true risk when relied on in isolation. Real estate isn’t homogenous, and neither are the risks behind each asset.
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White papersTrade Finance: Unlock uncorrelated alpha potential
Trade finance – short-term loans to facilitate physical cross-border transactions – plays a vital role in facilitating global trade flows. It is estimated that 80% of world trade is dependent on some form of financing. This can be attributed to tighter credit conditions for obtaining alternative sources of capital. In this paper, we outline why more investors are turning towards this asset class as a diversifier in their portfolios.
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PodcastBDCs, AI Disruption, Iran Oil Shock: What Lies Beneath in Credit Markets
Credit index spreads have been largely unchanged this year — but the calm surface belies a more complex picture underneath. Rising dispersion, AI-driven disruption fears, widening BDC spreads, and the military conflict in the Middle East are reshaping the risk landscape for fixed income investors — without much additional compensation showing up at the credit index level.
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White papersEM Local Currency Debt: A Revitalised Opportunity for European Investors
Emerging markets local currency debt is offering some of the most compelling income and diversification characteristics in global fixed income.
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White papersWhy bond investors can’t ignore the AI revolution
AI’s influence on fixed income markets is only just beginning and its eventual effects will become more apparent as time progresses. Even at this point, however, certain things are clear.
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White papersInvestment Implications of the Iran Conflict
Many investors awoke to the news Saturday that the US and Israel had launched attacks on Iran in what President Donald Trump called “major combat operations” to destroy Iran’s military capabilities and eliminate the threat of nuclear weapons production in the country. Iran quickly retaliated against the strikes, which had resulted in the death of Iranian Supreme Leader Ayatollah Ali Khamenei, by launching counterattacks aimed at Israel and US military installations across the region, marking a sharp escalation in Middle East tensions and sending shockwaves through global markets.
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White papersUnified Global Alternatives – Hedge Fund Bulletin: January 2026
Global markets delivered broadly positive performance in January, supported by improving risk sentiment amid elevated sector rotation, higher dispersion, the start of the corporate earnings season, and the nomination of the next US Federal Reserve chair.
