All Credit articles – Page 16
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White papersPrivate Credit – current dynamics shaping markets
Recent LP discussions reveal concerns about crowding and concentration in private credit, leading to a revaluation of exposure and portfolio metrics. In response, we aim to delve deeper into our diversification approach this quarter.
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White papersAsia credit market on the recovery path
Key factors driving the Asia credit market’s resurgence and our promising outlook for 2025
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White papersA selective approach is key in high yield in 2025
Jack Stephenson, Fixed Income Investment Specialist, spoke to Investment Week about US high yield and where we are finding opportunities.
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White papersClimate Change High Yield Credit, Annual Report 2024
We continue to see investor engagement play a critical role, particularly with companies in high-carbon sectors.
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White papersGlobal preferred and capital securities remain attractive
The Federal Reserve (Fed) should be cutting rates more in 2025, but most likely not before a pause to assess the policy footings of the returning Trump Administration.
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White papersIG Credit – Be selective, even amid good fundamentals
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.
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White papersOutlook 2025 - Plan for growth, prepare for volatility
2025 is shaping up to be another good year for investor returns, with healthy global GDP growth likely to support earnings, and falling interest rates putting mild upward pressure on valuation multiples. Explore our key macroeconomic views and the asset class implications across infrastructure, real estate, equities, and credit markets for the year ahead.
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White papersHigh yield: Historically attractive starting yield levels
High yield credit offers compelling income opportunities, with starting yields in the 7–8% range historically associated with strong forward returns. Strong fundamentals, including low default expectations and solid credit metrics, provide resilience against the modest spread widening expected in 2025. Elevated issuance and a higher-quality index composition further support high yield’s ability to balance risk and reward in a dynamic market environment.
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White papersDiverging fortunes: Global Market Perspectives, 1Q 2025
Despite elevated policy uncertainty, a solid economic backdrop implies this is still a risk-on investing opportunity. Our quarterly investment outlook highlights the themes and investment implications for the period ahead.
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White papersBuying bonds: January macro and asset class views
2024 marked the fourth consecutive year of rising US yields, for the first time since the early 80’s. We have been patient in recent years going overweight duration in our multi-asset portfolios as we have persistently viewed the risks to US nominal growth relative to consensus expectations as skewed to the upside.
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Video2025 Outlook for European Fixed Income: From Uncertainty to Opportunity
In 2024, we had a lot of election risk driving market volatility, and as we enter 2025, we still have a lot of political uncertainty in the form of French and German politics, as well as uncertainty from outside of Europe in the form of tariffs.
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White papersEuropean Fixed-Income Outlook 2025: Adversity, Uncertainty, Opportunity
European bond markets are climbing a mountain of worry. Despite the risks, history suggests a positive outcome.
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White papersFinancials: Poised for recovery
The positive economic outlook—highlighted by an increasingly likely soft landing—along with industry-specific green shoots, such as favorable credit conditions, improving loan growth, higher net margins and fee income, and a more accommodating regulatory environment, is poised to drive an inflection point in financial services earnings. These factors should help create a return to capital and a favorable earnings environment through 2026, helping extend positive investor sentiment within financial stocks.
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Webinar2025 Outlook: Global Fixed Income Webinar
From high yield to emerging markets debt to investment grade credit, what will 2025 hold for global fixed income investors? Our panel of experts weighs in on the opportunities and risks ahead.
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White papersGlobal Investment Views - December 2024
A resilient US economy, the anticipation and eventual victory of Donald Trump and his recent appointments along with risks around inflation have been driving nominal and real yields over the past months. But US equities and the dollar rose amid a belief that the US economy would benefit from Trump’s policies at the expense of the rest of the world, i.e., Europe and some Asian countries.
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White papersFixed income: New challenges for the easing cycle
Following an extraordinarily friendly market for fixed income in 2024, our fixed income teams assess the outlook for 2025.
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White papers2025 Global Fixed Income Outlook
The results of the U.S. presidential election are on many investors’ minds heading into 2025. What are the potential implications for global fixed income markets?
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White papersStanding Out in IG Credit
Current yields and total return prospects are presenting an attractive case for IG credit—but a global and flexible approach is key to capturing the diverse range of potential opportunities to generate alpha.
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White papersAn agile approach to credit – amid volatility and uncertainty
As we look ahead to 2025, the forces that drive global credit are rife with mixed signals and extreme valuations. As evidenced over the last year, an unconstrained approach to credit investing can utilise a tactical approach, which has the potential to generate alpha amid dynamic market conditions.
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White papersInvestment Grade Spreads: Tighter for Longer?
Spreads on IG bonds have been tight for most of the past year. Are we finally going to see a widening out of spreads? Even though spreads have been unusually tight for a long time, we expect that spreads will remain tight until markets become convinced about either a recession or a soft landing before we see material and persistent spread widening.
