All Emerging Market Debt articles – Page 10
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White papers
Global Investment Views - August 2021
The past weeks have confirmed that phase one of the ‘great recovery’ is now behind us. We have entered a new sequence: PMIs decelerating from their peaks and concerns about the spread of the Delta Covid19 variant are features of it.
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White papers
Fixed Income Perspectives - July 2021
Financial markets rallied amid stronger-than-expected recoveries in many parts of the global economy and signs that central banks intend to remain more accommodative than had been widely anticipated earlier in 2021.
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White papers
Deja vu for CLOs?
Heavy supply around quarterly payment dates has led to predictable periods of spread widening in the CLO market—creating attractive relative value opportunities up and down the capital structure.
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White papers
Three Reasons for EM Corporate Short Duration Debt
While the potential for inflation and rising rates could create a headwind for EM debt, a short duration approach can provide an opportunity to pick up incremental yield and diversification, with less volatility.
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White papers
EM Debt: Fundamentals Back to the Forefront
The EM growth picture remains positive, but with the Fed’s hawkish pivot toward quarter-end, sovereign and corporate debt look better positioned than local currencies.
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White papers
Hoping for Higher Taxes
There’s a long path ahead, but the new global tax framework should actually support the growth that markets seem to be calling into doubt.
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White papers
Euro fixed income: EGB supply/demand dynamics to improve in H2-21
EMU-10 EGB net issuance, net of ECB QE purchases, is likely to be negative in H2 this year for three main reasons: 1) front loading of sovereign debt supply in H1, 2) roughly 60% of yearly bond redemptions still to come, and 3) ECB QE purchases to remain steadily high.
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White papers
The price of self-sufficiency
The disruption of global supply chains has been a wakeup call for the European Union. For years, the principle of an open and free Single Market has led to a massive transfer of industrial production and outsourcing mainly to Asia.
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White papers
Economic outlook: Where is ‘normal’? Will we get there?…
By debating the size of their balance sheets, central banks are showing for only the second time since 2008 that they may be worrying about our addiction to QE. QE can be credited with unblocking the system in 2009 and keeping it oiled in 2020.
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White papers
What Will Kill This Market?
Something will at some point, but the most plausible downside scenarios still look like a stretch for this year and next.
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White papers
ESG: Managing Climate Risk in EM Corporate Debt Portfolios
EM companies are making strides when it comes to capturing and disclosing climate risks, but there is work still to be done. Encouragingly, investors and managers are often able to go a few steps further to fill the gaps.
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White papers
Market’s view of transitory inflation in the US may be premature
We have seen an interesting paradox in the markets over the last couple of months: 10-year US Treasury yields and break-even rates on 10-year maturity TIPS (Treasury Inflation-Protected Securities) have moved lower even as inflation has moved meaningfully higher.
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White papers
Investment Insights: Market’s view of transitory inflation in the US may be premature
We have seen an interesting paradox in the markets over the last couple of months: 10-year US Treasury yields and break-even rates on 10-year maturity TIPS (Treasury Inflation-Protected Securities) have moved lower even as inflation has moved meaningfully higher.
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Podcast
EM Debt: How ESG & Economics Are Shaping the Outlook
Ricardo Adrogue and Kawtar Ed-Dahmani see room for positive economic surprises in emerging markets despite concerns from COVID to higher interest rates to inflation.
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White papers
The inflation moment - Strategies to protect portfolios from inflation risk
As the global economy emerges from its worst slump since the 1930s, we envisage plenty of inflation fertilisers at stake, especially in the United States. Inflationary trends could emerge due to a combination of factors, including the cyclical recovery as countries try to get the pandemic under control and gradually lift mitigation measures
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White papers
Do Surging Public Debt levels bring Higher (or lower) Bond Yields?
The narrative that rising public debt levels bring higher interest rates, as well as risks of economic and financial disruptions, is a foundation of classical economics.
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White papers
Infinity and beyond banks: the never-ending battle between old money and big tech
This month, Fiorino examines the tussle between banks and the increasingly belligerent Big Tech sector.
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White papers
NGEU soon to be rolled out: the EU has (almost) done its part; now comes the member-states’ turn
In leading the way to NGEU, the Covid crisis may have marked a crucial milestone in European construction. The amounts involved are high enough to play a decisive role, both in accelerating the cyclical recovery (especially in “peripheral” countries) and in providing a supply-side improvement. Member-states, however, will face a major challenge in absorbing them rapidly and productively.
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White papers
Emerging Market Debt: Strong, Mature and Core
Investors who have long considered emerging market (EM) debt to be ancillary to their core portfolio may want to give the asset class another look.