All Europe articles – Page 3
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White papersA(nother) Cautious ECB Cut Amidst Uneasy Stability
The ECB unanimously cut its main policy rate to 3.5% at its September policy meeting, and we anticipate a gradual and limited path with further rate cuts, at least until the end of 2024.
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White papersAn ABS renaissance? Why it may be time for insurers to reconsider asset-backed securities
Securitisation performs a vital role in capital markets and asset-backed securities have historically been a core holding for insurance companies. This article revisits the investment thesis for ABS and explores why the stage may be set for something of a renaissance.
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White papersA new cycle commences
The last two years have been testing for real estate investors in Europe. From the post-pandemic highs to a sharp reversal driven by inflation and interest rates, the investment environment feels as cold as the year to date has been warm. But just as past cycles turned, so will this one. And there are indications that it is.
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People NewsMarc Bertrand Appointed Chairman Of The Executive Board Of Praemia Reim France
The Supervisory Board of Praemia REIM France today announced the appointment of Marc Bertrand as chairman of the Executive Board of Praemia REIM France. Marc Bertrand will succeed Grégory Frapet, who is leaving the company for new endeavours.
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White papersEurope better placed than America… and cheaper
In the US, weakening employment poses risks to both consumer expenditure and growth, while in China both the consumer and the property market are at risk. The European consumer is more confident, despite a tougher business environment.
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White papersUnderstanding how social and sustainability bonds can have real impact
For fixed-income investors seeking to put their money into assets that can bring benefits to less well-off people and communities, social bonds and sustainability bonds can offer effective solutions, write Malika Takhtayeva and Xuan Sheng Ou Yong, of BNP Paribas Asset Management
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White papersELTIF 2.0: Investing in private credit through open-ended funds
In this paper, we discuss the amended regulation on European Long-Term Investment Funds (ELTIF 2.0), the latest evolution of EU Alternative Investment Funds (AIFs). The first version of this fund structure was introduced in 2015 and aimed to finance the real economy by channelling non-bank capital to long-term infrastructure projects and SMEs.
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White papersCorporate Hybrid Issuers Adopt a 30-Year Maturity Standard
A growing trend for issuing corporate hybrids with shorter contractual maturities is further reducing aspects of risk in the asset class. Recent corporate hybrid issuance, in both Europe and the U.S., suggests a trend for moving from long-dated or perpetual contractual maturity structures to shorter-dated 30-year maturities.
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White papersLDI: Elections and market reform competing for attention
Whilst most central banks erred on the side of caution, reticent to commence the monetary easing cycle in response to falling inflation and slowing growth, the ECB was the first to take the plunge. With the downside risks to growth in Europe much higher now given the political and fiscal uncertainty in France, as well as a slowdown in German manufacturing growth, the ECB’s deliberate vagueness on the path of easing has allowed it to retain optionality on future cuts.
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White papersEuropean Real Estate: Let the Recovery Commence
The pace of the recovery in the European real estate market will likely depend on variations in debt funding gaps by location and property type. The Barings Real Estate team discusses how this is shaping opportunities across the market.
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White papersReal Estate Outlook – Switzerland, Edition May 2024 Stability through strong fundamentals
SNB initiates interest rate turnaround, brightening of economic conditions expected in 2H24
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White papersHow long can the Central Banks’ divergence last
The pace of disinflation in most advanced economies is following a similar path, albeit with differences in sticky components. Central bank policy rates are unlikely to diverge significantly (our baseline), but this does not rule out the ECB and the BoE cutting rates faster than the Fed, especially given their weaker growth outlook. The impact of this scenario would be steeper yield curves in the Eurozone and the UK, but not substantially weaker exchange rates, as some fear. A bigger risk to European exchange rates stems from (unanticipated) energy price shocks rather than lower relative interest rates. We explore why.
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White papersPassion for real estate and portfolio management: Top 10 interview with Dalibor Maksimovic
Indirect Swiss real estate investment has become increasingly recognized as an efficient instrument for diversification and resilience throughout various economic scenarios, despite starting off as a niche portfolio holding over 15 years ago.
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White papersWhat impact do sustainability criteria have on portfolio performance?
The effect on the performance of an investment portfolio of applying sustainability-based criteria to select stocks remains a topic of intense debate. Before assessing the impact, we note that environmental, social and governance criteria can be used to achieve different goals. Thus, outcomes vary depending on the sets of ESG criteria used for investment portfolios.
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White papersA new chapter: Time to prepare for the next phase of the real estate cycle
David Hedalen and Jonathan Bayfield from our real assets research team highlight data that shows real estate markets in the UK and Europe may be on the brink of an important shift.
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VideoMid-year outlook video – Overweight equities; locking in today’s yields
Equities should see further good returns in the second half of 2024, justifying a continuation of our overweight stance, particularly in the US and for NASDAQ stocks. In Europe, small capitalisation stocks should benefit from the ongoing recovery fuelling consumer demand.
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PodcastOuterblue Convictions – H2 24 Outlook – It’s all about confidence
A lot has happened in global economies, markets and geopolitics in the last six months. This outlook special looks back at what has happened in 2024 to date, how this has impacted markets, and what we should expect for the second half of the year. Swaha Pattanaik and Monica Defend, Head of Amundi Investment Institute, discuss why they think the current environment really is “all about confidence”.
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White papersTo Understand the Macro, Study the Micro
Right now, second-quarter earnings reports may be a better guide to the economic outlook than official statistics.
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White papersTaking the fear out of high yield debt investment
Fixed income investors cautious about gaining exposure to high yield debt have little to fear as credit quality in the sector improves and attractive new pockets of opportunity open, says Insight Investment1portfolio manager and senior credit analyst, Cathy Braganza.
