Fixed Income
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White papers
ECB’s next move should be a rate cut
”Inflation remains the main driver of central banks’ policy actions. We could see more appetite for European bonds as the ECB looks on track to start cutting rates in June.”
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White papers
Emerging Market Debt Outlook: Opportunities Amid Uncertainty
2024 is already shaping up to be a year of considerable uncertainty. The first quarter has given us a taste of that with a sharp reversal of expectations for the US economy and the monetary policy plan of the Federal Reserve.
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White papers
SDG Engagement High Yield Credit: 2023 Annual Report
In the four years since the launch of the SDG Engagement High Yield Credit strategy, the investment and engagement team has built strong relationships with companies all around the world, in sectors that are key to achieving the SDGs.
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White papers
Fixed Income Investment Outlook 2Q 2024
Investors continue to wait for clear signals as to the timing and extent of interest rate cuts. After last year’s significant progress on prices, inflation remains elevated and slow in its path toward target levels. That said, although the timing remains uncertain, we believe that the Federal Reserve and European Central Bank will likely begin their downward journey sometime this year.
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White papers
Private Credit Outlook: The Bright Side of Higher Rates
More clarity on interest rates means more clarity on the investment outlook and the opportunities across private markets.
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White papers
Central Bank Watch: Easing on the horizon
The Franklin Templeton Fixed Income (FTFI) Central Bank Watch is a qualitative assessment of the central banks for the Group of Ten (G10) nations plus two additional countries (China and South Korea).
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White papers
Strong Tailwinds Keep Infrastructure Debt on Course
In this Q&A, Pieter Welman discusses what makes infrastructure debt attractive for investors, how the role of private credit in infrastructure is developing, and where he sees opportunities across the market.
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White papers
Six reasons to consider an unconstrained approach to credit
After two years in deep freeze, appetite for risk in fixed income has begun once more to flow. In this update, we identify six reasons why an unconstrained credit approach may make sense from here.
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White papers
Unveiling the value of EM debt
We believe Emerging Markets Debt (EMD) should serve as a core allocation in investors’ portfolios. The asset class has traditionally been perceived as a tactical investment opportunity or as an off-benchmark allocation. Instead, we believe a favourable macroeconomic outlook, the growth and transformation of the universe and the diversification benefits it offers means EMD should be a core allocation in investors’ portfolios.
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White papers
Central banks’ divergences in sight
”Differences in economic paths across countries may lead to diverging monetary policies, creating potential opportunities for global bond investors.”
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White papers
Re-Emerging Markets
After two years of record-breaking outflows, is emerging markets debt due for a turnaround?
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White papers
Where are the Opportunities in Corporate Bonds Now?
Bonds are back – but with changeable forecasts for inflation, and lurking geopolitical tensions, credit selection is more important than ever for fixed income investors. We spoke to five corporate bond managers from across Generali Investments ecosystem to understand where they’re finding opportunities and avoiding pitfalls in today’s global corporate bond markets.
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White papers
The Case for Allocating to Emerging Market Debt
Emerging market debt (EMD) is a versatile asset class. It offers equity investors risk mitigation potential with modest return dilution. For fixed income investors willing to move out on the risk spectrum, EMD still presents a significant yield pick-up opportunity.
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White papers
ESG in Emerging Market Sovereign Debt: An Evolving Conversation
How and whether to apply ESG to emerging market sovereign debt is becoming a key question for investors. We look at the opportunities and challenges they face.
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White papers
Fixed income investors have the power to engage
The idea that the only way to influence companies is by voting at shareholder meetings has long passed – fixed income investors are in a unique position to drive change. Bruno Bamberger, Senior Solutions Strategist and Monique Carter, Fixed Income Solutions Expert, explain how investors can use their fixed income portfolio as a basis for creating positive change.
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White papers
Euro government bond opportunities in a rate cutting environment
With inflation decelerating overall and markets pricing in rate cuts for 2024, the environment is ripe for European government bonds to thrive, explains Mauro Valle, Head of Fixed Income at Generali Asset Management.
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White papers
High yield floating rate notes: Prospects in the next stage of the cycle
Global high yield floating rate notes delivered strong returns in 2023 during a period of heightened macroeconomic uncertainty that included double digit inflation and interest rate hikes. With 2024 well underway, inflation is returning to target levels and the prospect of slower, yet positive, economic growth has encouraged a cautious sense of optimism that a soft landing may be achieved. Here, we explore the potential prospects for this growing subset of the high yield fixed income universe as we approach the next phase of the interest rate cycle.
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White papers
When the disinflation ride gets bumpy
The spectre of inflation re-emerged at the start of this year, particularly in the US. While we are not suggesting a surge in inflation recalling the increases of 2021 and 2022, it must be said that long-awaited disinflation is unlikely to occur in a straight line. This week, Simply put investigates the roots of a mini-resurgence in price rises.
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White papers
What if the Inflation Reduction Act were repealed?
The energy transition is a polarising US political issue. For the Inflation Reduction Act (IRA), which in 2022 approved an estimated USD 670 billion to boost domestic clean-energy production and manufacturing, the November 2024 federal election will undoubtedly impact its future and the funding it provides.
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White papers
Top Three Green Bond Myths
Despite the breadth and depth that the green bond market now offers, there are still a few hardwired misconceptions about the asset class. In this piece we want to share with you our thoughts on these myths.