Fixed Income
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White papersUnlocking the potential of European Leveraged Loans
We believe that in 2025 the European leveraged loan market will broaden its appeal to investors as a significant asset class to consider. While it has been well established in the US, it has grown significantly in recent years in Europe, with its market size currently close to that of the European high yield bond market.
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White papersPrivate Debt Opportunities in Emerging Markets: Insights for Building Insurance Portfolios
Private debt markets in emerging economies may offer unique opportunities. They can help insurance-industry investors to seek yield enhancement, diversification and less-correlated returns compared to traditional public debt.
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White papersThe M&A Resurgence: Finding Opportunities in Fixed Income
After years of limited activity, companies are looking for a chance to accelerate M&A, but the new administration and its policies will likely set the tone for dealmaking.
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White papers360° Fixed Income Report: Is the market pricing in a ‘Trump tantrum’ of its own?
Read our latest 360° fixed income report to learn more about our credit team’s outlook for macro, fundamental and technical forces.
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White papersNavigating fixed income in 2025: Key trends and insights
Fixed income presents a complex yet promising outlook for institutional investors. Martin Wiethüchter and Sandro Müller, Fixed Income Investment Specialist Group at UBS Asset Management, examine key developments and trends likely to shape the market in 2025 and beyond.
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White papersTariffs and European news fuel volatility
“Rising concerns for US growth amid high policy uncertainty have triggered a strong rotation outside of the US mega caps.”
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White papersGerman fiscal expansion – Whatever it takes!
On 4 March, Friedrich Merz, Germany’s chancellor-in-waiting, proposed a constitutional amendment that would pave the way for an extensive programme to boost defence spending and overhaul German infrastructure. By employing, in English, the phrase “whatever-it-takes”, Merz made sure there was no doubt about the scale of his intentions.
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White papersLocal-Currency Frontier Bonds: EMD’s New Horizon
High yields, surprisingly low volatility and strong diversification benefits are attracting investor interest.
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White papersGermany’s Game-Changing Election
The country’s politics are getting a boost of uncharacteristic urgency from coming Chancellor Friedrich Merz, with even the constitutional “debt brake” up for grabs.
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White papersThe strategic and tactical case for loans
Floating-rate loans can offer attractive yields, low duration risk, and diversification benefits, making them a compelling option in today’s market
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White papersCredit markets remain appealing for income-seeking investors
2024 was the second consecutive very good year for global developed credit markets. Full-year 2024 excess returns show the outperformance of high-beta segments (riskier market segments which provide higher return potential) and EUR markets.
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White papersMaking convertibles great again
The US convertible bond (CB) market returned 11.0% in 2024 and has begun 2025 with increased momentum, driven by a confluence of economic, market, and structural factors. With USD292bn in market capitalisation and 459 outstanding issues, the US market accounts for 67% of the global CB investment universe, underscoring its dominance in this hybrid asset class.
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White papersWatch the US dollar and Treasury yields to understand the potential effects of tariffs
Move beyond the headline noise to assess the investment implications
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White papersBond markets in focus amid growth concerns
“With tariff uncertainty affecting market expectations and consumer confidence, bonds are back as a key diversification* engine for global investors.”
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White papersCan US high yield offer respite from the uncertainty?
After posting 8.2% return in 2024, the US High Yield market has proven to be very stable so far in 2025, despite various headlines with the potential to move markets on both the macro and geopolitical front.
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White papersEmerging Markets Debt Restructurings: A Year of Resilience and Innovation
Between 2017 and 2022, 11 Emerging Markets (EM) sovereigns defaulted, representing approximately 15% of the Emerging Markets Bond Index (EMBI) weight taken 12 months prior to default.These defaults can be categorized into three distinct groups based on the catalysts that drove each country into default: pre-COVID self-induced, COVID-induced, and war-induced.
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White papersFixed Income 2025: Roadmap
It’s a very dynamic time for fixed income. Get the game plan for 2025’s winners and losers.
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White papersReturn of the Sovereigns
With central banks poised for rate cuts, and fiscal sustainability sometimes called into question, where should fixed income investors be looking now? We explore the return of sovereigns, IG and HY credit as well as the evolving opportunities in EM. Join us as we breakdown the opportunities, risks and strategies.
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White papersShared BRICS money: basket currency or basket case?
There has been speculation that a desire to avoid using the US dollar might encourage the BRICS nations to adopt a gold-backed currency. But there are several questions to ask about such a proposal.
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White papersGlobal infrastructure: Listed securities offer opportunities
Our complex framework of roads, waterways, utilities and airports must be maintained and expanded to meet evolving global needs. In the past, government has been largely responsible for creating and maintaining infrastructure. However, private funding has become an increasingly important resource as governments find themselves unable to cope with the challenges of modern infrastructure. Thus infrastructure has transformed from something that consumes tax dollars to a potential investment opportunity.
