Fixed Income – Page 11
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White papersAsset Allocation Update – May 2025
Headlines remain dominated by tariff discussions, and we have seen significant row back from the more extended and aggressive tariff levies that caused such distress in markets in early April. However, where there have been ‘deals’ the base line of a minimum tariff of 10% from the US remains in place, which suggests that while there is flexibility around the reciprocal tariffs, the tariff environment will still be substantially higher than in recent years.
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White papersCorporate Spreads. Shifting Patterns and Opportunities
European high-yield companies are benefiting from political initiatives, structural advantages, and clearer market predictability. Recent spread volatility presents attractive opportunities, while strategic reallocations aim to enhance portfolio resilience. Europe currently offers greater stability and competitive yields.
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White papersUS high yield: What we can learn from April’s tariff turmoil
When Donald Trump returned to the White House, investors braced for how markets might react to a renewed escalation of global trade wars.
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White papersIs EM Local Debt Benefiting From ‘America First’?
Emerging markets local debt is regaining momentum, fueled by shifting U.S. policy.
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White papersHouse Budget Bill Signals Higher US Deficit Trajectory
Proposed tax-cut extensions and higher debt costs could amplify fiscal concern.
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White papersIn conversation with Andrew Chorlton, CIO for Fixed Income
From Yorkshire to university in Birmingham and bond markets in New York and California, Andrew Chorlton is now CIO for Fixed Income at M&G Investments. But what did his journey entail – and how does he see the role of fixed income in modern portfolios?
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White papersClean machines: Investing in the disruptive technologies to reach net zero
With energy accounting for almost 75% of global greenhouse gas emissions, it’s imperative that investors understand and mobilise capital towards the key technologies that will enable carbon intensive subsectors to decarbonise within the remaining window of opportunity. So, what are they?
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White papersUS rating slides, spending rises
“As US debt and fiscal deficits rise, leading to higher volatility in government bonds, investors should favour a global approach and explore opportunities in European bonds.”
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White papersTrump/Powell: The Two Poles of Policymaking
The Fed’s processes are designed to minimize the cost of capital while the president’s tactics seem to be raising it—who’s right and who’s wrong?
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White papersHow should credit investors navigate such an uncertain backdrop?
Elevated uncertainty related to trade and industrial strategy in the US has led to a loss of confidence, which has had an impact on business activity. However, there remain pockets of opportunity in credit markets.
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White papersCan Argentina reboot its crisis-ridden economy? EMD report Q2 2025
President Javier Milei has implemented a severe austerity package which has helped tame the country’s chronic inflation crisis.
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White papersYour guide to money market funds
What is a money market fund and who uses them and why? This helpful guide provides the basics.
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White papersEuropean equities: resilience amid global trade tariff turmoil
At the beginning of 2025 we were “all in” for markets. But the bond market bear steepening was a dangerous signal. The meaning became clear: the dollar, which typically benefits from disruptions to global trade, has fallen and the US equity market, usually more insulated from trade shocks than Europe, has underperformed.
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White papersEM Sovereigns Amid U.S. Tariff Policy Resiliency Study – May 2025
During periods of external shock like the Global Financial Crisis (2008) or COVID-19 (2020), the macro variables that impact EM sovereigns can change suddenly and dramatically, necessitating a rethink of our credit views. We believe that the recent shift in U.S. policy could be another such shock causing serious ...
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White papersSAFI: A Modern Approach to Fixed Income Investing
How does systematic active fixed income (SAFI) investing actually work? In this article, we go through the SAFI investment process step by step, explain the generation of signals, and discuss the various potential benefits of SAFI for investors.
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White papersHow to generate performance in a credit portfolio
It has already been a tale of two cycles this year with the positive sentiment and stable growth experienced at the start of 2025 tumbling into inflationary and recessionary concerns. Trade tensions have been a dominant theme in recent weeks and are expected to persist in the coming months. In such an environment, looking for ways to create returns while mitigating risks are paramount for investors.
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White papersUS market is a good proxy for global high yield
While a global approach provides advantages for many fixed income sectors, the benefits are less clear for high yield.
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White papersWhat to expect for the US Treasury market?
Until very recently, the US dollar (and US capital markets) seemed to reign supreme. The dollar has increasingly dominated as the currency of global transactions. Swift payments denominated in dollars rose from just over 30% of the total in early 2010 to an all-time high of 50.2% in January 2025.
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White papersCross Asset Investment Strategy - May 2025
President Trump’s tariff announcements have rattled the previously dominant US financial markets, putting pressure on Treasury yields amid fears of slower growth and rising inflation. Recently, the difference in yield that investors expect for holding Treasuries compared to swaps has increased significantly, signalling a perceived higher risk of holding Treasuries.
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White papersBonds do their job during the first 100 days of uncertainty
Many crosscurrents are affecting US rates.
