Fixed Income – Page 15
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Global High Yield Roundtable
Chris Sawyer, Head of European High Yield at Barings, participated in CAMRADATA’s Global High Yield Roundtable and discussed that state of the high yield market today, and how the team are navigating elevated levels of volatility.
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Could inflation surprises unsettle markets?
There is an old investment adage that says: “buy the rumor and sell the news”. Markets tend to try to anticipate forthcoming data such as inflation numbers, with investors building positions ahead of time based on their expectations. Once the outcome is confirmed, investors take profits (or cut losses) by exiting positions.
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What if Everything’s Going to Be OK?
Falling inflation, recovering growth, relaxed central bankers—how one of the most widely forecast recessions in history failed to happen.
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Emerging Markets Sovereigns 2023: Capturing Alpha Through Differentiation
Investing in Emerging Market (EM) sovereign bonds has been mainstream for nearly 25 years, with the benchmark of choice among investors being the JP Morgan Emerging Market Bond Index (EMBI). Over that same period, the entire EM investable universe has grown in breadth and depth to become one of the most intricate in the entire fixed income space.
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Credit Squeeze: from Distress and Dislocations to Steep Discounts
As credit conditions tighten, opportunities are emerging for smart investors. With banks cutting back on lending, pricing dislocations are appearing in financial markets. This looks like a repeat of previous economic cycles, when investors with patient capital have benefited from uncertainty.
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US credit rating downgrade: investment implications
On 1 August, Fitch Ratings, one of the three main independent debt ratings agencies, downgraded US debt from an AAA rating to AA+ with a stable outlook.
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The Evolving Opportunity in Infrastructure Debt
In addition to infrastructure debt’s defensive nature, diversification benefits and potential to offer compelling risk-adjusted returns, infrastructure’s “essentiality” underscores its appeal throughout the economic cycle.
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The what, why and how of the global fixed income and municipal markets
The evolving fixed income market environment: Key 2023 themes
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Under Pressure? High Yield Can Hold Up (Your Income Portfolio)
Do high-yield bonds still make sense for income investors at this stage of the credit cycle? We think so.
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GCC/MENA Bond Market Update: Stress in financial sectors as we seem to enter a peak rate environment
Fixed income markets remained volatile in July. A cautious US Federal Reserve (Fed) raised interest rates by 25 basis points (bps), pushing the cost of borrowing to a range of 5.25% to 5.5%, the highest level in 22 years, and Fed chair Jay Powell suggested there could be further hikes ahead.
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White papers
Onwards or upwards?
The US Federal Reserve raised its benchmark interest rate to reach a 22-year high this week.
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The End of the Great Moderation: Forecasting in Elevated Uncertainty
In a global environment with more complexity and uncertainty, we have adopted a probabilistic, scenario-based approach to forecasting macroeconomic and market outcomes.
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A Case For: Sustainable Climate Bond Strategy
Our climate-aware investment process aims to enable investors to immediately improve their portfolio’s carbon profile and reduce climate risk, while maintaining target returns.
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Defining sustainable investments in European leveraged finance and CLOs: Part 2
There is a diversity of ESG ratings and scores across the leveraged finance markets, as well as multiple providers. To the consternation of some investors, this is not a regulated activity, and one firm’s methodology can vary from another’s as much as the objectives that it may have set.
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Emerging market resilience paves the way for new opportunities
Resilience and a growth advantage over developed markets make emerging countries an attractive destination for the second half of the year. The effects of monetary tightening are seeping through to the real economy, contributing to lacklustre growth, particularly in developed economies.
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Where is Mexico Headed a Year Out from a Critical Election?
As the single six-year term of leftist Mexican President Andres Manuel Lopez Obrador winds down, preparations for the June 2024 general election are heating up. What does this mean for EM debt investors?
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Macro Perspectives: A changing inflation and growth climate
Our economists discuss what’s in store for investors in the second half of 2023 in our latest Macro Perspectives. Although inflation will continue to be an issue for the next 6–12 months and the global economic recovery is uneven, we believe there are opportunities ahead.
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Fed moving to a pause with a very data-dependent approach
The Federal Open Market Committee (FOMC) raised the federal fund rate by 25bp but dropped future guidance. Chair Powell claimed that the Fed is far away from hitting its inflation target, but acknowledged that the tighter credit conditions for households and businesses could affect economic growth.
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White papers
Fixed income: choosing a different rhythm
Increased risk appetite and revived hopes for a soft landing present an interesting question to fixed-income investors: how keenly should they dance to the market’s tune?
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Kirstie Spence: three exciting things about EMD
Kirstie Spence, fixed income portfolio manager, shares her outlook for emerging market debt and outlines the three things currently exciting her about the asset class.