Fixed Income – Page 19
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Macroeconomics, Geopolitics, and Strategy - April 2023
”The tightening in credit conditions should reduce core inflationary pressures, partly replacing the need for monetary policy action.”
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Financial stability concerns to tip the balance towards a US recession
Recent stress in parts of the banking sector will raise funding costs and reduce lending to many sectors. Now we expect the US economy to shrink by - 1.1% in 2023, driven by a contraction in domestic demand. Eurozone growth should stagnate amid inflation remaining high.
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Cross Asset Investment Strategy - April 2023
Financial stability concerns to tip the balance towards a US recession.
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Solving for the Climate Transition in High Yield
A holistic approach to climate considerations can offer an opportunity to invest in a diversified portfolio of high yield issuers that are committed to reducing or maintaining a low carbon footprint, while also targeting high current income and capital appreciation.
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Emerging markets debt: Clouds of political uncertainty set to lift
After a positive start to 2023, emerging market debt investors should keep an eye on four key elections this year, which may create further opportunities in the asset class.
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Systematic Fixed-Income Investing Comes of Age
Bond investors have been challenged by heightened volatility and big drawdowns in the aftermath of the pandemic. In response, investors are increasingly seeking systematic strategies, which can generate active returns while mitigating risk and charging competitive fees. In this paper, we explore the principles, processes and benefits of a systematic fixed-income strategy, an investment approach whose time has come.
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Crunch Time
In this monthly series, we take a quick, comprehensive look at current macroeconomic themes that matter to clients.
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Tailor-made For The Italian Market
Ostrum AM’s one-stop shop adds value to institutional investors’ pre-trade, trading and post-trade activities
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SNB wary of inflation amid seismic FX policy shifts
The SNB lifted rates at its last policy meeting, undeterred by the uncertainty plaguing the banking sector and resolutely focusing on inflation. We explore recent monetary policy developments, including profound changes in how the central bank regards and communicates on foreign currency interventions.
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Market nervous on Deutsche Bank, but fundamentals of European banks are solid
“We see a continuation of declining credit growth which is consistent with monetary tightening, but no credit crunch.”
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From Anomaly to Opportunity: High Yields on Short Bonds
Stock and bond markets were shaken by the recent banking crisis in the US and Europe. Although both US and European authorities took prompt action to prevent damage to the financial system and dampen market volatility, these episodes highlight the importance of risk management and the worth of proven investment strategies that can both mitigate risk and generate worthwhile returns.
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The More Things Change, Part II
Banking stresses may have tightened conditions enough for policymakers to pause their hiking cycles indefinitely.
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Global Investment Views - April 2023
“We are moving towards a more uncertain economic backdrop, with lower visibility on central bank actions. This calls for a prudent stance on risk assets.”
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Why the Post-Pandemic Economy Will Run Hot
As the U.S. Federal Reserve wrestles inflation lower, investors wonder increasingly if its traditional target still makes sense. Should policymakers really insist on driving inflation all the way down to 2%? Haven’t pandemic and war fundamentally altered global dynamics that drove rates ever lower? Isn’t this time … different?
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Should we resist the temptation to carry?
In the latest instalment of Simply put, where we make macro calls with a multi-asset perspective, we analyse the choice investors currently face between volatile asset prices and tempting carry strategies.
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A Domino Effect?
At Allspring, we’re committed to being purposefully divergent. Our investment professionals are free to voice their own views, and their perspectives enable us to more holistically “see” both potential opportunities and risks.
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What the banking sector turmoil means for tech, monetary policy and investors
Markets have experienced a wave of volatility in the wake of the failure of Silicon Valley Bank (SVB) and UBS’ takeover of Credit Suisse. Concerns have understandably risen over the health of the wider banking and technology sectors and some commentators have drawn comparisons to the 2008 financial crisis.
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France: The pension reform puts politics under strain, but major instability unlikely
In the National Assembly (lower house), the centrist alliance Ensemble (Renaissance, Modem, Horizons) represents 250 deputies, which is not enough to obtain an absolute majority (287). The absolute majority (289 votes in normal circumstances) is currently 287 because four seats remain unfilled.
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2023 U.S. investment grade credit supply: Will there be enough bonds to go around?
The U.S. investment grade credit (IG) market’s voracious appetite for bonds may not be fully satisfied in 2023. In 2022, feast or famine punctuated the $1.22 trillion supply, as nearly 50 days featured no issuance. Corporate borrowers glommed together and found strength in numbers when they issued debt, striking when the iron was hot.
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Multi-Sector Credit: Making an impact with a focus on valuation anomalies
In order to fund the transition to a more sustainable economy, and to make a greater impact, investing and engaging with those harder to green sectors will be vital.