Fixed Income – Page 20
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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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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.
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The Fed Senses the Light at the End of the Tunnel
PGIM Fixed Income’s views on the July FOMC meeting, which could mark the end of the Federal Reserve’s rate-hiking cycle and may give way to a fine-tuning phase.
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11 … or will it be 12? (Or more?)
The Federal Open Market Committee just decided to increase the federal funds target rate by 0.25%, resulting in a new target of 5.25% to 5.50%.
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Sustainability-Linked Bonds: An Appealing Concept that Disappoints
Like Green, Social and Sustainability Bonds, Sustainability-Linked Bonds can serve as tools to boost their issuers’ sustainability credentials.
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Global Investment Views - August 2023
”We remain sceptical on inflated valuations because the uptrend in risk assets is due to the laggards catching up rather than any meaningful improvement to earnings outlooks.”
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Making the case for structured credit
Despite a challenging outlook for broader credit fundamentals, structured credit may be well placed to weather the storm, argues Senior Portfolio Manager Andrew Lennox.
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Emerging markets debt: Stable macro backdrop fuels emerging markets
Emerging markets debt: Stable macro backdrop fuels emerging markets
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Global Corporates: Investment-grade corporates offer attractive yields and abundant liquidity
The second quarter of 2023 saw some calm return to financial markets following the eventful start to the year caused by the problems in the banking sector. A key theme for markets during the quarter was the resolution of US debt-ceiling negotiations, although other risks remain, including the potential impact of interest rates being higher for longer, concerns over the health of the commercial real estate sector and fears of a global recession.
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Macro insights: Resilient growth buoys markets, but risks elevated
Investors powered a broad rally in risk assets in the second quarter as recession concerns appeared to diminish.
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The UK’s trifle with inflation
Brandywine Global: With the Bank of England still struggling to contain inflation, we believe market expectations for additional near-term rate hikes have left gilts attractively valued relative to other G10 countries.
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How cost-conscious buy and maintain strategies seek to avoid pitfalls in credit investment
Buy and maintain (B&M) strategies can have the same characteristics and potential benefits of traditional credit portfolios. They can provide the yield, spread over government bonds, income and potential returns from the bonds held, as well as the potential to fulfil investors responsible investment objectives.
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Forging sustainable investments in European leveraged finance and CLOs: Part 1
In the past two years, the proportion of European assets under management with an ESG overlay (as measured by funds that are categorised as Article 8 and 9 under the Sustainable Finance Disclosure Regulation, or SFDR) has risen to nearly 60%.
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Distressed Credit: Changing Tides
For over a decade now, a low interest rate environment allowed for companies to take on significant levels of debt to fund their expansion efforts. Ray Costa, Benefit Street Partners, and Eric Larsson, Alcentra, discuss the impact of the changing US and European macro picture on the distressed debt market.
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Third Quarter 2023 - Fixed income perspectives
Themes, outlook, and investment implications across global fixed income markets
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Appraising Swiss bonds: what does price tell us?
Unlike equity prices, bond prices usually depend on elements beyond the fundamental valuation of the underlying entity. In fact, the price on its own typically says little.
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Protecting Real Estate From Climate Risks
AEW sets out concrete steps for meaningful climate-change adaptation