Fixed Income – Page 20
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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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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
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Navigating rising distress levels in leveraged loans
A direct lending strategy focused on the northern European senior secured segment offers one of the best protected high yielding opportunities at the present time, says Laura Vaughan, Head of Direct Lending.
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Wait and see (redux)
Recent inflation and GDP data complicate the course of central bank policy.
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High Yield: Reasons for Cautious Optimism
As investors braced for higher rates and an impending recession, second-quarter markets performed with surprising resilience. Together with a higher-quality market and attractive yields, the case for high yield looks compelling.
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US vs European credit: which is more attractive?
Value had a decent 2022 while growth lagged across equity markets. This continued until March 2023, but that trend has recently been reversing. This trade-off is often associated with the relative performance of US and European stocks: US is quality growth and Europe is value, so to speak. In this weekly edition of Simply put, we ask: does the same dynamic apply in credit markets?
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The View From the Peak
Despite hawkish policymakers and very mixed economic data, the approaching plateau in rates brings more clarity and conviction to our fixed income views.
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Clear and easy access: Gaining entry to private credit
As private markets continue to evolve, improved accessibility is opening the doors to potentially unique opportunities across the private credit spectrum through different fund structures that seek to meet diverse needs.
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Insurance Fixed Income Outlook: Transition to more liquid assets
European Insurance companies started 2023 with high solvency ratios and a good outlook to improve their underlying profitability thanks to strong rate increases in reinsurance, and commercial P&C, while 2022 prices increases in retail P&C are slowly mitigating inflation.
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Private credit: Perspectives on opportunities and risks
Even as traditional fixed income offers more attractive rates, institutional investors continue to explore alternative credit.
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How to manage emerging market currency risk
Investing in emerging debt or equity markets is a prudent way of adding diversification to portfolios for institutional investors. Associated with investment in these assets is a currency exposure that should be wisely managed, rather than just naively assumed. In this article we look at the investment characteristics of this currency exposure and the spectrum of approaches to managing it.
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Three Reasons Why the Fixed Income Environment May Be Better Than You Think
While there are a number of risks creating volatility and unease across the market, there are also reasons to believe that today’s fixed income markets offer a range of compelling opportunities.
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Global Risks 2023 – Mid-Year Review
Since our last global risks update in January, we believe risks have increased, on balance.
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Changing demand dynamics: Opportunities for European insurers
September 2022 caused a fundamental shift in the UK defined benefit (DB) pension market, as well as the demand dynamics for certain asset classes. European insurers are one of the few large institutional asset owners who are able to take advantage of these changes with opportunities presenting themselves across the balance sheet.
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Rate Reduction Bonds - Finding Value in an Esoteric Market
Born out of deregulation in the 1990s, rate reduction bonds (RRBs) are increasingly used by utilities to fund costs associated with natural disasters and help fund the transition to clean energy. Securitized by fees charged to a utility’s customers, they typically provide predictable cashflows and are of generally high credit quality.
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Swiss inflation target signals more tightening
Following the Swiss National Bank’s latest monetary policy meeting, we consider the inflation backdrop in Switzerland and explore factors that argued against a larger hike.
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What inflation will cost the UK
In the UK, the significant upside surprises in core inflation for April and May, as well as accelerating private sector wages, signal that the risk of a wage-price spiral is gaining momentum.