Fixed Income – Page 37
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White papersInflation Quarterly Monitor
In March, the UK Debt Management Office (DMO) announced its borrowing remit for fiscal year 23/24, alongside the Office for Budget Responsibility’s updated forecasts for gross financing. A small downward revision of £3.3 billion was made to the remit in April, resulting in less short and long dated conventional gilts being raised via auctions but no change to inflation-linked gilts.
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White papersThe case for a higher-inflation regime
Financial markets are convinced headline inflation rates will fall sharply towards central bank targets over the next two years, with stable expectations in the medium to longer term.
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White papersIs the long-term case for emerging market debt still intact?
2022 was a difficult year for fixed income in general, including emerging market debt, amid high inflation and aggressive rate hikes by central banks. While the global backdrop remains a headwind for emerging markets, relatively strong macroeconomic fundamentals in the major EM countries, combined with high starting yields and undervalued exchange rates within local currency debt should provide a buffer to any further volatility.
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White papersThe decade ahead for private credit
In this special issue of Private Debt Investor, Nuveen CEO Jose Minaya and Churchill President and CEO Ken Kencel reflect on the evolution of private credit over the past decade: today, it has not only become an established part of the institutional investor allocation mix, but is increasingly seen as the primary source of financing for middle market companies and their private equity owners. Having proven its worth to the market, the industry is set for further change and growth.
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White papersPrivate credit: A diverse and versatile toolkit for investors
For over a decade, both corporate and consumer borrowers benefited from low-interest rates and a very low cost of capital – but this is changing as global economies continue to adjust to central bank interest rate hikes and an uncertain geopolitical backdrop.
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White papersInfrastructure in 2020’s
Orhan Sarayli, Head of North America for Barings’ Global Infrastructure Group, spoke with Institutional Real Estate, Inc.’s Real Assets Adviser about the increasing appeal of infrastructure debt investing given its resilience through economic cycles.
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White papersSeven questions for investors on the US debt ceiling
What is it? US debt ceiling is a statutory limit imposed on the total debt the government is allowed to have
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White papersRaising the roof
Optimism that a resolution to the US debt ceiling crisis is on the cards helped markets this week. In Turkey, a second-round run-off will decide whether incumbent President Recep Tayyip Erdoğan extends his two decades in power.
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White papersUncut gems: The evolution of ESG in EM sovereign debt
There are few asset classes upon which ESG factors have a more visible and profound impact on financial outcomes than in emerging market sovereign debt. However, effective ESG integration in the space remains inconsistent.
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White papersSpecial situations: Distressed debt in testing economic terrain
After a 2022 when primary markets were much more selective than in previous years, and on the backdrop of rising interest rates, a number of companies may find themselves struggling to refinance debt when facing a maturity wall in 2024 and 2025.
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White papersIs the Consumer Cracking?
News from the consumer sector reveals intriguing trends, as well as the importance of credit and security selection in today’s complex market environment.
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White papersPM Spotlight: A Mathematician Managing Munis
Nick Venditti, Senior Portfolio Manager of Municipal Fixed Income, has an exceptional background in municipal bond risk. Read this issue of PM Spotlight to learn about his approach to the asset class.
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White papersOpportunities across the credit spectrum for multi-sector income investors
As central banks near the end of hiking cycles, the environment is becoming increasingly supportive for fixed income.
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White papersMarkets rally despite bank scare: Q1 roundup
Global stocks rose as investors welcomed signs from central bank officials in the U.S. and Europe that interest rates may not rise as much as previously expected. Lower inflation levels, combined with a crisis in the banking sector, prompted central bankers to consider adjusting monetary policy in the months ahead, leaving investors to speculate that there may be no additional rate increases this year.
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White papersBridging the Gap: Insurers and Fixed Income
Can insurance investors take advantage of higher yields without crystalizing losses or assuming excessive risk ahead of a turn in the credit cycle?
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White papersFinancial stability concerns back to the fore
In this macroeconomic update, Silvia Dall’Angelo, Senior Economist, reflects on the scenarios that have influenced markets this quarter, including fragility in the banking sector and the US/China tech ’Cold War’.
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White papersGreen vs. Social Bond Premium
While responsible investors consider that the environmental and social pillars are highly interconnected when implementing ESG and climate strategies, our research shows that the green and social bond markets are not integrated.
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White papersMacroeconomics, Geopolitics, and Strategy - May 2023
Will real bond yields come back down?
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White papersStress in US regional banks continues, while the Fed moves towards a pause
The recent banking stress has been a real test of capital and liquidity regulations enacted after the 2008 crisis.
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White papersUnderstanding China’s local government debt risk
Recent media reports on China’s debt-ridden Guizhou province pleading for Beijing to bail it out have raised market concerns about billions of dollars in local government debt which has been seen as ‘the canary in the coalmine’. The issue with impoverished Guizhou’s sizeable debt burden is illustrative of problems at China’s local government financing vehicles (LGFVs).
