Fixed Income – Page 8
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White papers
Planning for long term success in emerging market debt
The fast-paced evolution of EMD as an asset class necessitates an investment approach that can adapt swiftly. In this Q&A, emerging market debt (EMD) portfolio manager Kirstie Spence discusses how to plan for the long-term success of managing the asset class.
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Position portfolios for a policy turn
While it is tempting to sit in still high yielding cash, we suggest adding traditional fixed income sectors. Higher income helps investors wait for the end of the rate hiking cycle, and longer duration helps position a portfolio for potential rate declines. We advocate a diversified multisector approach, focused on higher-quality credits across sectors. Active management remains critical, as credit spreads will likely widen in the coming months.
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White papers
Credit Roundtable: What Comes Next for Corporate Credit?
Do liquidity walls pose a danger to credit markets? While both investment grade and high yield defaults have remained mild, are these numbers expected to stay low? Katie Klingensmith, Bill Zox and Andrew Bogle (Brandywine Global) discuss the outlook for corporate credit.
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A bond market bruising: market snapshot
The yield on global government bonds reached multi-decade highs this week, as markets adjust to a sustained period of higher interest rates.
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Higher for Longer, Longer the Stronger
We are leaning into quality as markets start to focus away from near-term tailwinds and onto medium-term headwinds.
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Labelled bonds: a silver lining from green debt
How has the labelled fixed-income market held up in view of macro events this year? We take a close look to pinpoint areas of strength. In particular, we highlight encouraging signs in the world of green debt, such as the number of repeat issuers among sovereigns.
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SDG Engagement High Yield Credit, H1 2023 Report
Achieving true sustainability in fixed income is no mean feat: it takes time, expertise, dedication and resources.
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Central Bank Watch: Settle in for a long pause
The Franklin Templeton Fixed Income (FTFI) Central Bank Watch is a qualitative assessment of the central banks for the Group of Ten (G10) nations plus two additional countries (China and South Korea).
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Markets hit by ‘higher for longer’ rate expectations
After a volatile September, the S&P 500 Index is heading towards its first quarterly loss in 12 months.
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What’s next for the Swiss economy?
Inflation is slowing in Switzerland but the economy remains subject to a great degree of uncertainty. What does the latest Swiss National Bank policy meeting tell us about the outlook?
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Inflation: Mapping the impact of the global rate hiking cycle
After a sustained era of cheap money, an abrupt and unprecedented shift in the global interest rate hiking cycle was ushered in, as the world’s major central banks sought to stave off surging inflation.
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Swiss credit: approximating bond returns
What ingredients go into calculating expected bond returns? Quite a few it turns out. Using a practitioner’s method, we outline one approach to approximating returns for bonds and bond portfolios.
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Fixed Income: What’s next for gilts and the United Kingdom?
Gilt prices have been struggling this past year due to surging inflation and interest-rate increases. David Zahn, Franklin Templeton Fixed Income’s Head of European Fixed Income, shares his outlook for the UK economy and why he thinks now is a good time to consider investing in gilts.
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Stress testing the foundations: Analyzing the vulnerability of US banks to falling commercial real estate values
The commercial real estate sector’s continued challenges could potentially impact US banks. Franklin Templeton Fixed Income’s Shawn Lyons discusses the ongoing commercial real estate crisis and how US banks are safeguarding themselves against these issues.
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White papers
Political Gridlock but Fiscal Largesse
How political dysfunction undermines debt sustainability and helps embed structurally higher inflation.
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Fed Meeting Impact: Is It More Than You Realize?
This paper discusses how Federal Open Market Committee (FOMC) meetings have a significant impact on options pricing, creating risks and opportunities for investors employing options-based strategies.
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The BoE’s “Table Mountain” Approach Sees Rates Highest for Longest
The Bank of England kept its Bank Rate on hold at 5.25% on September 21, 2023. The UK’s economic backdrop is weak, so we believe that the BoE will keep interest rates at this level for the near future.
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The Fed’s Higher-for-Longer Mantra is OK for Bonds
The Federal Reserve indicated that policy rates will likely remain elevated for some time and that neutral policy may indeed be higher than previously projected at its September 20, 2023 meeting.
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Don’t Wait on Spread Widening
Yields are on sale, offering investors an attractive income-generating opportunity
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Opportunity in Investment-Grade Credit
Investment-grade credit is currently offering impressive yields, with relatively less risk than other fixed income sectors, according to Josh Lohmeier of Franklin Templeton Fixed Income. He makes a case for investing in the space today.