Fixed Income – Page 16
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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).
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White papersInfrastructure debt: An essential ingredient
With inflation returning and investors on the hunt for stable yields, insurance companies should explore how an infrastructure debt allocation can support their investment strategy.
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White papersThe Opportunity Cost of Waiting for Goldilocks
Waiting for a “Goldilocks moment” to add duration back into your portfolio can be costly and difficult to execute. Find out why allocating across duration exposures, or “riding the curve,” may offer a better approach.
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White papersECB: Not Pausing―Yet
The ECB’s May rate hike was all about avoiding surprises and distinguishing itself from the Fed’s dovish message the day before. With inflation still high, the ECB “is not pausing.”
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White papersDon’t Bank on Bank Loans in 2023
As bond yields rose in 2022, investors sought refuge in high-yield bank loans, whose floating coupons are often heralded as an antidote to rising rates. But with conditions shaping up differently in 2023, bank loans may face challenges. We think income-seeking investors should instead consider a more diversified approach that balances rate and credit risks. Here’s why.
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White papersThe Fed Gazes into a Spinning Compass
The Fed raised its policy rate by another 25 bps at its May meeting and hinted that its hiking campaign may have concluded. However, Chair Powell also understandably conveyed some uncertainty.
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White papersBond Investors May Find Most Rate Pivot Potential in UK, EU
As consumers suffer the biggest inflation hit in 50 years, bond investors must anticipate how quickly prices will stabilize, when interest rates will fall and which fixed-income markets can provide the best pay-offs.
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White papersWhy are fallen angels the pick of high yield?
How could fallen angels offer a high-yield (HY) exposure of superior quality in a strategic allocation? We consider how investors can use these bonds to improve performance potential while mitigating relative ratings risk. In our previous insight of this three-part series, we made the case for a dedicated allocation to the segment due to the ability of price recovery to drive outperformance, and a compelling supply outlook.
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White papersCommercial real estate: The case for net lease and sale-leasebacks in Europe
In this challenging environment, Clarion Partners believes that defensive real estate strategies such as net lease and sale-leasebacks can provide an attractive opportunity for CRE investors.
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White papersFixed Income: the road ahead
Recent crises within US regional banks and the more idiosyn- cratic case of Credit Suisse have various underlying causes. However, the overall context of these issues is undoubtedly the sudden and significant tightening of financial conditions in the past year.
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White papersWhere next for inflation?
Inflation is by far the most crucial investment consideration today, yet it’s not all bad news for long-term investors. In this paper, our Research, ESG and Investment teams explain the factors shaping their inflation outlook, the dynamics behind resilient equity markets, why ESG and sustainable development is here to stay despite short- term price pressures, and where to find investment opportunities in today’s uncertain environment.
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White papersThe Great Reallocation and what it means for fixed income investors
“Income is back in fixed income” – If there was a contest for the catchphrase of the year 2022, this one would certainly be a hopeful contender as it captures the essence of market evolution. The fixed income space has undergone a significant transformation and reallocation implications reverberate into 2023. This has resulted in a year-to-date influx of USD 87bn in global fixed income ETFs.
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White papersVirulent inflation may have peaked – but does further danger lurk?
Markets speak to the fluidity of the environment around them. Over the past year, they’ve delivered verdicts on government economic programmes, central bank monetary policy and the energy sector – but how are the markets perceiving inflation today since it became structural a year ago?
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White papersEMD quarterly review Q1 2023
Bond markets broadly advanced over the quarter, though with some periods of volatility, as investors adjusted interest rate expectations going forward, now suggesting many we may see rate cuts coming before the end of the year. The reopening of the Chinese economy also supported sentiment on the outlook for global economic growth, with Chinese business survey data showing early signs of improvement.
