Fixed Income – Page 19
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White papers
A Solid Case for IG Credit, But Caution is Required
Against a backdrop of elevated uncertainty, IG corporate credit—with healthy corporate balance sheets and a relatively attractive total return potential—looks well-positioned.
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Potential Opportunities in the US Banking Sector
Despite the failure of a handful of banks in the US and one in Europe, our view is that 2023 will not present a financial crisis near the magnitude of the Global Financial Crisis (GFC) in 2008. The three failed US banks, Silvergate, Silicon Valley and Signature, had unique business models that proved to be meaningful weaknesses. They raised concerns about firms with close financial ties to small banks, particularly speculative technology and related stocks, such as cryptocurrencies, that unwound when they were caught in a bubble.
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*The resilience and diversity of infrastructure debt*
For investors eyeing stable long-term income from a broad and diverse asset class, European infrastructure debt can be a resilient solution. It has been as robust in times of crisis – witness its performance during the pandemic – as it has been across economic cycles. What is its secret? Infrastructure provides services that are in demand whatever the economic climate.
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Absolute Return Bonds? Absolutely.
Long-only bond investors were hit hard in 2022. Yields soared as central banks worldwide reacted – at different paces – to a spike in inflation led by energy prices.
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State of the Market: A Turn for the Better, but Struggles Persist
In this piece from Private Debt Investor, Stuart Mathieson, Head of Investments in Barings’ Capital Solutions group, discusses the growing opportunity set for lenders who can provide financing solutions for companies facing market stress and volatility.
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High Yield: Charting a Steady Course Through Roiling Seas
Banking stresses added volatility to first-quarter markets already coping with rising rates and recession fears. Still, with corporate fundamentals sound, high yield investors and issuers are more cautious than fearful.
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Macroeconomics, Geopolitics, and Strategy - April 2023
”The tightening in credit conditions should reduce core inflationary pressures, partly replacing the need for monetary policy action.”
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Financial stability concerns to tip the balance towards a US recession
Recent stress in parts of the banking sector will raise funding costs and reduce lending to many sectors. Now we expect the US economy to shrink by - 1.1% in 2023, driven by a contraction in domestic demand. Eurozone growth should stagnate amid inflation remaining high.
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Cross Asset Investment Strategy - April 2023
Financial stability concerns to tip the balance towards a US recession.
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Solving for the Climate Transition in High Yield
A holistic approach to climate considerations can offer an opportunity to invest in a diversified portfolio of high yield issuers that are committed to reducing or maintaining a low carbon footprint, while also targeting high current income and capital appreciation.
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Emerging markets debt: Clouds of political uncertainty set to lift
After a positive start to 2023, emerging market debt investors should keep an eye on four key elections this year, which may create further opportunities in the asset class.
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Systematic Fixed-Income Investing Comes of Age
Bond investors have been challenged by heightened volatility and big drawdowns in the aftermath of the pandemic. In response, investors are increasingly seeking systematic strategies, which can generate active returns while mitigating risk and charging competitive fees. In this paper, we explore the principles, processes and benefits of a systematic fixed-income strategy, an investment approach whose time has come.
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Crunch Time
In this monthly series, we take a quick, comprehensive look at current macroeconomic themes that matter to clients.
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Tailor-made For The Italian Market
Ostrum AM’s one-stop shop adds value to institutional investors’ pre-trade, trading and post-trade activities
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SNB wary of inflation amid seismic FX policy shifts
The SNB lifted rates at its last policy meeting, undeterred by the uncertainty plaguing the banking sector and resolutely focusing on inflation. We explore recent monetary policy developments, including profound changes in how the central bank regards and communicates on foreign currency interventions.
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Market nervous on Deutsche Bank, but fundamentals of European banks are solid
“We see a continuation of declining credit growth which is consistent with monetary tightening, but no credit crunch.”
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From Anomaly to Opportunity: High Yields on Short Bonds
Stock and bond markets were shaken by the recent banking crisis in the US and Europe. Although both US and European authorities took prompt action to prevent damage to the financial system and dampen market volatility, these episodes highlight the importance of risk management and the worth of proven investment strategies that can both mitigate risk and generate worthwhile returns.
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White papers
The More Things Change, Part II
Banking stresses may have tightened conditions enough for policymakers to pause their hiking cycles indefinitely.
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Global Investment Views - April 2023
“We are moving towards a more uncertain economic backdrop, with lower visibility on central bank actions. This calls for a prudent stance on risk assets.”
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Why the Post-Pandemic Economy Will Run Hot
As the U.S. Federal Reserve wrestles inflation lower, investors wonder increasingly if its traditional target still makes sense. Should policymakers really insist on driving inflation all the way down to 2%? Haven’t pandemic and war fundamentally altered global dynamics that drove rates ever lower? Isn’t this time … different?