Fixed Income – Page 2
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White papersThe Rising Costs of a Drawn-Out War
Financial markets may not ebb and flow with major developments on the battlefield anymore, but we believe they do still need to come to terms with the war’s lasting inflationary impact.
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Emerging Markets in a World of Higher Long-Term U.S. Inflation
In an effort to stave off disinflationary impulses in the economy, the Federal Reserve’s Flexible Average Inflation Targeting (FAIT) framework announced in 2020 was one of the most important shifts in monetary policy strategy in years.
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EMD as a Hedge Against Inflation
Inflation concerns have caused investors to search for income with lower duration, and we believe Asia high yield delivers on this front.
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As TCFD Comes of Age, Regulators Take a Varied Approach
As regulators around the world continue to align with Task Force on Climate-related Financial Disclosures (TCFD) standards, 2022 marks a step change, with national-level disclosure requirements for firms set to go live. Our analysis indicates that national regulators are taking different approaches in their implementation of TCFD-aligned climate disclosure ...
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The inflation psychology is kicking in
After a decade of central banks struggling to bring inflation up to target, the start of 2022 has been characterised by a shift in the inflationary environment worldwide. US inflation is at its highest level in over 40 years, with other DM trailing close behind.
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Bonne Récupération: The ECB Moves Gradually, Keeps its Options Open
As expected, the ECB largely confirmed its policy normalisation journey in the coming months, including the tapering of asset purchases over the course of the second quarter. That said, recent data suggest a somewhat accelerated pace of tapering, with the Governing Council now viewing asset purchases as likely to conclude in the third quarter of this year.
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FT Fixed Income Central Bank Watch: Race to the top
The Franklin Templeton Fixed Income Central Bank Watch is a qualitative assessment of the central banks for the Group of Ten nations plus China and South Korea.
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Rethinking the Credit Liquidity Continuum
As private credit markets have expanded, matured and democratized, eligible investors can now, in a cost-effective and operationally efficient manner, combine liquid and less-liquid credit assets in one portfolio. This allows investors to increase yield profile and potentially reduce volatility and correlation.
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CLOs Well-Positioned Amid Rising Rates, Heightened Uncertainty
In the context of a thin new issue pipeline, secondary market CLOs look more interesting, on balance, relative to new issues.
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SDG Engagement High Yield Credit: 2021 Annual Report
Our 2021 Annual Report outlines how the SDG Engagement High Yield Credit strategy delivered on its colinear objectives: strong financial performance for investors, and future, positive social and environmental impact contributing to achieving the United Nations’ Sustainable Development Goals.
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High Yield: A Strong Case for Floating Rate
While the negative shocks of late have impacted high yield markets, the asset class remains well-positioned overall—particularly loans, which can offer a degree of protection in a rising-rate environment.
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EM Debt: Finding Fundamental Value in a Shifting Landscape
The current environment is challenging, but much like in the past, opportunities are beginning to arise across the EM debt landscape.
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How institutional investors can make a social impact in portfolios
The momentum around net zero investing has helped focus the minds of institutional investors on ways to tackle climate change and how to respond to the changing policy landscape. This has led to fundamental change in how pension funds and insurers view their portfolios over the longer term – leading to the steady integration of environmental risks and opportunities.
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Asset Allocation Committee Outlook - 2Q 2022
Against a background of structurally higher inflation and declining growth, exacerbated by Russia’s invasion of Ukraine, the Asset Allocation Committee’s (“AAC”) views have become more risk-averse.
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Why now may be the time to buy EMD
We maintain that EMD assets currently exhibit an entry opportunity as both an undervalued and under-owned asset class, offering the dual advantage of commodity exposure, as well as a more complete policy adjustment than developed markets, with regards to upcoming inflation risks. The potential benefits of EMD include Alpha opportunities from a diversified landscape, diversification potential, and the potential for attractive risk-adjusted returns.
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Investment Grade Credit: Higher Rates Aren’t All Bad
The Russia-Ukraine conflict and rising interest rates have affected all bond markets, but opportunities remain among the investment grade universe.
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Has Fear of the Fed Peaked?
As investors continue to digest the likely path of this tightening cycle, we think the dramatic moves of recent weeks are set to ease, laying a good foundation for credit investors.
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Q&A: Investing amid geopolitical uncertainty
Russia’s invasion of Ukraine has intensified focus on geopolitical risks. However, investing amid geopolitical uncertainty is not new. Seasoned portfolio managers Kirstie Spence and Victor Kohn discuss how they approach geopolitical risk in emerging markets.
