Fixed Income – Page 4
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White papersCan the banks deliver for investors in 2024?
Today, with the exception of the US regional banks, fundamentals across the banking sector are the strongest they have been in decades.
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White papersFixed Income Quarterly – Corporate bonds: a brighter outlook as clouds lift
We expect global corporate bonds to be supported in 2024 by a soft landing in the major developed economies and easier monetary policy. Overall, we believe company fundamentals are robust, particularly in the investment-grade market, with high cash levels, low leverage, and encouraging earnings expectations.
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White papersCrossover bonds: tilting to income and quality
This insight concludes a three-part series about investing in crossover corporate bonds rated BBB to BB1. Here, we look at the tactical macro rationale for investing in crossover. The second insight made the strategic case for this segment of ratings by delving into strong fundamentals, favourable valuations and regulatory drivers. The first insight introduced crossover and explored how the segment could replace investment grade (IG) in an allocation.
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White papersCrossover bonds: a replacement for investment grade
This insight is the first of a three-part series about corporate credit rated BBB to BB, which is also known as crossover.
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White papersFixed Income Quarterly – Eurozone: Looking ahead to ECB action
Consumer and business confidence appear to be taking a turn for the better in the eurozone as inflation falls and expectations for interest rate cuts rise. These could help the economy avoid a significant recession.
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White papersTreasury yields mixed on strong economic data
U.S. Treasury yields were mixed last week and spread sectors outperformed as fourth quarter U.S. GDP exceeded expectations. The market continues to price in a 50% chance of a U.S. Federal Reserve rate cut by March, and around five total cuts for this year.
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White papersBullish on bonds
”This cycle of rate hikes may be over, but we don’t anticipate seeing cuts until closer to midyear.”
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White papersIs the “Vibe-cession” for US Consumers on Its Way Out?
Falling inflation hasn’t yet translated into good feelings among US consumers. Based on the latest data, that might be changing.
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White papersAre central banks already taking a victory lap?
Franklin Templeton Fixed Income believes growth projections for the United States will continue to improve as a “soft landing” becomes the most likely outcome, while other economies may face harsher conditions. Fixed Income Views presents the team’s first-quarter 2024 outlook.
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White papersIt’s Time to Say Goodbye to ‘T-Bill and Chill’
Investors who wait too long to get off the sidelines may find they’ve missed out.
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White papersHistory lessons for Europe’s central bankers
Consensus is suggesting Europe has solved its inflation problems and substantial rate cuts are imminent – but is this realistic given how far economists and markets underestimated the recent price surge and policy tightening?
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White papersFixed Income Perspectives Q1 2024
Quarterly macro and market insights from Capital Group’s fixed income team
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White papersGeopolitics in an election-heavy year
”We are witnessing a global realignment towards a multi-polar world, and geopolitics will be a crucial factor to watch for investors in 2024.”
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White papersFixed Income Quarterly – Crosscurrents in the US outlook
For 2024, we foresee several crosscurrents that could influence the outlook for US growth and inflation. Before we discuss those, let’s look at the demand and supply-side factors behind the remarkable resilience of the US economy in 2023.
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White papersFirst Quarter 2024 Market Outlook
PGIM Fixed Income’s First Quarter 2024 Market Outlook
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White papersEuropean structured credit review and outlook: From strength to strength
Structured Credit, and the European ABS market in particular, performed strongly during 2023, aided by attractive valuations, robust underlying collateral performance – despite higher borrowing costs for consumers and corporates – and significant income generation, attributes which have only become more compelling given the uncertain economic outlook.
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White papersThe Destination, Not the Journey
Interest rate expectations are volatile right now, but focus on the fact that almost everyone agrees rates have peaked and their next move is down.
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White papersEmerging-Market Debt Outlook 2024: Turning the Corner
We expect a favorable environment for emerging-market bonds in 2024, provided investors stay selective.
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White papersNow may be the time for core bonds: Five themes for 2024
With inflation falling and the US Federal Reserve (Fed) signalling an end to its historic tightening cycle, the landscape for bond investors is beginning to look much clearer. Even after a sharp rally in late 2023, yields still look more attractive than they have in a decade.
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White papersWill Hawks Still Rule the Roost at Europe’s Central Banks?
As European inflation rates converge with targets, markets expect rate cuts. But central banks are set on a decisive victory over inflation.
