Fixed Income – Page 7
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White papersKey Goods Inflation Measures Waning
Key goods inflation measures appear to be waning as supply chain index, transportation backlogs, and transportation costs fall from recent highs.
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Distressed debt in a developing recessionary environment
High inflation is being fuelled by supply chain disruption caused by the pandemic, high energy prices caused by the war in Ukraine and high employment. High inflation is forcing Central Banks to aggressively increase interest rates.
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Fixed Income: Rollercoaster ride to reality
We are witnessing a major shift in the fixed income investment environment. Franklin Templeton Fixed Income CIO Sonal Desai assesses the role of global and country-specific driving forces, and shares her views on the investment opportunities ahead.
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Allview: Market Risk Monitor - October 2022
Each month, Allspring’s Investment Analytics team assembles a top 10 list of market risks that it believes have the potential to influence investment portfolios.
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A Low Volatility Approach to Emerging Markets
Actively-managed, short-dated corporate bonds are a good fit for cautious EM investors
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Global CIO Q&A: on inflation, rates, recession and more
Inflation has reached record levels. What do you expect in the upcoming months?
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Fixed income: capturing the comeback
High yields, resurgent carry and supportive pull-to-par dynamics are boosting potential returns across fixed-income markets. In the Q4 issue of Alphorum, we build a constructive case for active, forward-looking investment – with a focus on investment-grade and crossover credit – while taking stock of growth, inflation and energy-price pressures.
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360°, Q3 2022
In the latest edition of our 360° report, we revisit what’s been something of an annus horribilus for fixed income investors. Against a backdrop of rising inflation, tightening monetary policy and a historical drawdown for bond markets, what are the prospects for an asset class that emphasizes stability and reliable returns?
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United States: a green industrial policy in the making
The US Congress’s August approval of the Inflation Reduction Act (IRA) came as a surprise to most observers. With the mid-term elections just months away and no majority in Congress, no one expected new legislation to be passed. Yet, the Democrats and Republicans managed to reach a compromise. We discuss below the measures announced to promote the environmental transition, which is the centrepiece of the act.
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Cross Asset Investment Strategy - October 2022
Geopolitical risks, inflation and hawkish central banks translate into a cautious stance on risk assets such as credit, in which, a deceleration in growth (and its impact on earnings) could create concerns over cash flows and liquidity, especially for the lower rated companies. Hence, we prefer US IG and are defensive on HY.
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A better ‘airbag’ makes CHF bonds attractive
The first half of 2022 showed that even safe CHF bonds are not immune from painful losses. After many years of excellent performance, the portfolio with all Swiss bonds, for example, did about as poorly as Swiss equities.
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Impact of rising inflation on European logistics real estate
Clarion Partners remain optimistic that European logistics real estate should continue to perform well on a relative basis going forward.
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More Swiss policy tightening, but how?
Concluding seven years of negative interest rates, the Swiss National Bank (SNB) tightened monetary policy at its September meeting, warned that further rate increase could be necessary and joined other global central banks in foreseeing significant risks to the global economy. Lifting base rates by 75bps to 0.50%, the bank also raised its inflation forecasts and unveiled measures to manage excess liquidity.
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Fixed Income Insights (Canada Edition) - October 2022
The brief G7 bond rally in July was a distant memory by September, overshadowed by a bear market, after coordinated G7 central bank rate hikes to address broadening price pressures heighted fears of a global recession (or worse). Despite the market turmoil, Canadian corporates and governments gained in Q3.
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SDG Engagement High Yield Credit
In our latest report we examine how the team has made progress towards creating genuine, real-world change through its engagement with portfolio companies.
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Private credit investing: Whatever the weather
The search for ‘all weather’ asset classes that can reliably deliver income and returns in an inflationary, higher rate environment and protect capital in more challenging markets is perennial. Discover how the dynamic and diversified private credit asset universe could offer relative resilience compared to traditional asset allocations.
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Fixed Income Insights - Monthly Reports, October 2022
The brief G7 bond rally in July was a distant memory by September, overshadowed by a bear market, after coordinated G7 central bank rate hikes to address broadening price pressures heighted fears of a global recession (or worse). Longer-dated UK gilts have underperformed the most in Q3.
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Fixed Income Insights (China Edition) - October 2022
Chinese government bond returns were positive in the third quarter in local currency terms, but the appreciation of the US dollar reduced yuan-based returns for dollar investors. Chinese $ investment grade credit has outperformed within the dollar credit universe year-to-date.
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A High-Yielding Haven
As an ever-more-aggressive rate-hiking cycle rocks the financial markets, might corporate credit offer a space that is both remunerative and relatively calm?
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Global Investment Outlook: Actively selecting opportunity in uncertain times
The current state of the global economic landscape has led to flat or inverted yield curves in most government bond markets, US dollar strength, diminishing central bank support for financial markets, elevated price volatility across most asset classes and higher commodity prices. In this global investment outlook, our investment teams share how this backdrop impacts their current outlook.
