All Fixed Income articles
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White papersUS election positioning – we could get fireworks!
Everyone’s favourite question at the moment, how do you position into the US election? Here’s what we think for fixed income.
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White papersPositioning EMD ahead of the US election
If Kamala Harris wins November’s vote, the status quo is unlikely to change significantly, but should Donald Trump triumph the implications for foreign policy are likely to be far-reaching.
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White papersThe three things every engager should know
What three lessons have the SDG Engagement High Yield Credit team learned in the half decade since inception?
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White papersAll eyes on inflation
“We believe the Federal Reserve will weigh the inflation numbers in the context of the weakening labour markets. We expect the Fed to continue to ease monetary policy.”
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White papersSDG Engagement High Yield Credit: 2024 H1 Report
Five years since the launch of our SDG Engagement High Yield Credit strategy, the investment team provide a full rundown of how their interactions with portfolio companies have created change.
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White papersA local approach to European private debt
European private debt is a diverse and growing market. Local expertise is essential to making the most of the opportunities on offer, particularly in the often overlooked lower-mid-market segment.
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White papersOn My Mind: For a few rate cuts more
Recent data releases continue to point to a stubbornly resilient US economy. This supports Franklin Templeton Fixed Income CIO Sonal Desai’s long-held view that the neutral rate of interest lies north of 4% and suggests that this monetary policy easing cycle will be shorter and shallower than many financial market participants expect.
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White papersCentral Bank Watch
The Franklin Templeton Fixed Income (FTFI) Central Bank Watch is a qualitative assessment of the central banks for the Group of Ten (G10) nations plus two additional countries (China and South Korea).
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White papersSlow-speed crash? Problems for the European auto sector pile up
Healthy cash balances built up over the past three years will be tested as firms attempt to weather the four-pronged oncoming storm of labour relations, EV uptake, emissions regulations and China
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White papersGlobal Investment Views - October 2024
Capital markets whipsawed between a weakening US labour market and hopes that the Fed would successfully steer the economy towards a soft landing. Markets are optimistically interpreting the latest policy action, which could potentially boost consumption and investment. The other narrative is that the Fed would not have implemented a big cut without having apprehensions on the economic front.
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White papersExploring the full spectrum of fixed income strategies
Investors have traditionally thought of there being two primary investment styles, namely Active and Passive (or Indexing). But this binary view oversimplifies the new reality. Instead, it is better to think of investment styles as sitting along a continuum, where they become progressively more “active,” from index replication to unconstrained.
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White papersEmerging Markets: How Structural Shifts are Leading to Strong Tailwinds
Prior to the onset of COVID-19, much had been written about the appeal of emerging market debt (EMD), touting the yield advantage as well as its lower correlation to other fixed income asset classes. EMD has underperformed since then, leaving investors in Switzerland and beyond to wonder if and how EMD fits into their asset allocation. After a difficult start to the 2020s, we believe EM debt is now poised to outperform as headwinds from sharp increases in interest rates and slower growth are now reversing course. Thus, the tailwinds from lower rates, higher growth, and improving credit quality are setting the table for positive EM performance going forward.
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White papersInvesting for resiliency with alternative credit
Investors have become increasingly uncertain of the investment landscape given the various economic and geopolitical factors which remain in flux. According to the Nuveen Institutional Investor Uncertainty Barometer, investors feel we are in a period of elevated macroeconomic and geopolitical uncertainty with 93% receiving an Uncertainty Score above the normal level of 50.
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White papersCapitalising on the EM private credit opportunity set
Polina Kurdyavko, Head of BlueBay EM Debt, explains the key elements in implementing a successful private credit strategy and discusses how select exposure can offer investors an attractive risk-reward balance.
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White papersLooking across ETF fixed income markets
For ETF fixed income investors, 2024 continues to be a positive year: most companies have managed to weather a backdrop of macro uncertainty; investors have continued to have access to attractive levels of yield; inflation, while sticky, has been moving in the right direction. Meanwhile, the volatility experienced at the start of August proved to be a storm in a teacup.
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VideoFrontier Market Debt Resilient, diversified, uncorrelated returns
Emerging and frontier markets are perceived as highly risky and volatile but for specialist, experienced investors they present potentially diverse, uncorrelated, and resilient high yield opportunities. Indeed, historically frontier market debt has a lower beta relative to other fixed income segments, and has been more resilient in drawdown periods, explains Global Evolution, a firm that is newly part of Generali Investments and has over 20 years’ experience in emerging and frontier market debt.
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White papersThe bullish case for European fixed income
Mauro Valle, Head of Fixed Income at Generali Asset Management, explains why he expects duration to maintain its bullish momentum for the final months of 2024, and why the short- to medium-term part of the yield curve should be a sweet spot for bond investors.
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White papersEuropean SMEs: A rich tapestry of sustainable private debt opportunities
The diversity of the SME segment in Europe offers investors access to a highly differentiated and steady flow of investment opportunities, explain the private debt team at Generali Asset Management. Moreover, falling interest rates are expected to benefit M&A corporate loans activity, while flexible unitranche structures from private debt funds should come back into focus.
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White papers50bps and the bond curve…
Simon Prior, Fixed Income Fund Manager, discusses the impact of the recent rate cut on both the fixed income and the broader market.
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White papersFixed income insights
Income-oriented investors need higher yields, diversification and lower risk. Our depth of fundamental research provides a potential information advantage. Our strategy breadth enables risk and return customization across public and private markets — all managed by specialized teams.
