All Fixed Income articles
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White papersEmerging Market Green Bonds - Report 2024
Elevated Uncertainty Complicates Short-Term Forecasts, Despite a Robust Long-Term Outlook
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White papersMidyear macro outlook: A new dawn of uncertainty
Geopolitical tensions, tariff uncertainty and global economic slowdown look set to define the second half of 2025. Our global CIO looks at why active management and research-led investing are the way to navigate this global complexity.
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White papersConfidence up for May but what comes next?
US consumer confidence index rose sharply, and above expectations, in May to 98.0, mainly due to a temporary trade truce between the US and China on tariffs. Expectations about the near future also improved.
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White papersLDI differentiator: the benefits of an integrated solution with credit
This mini-series of short articles shines a light on often under-discussed but important factors to think about when structuring your LDI portfolio framework. Here we look at the benefits of an integrated solution of LDI and credit.
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White papersAsset Allocation Update – May 2025
Headlines remain dominated by tariff discussions, and we have seen significant row back from the more extended and aggressive tariff levies that caused such distress in markets in early April. However, where there have been ‘deals’ the base line of a minimum tariff of 10% from the US remains in place, which suggests that while there is flexibility around the reciprocal tariffs, the tariff environment will still be substantially higher than in recent years.
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White papersWhy Allocate to Global High Yield in a Balanced Portfolio?
Global High Yield (GHY) has matured from being a US-centric, niche exposure to a globally diversified, highly rewarding asset class worth investing in. With over $2 trillion* in outstanding bonds, HY plays a key role in income portfolios across pension funds, insurers, and sovereign wealth funds.
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White papersCorporate Spreads. Shifting Patterns and Opportunities
European high-yield companies are benefiting from political initiatives, structural advantages, and clearer market predictability. Recent spread volatility presents attractive opportunities, while strategic reallocations aim to enhance portfolio resilience. Europe currently offers greater stability and competitive yields.
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White papersIs EM Local Debt Benefiting From ‘America First’?
Emerging markets local debt is regaining momentum, fueled by shifting U.S. policy.
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White papersIn conversation with Andrew Chorlton, CIO for Fixed Income
From Yorkshire to university in Birmingham and bond markets in New York and California, Andrew Chorlton is now CIO for Fixed Income at M&G Investments. But what did his journey entail – and how does he see the role of fixed income in modern portfolios?
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White papersClean machines: Investing in the disruptive technologies to reach net zero
With energy accounting for almost 75% of global greenhouse gas emissions, it’s imperative that investors understand and mobilise capital towards the key technologies that will enable carbon intensive subsectors to decarbonise within the remaining window of opportunity. So, what are they?
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White papersUS rating slides, spending rises
“As US debt and fiscal deficits rise, leading to higher volatility in government bonds, investors should favour a global approach and explore opportunities in European bonds.”
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White papersTrump/Powell: The Two Poles of Policymaking
The Fed’s processes are designed to minimize the cost of capital while the president’s tactics seem to be raising it—who’s right and who’s wrong?
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White papersThe ECB’s road ahead: navigating the certain uncertainties
Europe’s economic backdrop is brimming with competing dynamics that have made the ECB’s principal mandate for ‘price stability’ more challenging than ever.
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White papersHow should credit investors navigate such an uncertain backdrop?
Elevated uncertainty related to trade and industrial strategy in the US has led to a loss of confidence, which has had an impact on business activity. However, there remain pockets of opportunity in credit markets.
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VideoWhat word best encapsulates the current economic environment?
One word above all others stands out to describe market conditions over the last month: uncertainty. How are the credit team positioning themselves in the current economic backdrop? Mitch Reznick, Group Head of Fixed Income – London, outlines his views in this video.
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White papersCan Argentina reboot its crisis-ridden economy? EMD report Q2 2025
President Javier Milei has implemented a severe austerity package which has helped tame the country’s chronic inflation crisis.
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White papersYour guide to money market funds
What is a money market fund and who uses them and why? This helpful guide provides the basics.
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White papersEuropean equities: resilience amid global trade tariff turmoil
At the beginning of 2025 we were “all in” for markets. But the bond market bear steepening was a dangerous signal. The meaning became clear: the dollar, which typically benefits from disruptions to global trade, has fallen and the US equity market, usually more insulated from trade shocks than Europe, has underperformed.
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White papersEM Sovereigns Amid U.S. Tariff Policy Resiliency Study – May 2025
During periods of external shock like the Global Financial Crisis (2008) or COVID-19 (2020), the macro variables that impact EM sovereigns can change suddenly and dramatically, necessitating a rethink of our credit views. We believe that the recent shift in U.S. policy could be another such shock causing serious ...
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White papers3 Global High Yield Myths That Just Don’t Hold Up
A source of return, yield and diversification, GHY merits serious consideration for most fixed income portfolios but doubts remain for some investors. We challenge three common GHY myths and explain why it makes sense for most investors to consider an indexed approach in GHY.
