All Fixed Income articles – Page 11
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White papersAsset-Based Finance: Private Credit’s Key Diversifier
Private capital is increasingly being used to finance consumer spending.
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VideoMeet the European direct private debt team
SME management teams generally have a stronger “affectio societatis” and are truly motivated to make a sustainable impact with their companies, say the direct private debt team at Generali Asset Management in this new video.
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White papersGreen and Sustainable Bonds: Five Key Questions
With strong sustainable EU initiatives, plus the conclusion of the hiking cycle, attractive carry in interest rate curves, and the likelihood of lower interest rates amid evolving monetary policies, the outlook for green and sustainable bonds is promising, explain the portfolio managers of the Generali Investments SICAV (GIS) SRI Euro Green Bond subfund.
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White papersUK outlook brightens as rate cuts loom
The Bank of England held rates at 5.25% this week, but its accompanying statement made clear that, given the broader outlook for inflation, the prospect of rate cuts this summer has increased.
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White papersGreen bonds boom boosts case for credit engagement
EOS has engaged with companies on behalf of bondholders for many years, recognising that credit portfolios can be hard hit in the wake of serious controversies. Ross Teverson explains how we have evolved our engagement approach as the size of the sustainable bond market has grown.
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White papersMeta shifts the narrative on dividends in the world of Big Tech
Meta’s dividend initiation this year appears to have changed the payout paradigm for Big Tech companies. Soon after, Alphabet and Salesforce followed suit, announcing dividends for the first time.
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White papersEconomic Monthly: Flying Blind
The U.S. Federal Reserve (the Fed) has reduced the pace of quantitative tightening (QT), the European Central Bank (ECB), and potentially even the Bank of England (BoE), could begin cuts as soon as next month, and the dot plot shows the Federal Open Market Committee (FOMC) cutting rates later this year.
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White papersDe-Siloing Your Fixed Income Portfolio
The potential benefits of multi-asset over siloed fixed income management, and why we think asset allocation should be a bottom-up as much as a top-down process.
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White papersThe U.S.-China Competition Through Four Lenses
Not all Great Power Competitions lead to military confrontations. Explore the U.S.-China relationship through four lenses and whether the current global order faces the risk of confrontation.
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White papersStock-Bond Correlation: Theory & Empirical Results
Stock-bond correlation is an important component of portfolio allocation. It is widely used by institutional investors to determine strategic asset allocation, and is carefully monitored by multi-asset fund managers to implement tactical asset allocation. Over the past 20 years, the correlation between stock and bond returns in the US has been negative, while it was largely positive prior to the dot-com crisis.
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White papersIrish banks: a classic turnaround tale… and opportunity
In April, with little fanfare, AIB (Allied Irish Bank) became the first Irish bank to issue a 10-year dollar senior benchmark bond.It was popular with investors: the bank borrowed $1 billion with orders of $7 billion. It was priced at 160bps over Treasuries – a similar level at which we would expect the larger UK and French banks to issue. This confirms that Irish banks are back to their rightful place in the eyes of credit investors.
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White papersFixed Income – A new era for bonds
Surging inflation brought an end to the decade-long era of low bond yields. In the decade ahead, we believe bond yields will not return to the near-zero levels of the recent past or see the steady capital appreciation which marked the prior 30 years. Instead, our view is that inflation and real yields are more likely to remain closer to their long-term averages, supported by central bank policy, changing supply/demand dynamics, and the risk that inflation could spike again.
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White papersMacroeconomic and financial market forecasts - May 2024
Monthly Cross Asset - Macroeconomic and financial market forecasts
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White papersMacroeconomics, Geopolitics, and Strategy - May 2024
“We expect 75 bps of rate cuts in 2024 as monetary policy remains restrictive, growth will slow down, and inflation data do not alter our projections.”
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White papersIMF spring meeting take-aways: short-term resilience, but no reacceleration in the mid term
In recent months, the IMF and other economic forecasters have raised their growth projections for 2024. The April World Economic Outlook showed revisions (+0.3% Global) that primarily affected the US, China and Emerging Markets (EM). These revisions were based on expectations of less economic scarring from the recent crisis, insufficient fiscal adjustment supporting short-term growth and less effective monetary policy transmission compared to the past.
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White papersM&A wave could enhance convertible bond returns in 2024
Takeover activity was strong in 2023, both among private equity and strategic buyers. The outlook for this year looks just as promising, in our view, reflecting the recent improvements in liquidity and economic conditions. There is a large amount of dry powder to be deployed, and the hope that interest rates are stabilising should build market confidence, although the Federal Reserve has been unwilling to provide reassurances on this.
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White papersHigh yield: differentiation returns to drive the next leg of performance
European high yield has outperformed the US this year, which in itself is a pretty rare occurrence. But things get even more interesting when you look at what’s driving those returns.
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White papersCross Asset Investment Strategy - May 2024
Topic of the Month: IMF spring meeting take-aways: short-term resilience, but no reacceleration in the mid term
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PodcastPart 1: Navigating the Low Carbon Transition with Temperature
Examining how temperature alignment is helping to reshape climate-conscious investment strategies.
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White papersGlobal Investment Views - May 2024
Recent inflation and growth data from the US indicates continued strength in the economy, leading us and various institutions including the IMF to revise up US growth. We see the current strong momentum to continue into Q2 but expect a deceleration in H2, without negative growth in any quarter.
