All Fixed Income articles – Page 35
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White papers
Equity-bond correlations: was 2022 an outlier?
Should we be shocked? Negative equity and bond returns in 2022 provided further evidence that annual performance by the asset classes is not as uncorrelated as commonly believed. How frequently do these so-called ‘outlier’ years occur, and how can investors with long-beta portfolios be better prepared?
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Podcast
The Investment Podcast: European High Yield – changing perceptions
To what extent do European High Yield markets represent good value at the moment and is now an attractive entry point?
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White papers
Ahead of the Curve, Q1 2023
Read the latest views from our Chief Economist Silvia Dall’Angelo as she outlines three scenarios that could influence markets in the coming months.
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Blog
Green Bank Bonds: Abuse of Proceeds?
We see three reasons why investors should treat Green, Social, and Sustainability (GSS) bonds’ claims to ESG eligibility with skepticism.
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Podcast
All The Credit, Ep. 36 - Navigating Default Lines
Insights on credit fundamental trends and vulnerabilities across the asset class, along with outlooks on defaults and loss expectations.
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Podcast
Fixed on ESG, Ep. 11 - We Have Ignition
What is nuclear fusion and can it solve the climate crisis?
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White papers
Multi-sector fixed income 2023
2022 was a year for the record books in U.S. fixed income markets. The Bloomberg U.S. Aggregate Bond Index (“the Agg”) celebrates its 50th anniversary in 2023. In those 50 years, 2022’s calendar year total return of -13.01% was unprecedented. The prior record was 1994 (-2.92%); in fact, the cumulative total return of the previous four negative years (1994, 1999, 2013, and 2021) was only -7.30%
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White papers
Global Investment Views - March 2023
“The dichotomy between the real economy and markets is increasing even as the earnings outlook is getting weak, leading us to be sceptical of the risk rally.”
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White papers
360° fixed income report Q1 2023: Inflation, disinflation, inflection
In the latest edition of our 360° report, the team reflect on what has been a promising start for fixed income in 2023. Can the rally sustain, has too much of the good news already been priced in, and what will shape the narrative over the course of this year?
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White papers
Politics, Deficits and the Debt Limit
We firmly believe that Congress will ultimately raise the debt limit, but it’s worth remembering that political drama affects markets.
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White papers
High yield bonds vs. leveraged bank loans: Is now the time to rotate?
Over the last two years, leveraged U.S. bank loans (“loans”) have outperformed their high yield bond counterparts; however, we believe this trend may be coming to an end. The relative outperformance of loans during this period was primarily a function of duration, or more notably in 2022, the lack of duration.
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White papers
Eliminating the Improbable
With a fresh surge of inflation increasingly unlikely, the market outlook is far better than it was a year ago.
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White papers
Climate Transition Credit at Allspring
Investors can pursue both their climate objectives and financial goals through their bond allocations. In this blog post, we outline the opportunity in climate transition credit.
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Blog
A Fresh Approach to Analyzing Bank Capital Bonds
2022’s volatility taught investors that, to certain bank issuers and regulators, the economics of voluntary bond redemptions outweigh the reputational cost of not calling bank capital securities.
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White papers
Non-Investment Grade Defaults: Up From the Lows, but Contained
With defaults rising off of all-time lows, but likely remaining well below recession norms, we remain constructive on high yield and non-investment grade credit.
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White papers
GSS bonds: The sustainable bond market of cities and regions
The Franklin Templeton Fixed Income team believe investors with an appetite for sustainable impact should focus their attention on the market of urban GSS bonds.
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Podcast
The Investment Podcast: What does good ESG in ABS look like?
The evolution and implementation of ESG across asset classes has not been homogenous. While there is a development of good outputs for corporates and equities, there has been less of a focus on ABS. This episode considers how ESG in ABS differs and asks: What does good look like?
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White papers
Mixed messages. Messy markets.
When macroeconomic data give mixed messages about the path ahead, markets are bound to become more challenging. That could be a good opportunity for using volatility to position for an eventual recovery.
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White papers
Why Securitized & Why Now: $12.5 Trillion Market Goes on Sale
Today’s securitized market presents a rare opportunity to add diversification via an asset class with the potential to provide defensive opportunities with outsized returns.
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White papers
Emerging Markets Debt: will 2023’s bright start last the course?
Maybe it’s an optimistic time of the year or maybe it’s just a good investment case? Whatever you identify as the driver, there is no denying that 2023 has begun in extraordinary fashion for emerging markets debt (EMD).