All Fixed Income articles – Page 36
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Video
The Credit Call: strategies update, February 2023
Fraser Lundie, CFA, Head of Fixed Income – Public Markets, Orla Garvey, Senior Fixed Income Portfolio Manager and Anna Chong, Deputy Head of Corporate Credit Research provide an update on the current opportunity set and why current market conditions bode well for credit investors in 2023.
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White papers
Fixed Income Themes for 2023: The Return Of Market Discipline
We think the next 12 months are likely to see this cycle’s peaks in inflation, policy tightening, bond yields and market volatility; and troughs in GDP growth, earnings growth and market valuations. But don’t see the pendulum swinging back to the post-2008 “new normal”.
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White papers
Central Banks Tighten, Markets Loosen
While some pessimism has lifted from central bank messaging, we still think the market may be hearing only what it wants to hear.
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White papers
Insurance Asset Allocation in the New Regime
After a year in which fixed income yields and capital market assumptions adjusted dramatically to a new regime, we believe it’s an opportune time to re-think insurance asset allocation.
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White papers
The More Things Change
Has recent strong data changed the fundamental economic and market outlook, or just the timeline?
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White papers
Italy: where prudence meets potential
Italy’s large dependence on Russian gas and other commodity imports left it vulnerable to the war in Ukraine.
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White papers
NFL Alpha: Appraising Arizona
For the 20th year, Allspring’s Systematic Edge team applied its quantitative research on low volatility stocks to the NFL in an effort to predict the postseason playoff winners and the winner of Super Bowl LVII.
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White papers
Market Scenarios and Risks - February 2023
We revise the probabilities of our alternative scenarios. Some of the risk factors we identify may occur in our central scenario, which is probably not yet fully priced in, especially by equity markets.
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White papers
Why and what if inflation falls faster than expected?
”As fiscal support should wane, this could lead to lower inflation pressures in the second half of 2023 and to a faster decline in inflation”
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White papers
China’s Reopening Bodes Well for Asian Fixed-Income Markets
Markets have responded warmly to China’s easing of its zero-COVID policy, although it’s not clear yet how quickly or smoothly the country’s economy will recover. While some bumps in the road are likely, we expect China’s reopening could lead to further gains in Asian credit and currencies in 2023.
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White papers
Macro Perspectives: Recession, inflation and duration considerations
Are markets correctly pricing inflation? What flavor of recession are our economists anticipating? What roles will quality and duration play in 2023 as investors run towards fixed income? Our economists discuss key questions facing investors today in our latest Macro Perspectives.
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White papers
Can inflation end without a meaningful increase in unemployment?
In the latest instalment of Simply put, where we make macro calls with a multi-asset perspective, we ask whether a shared belief in the prospect of a soft-landing is enough to bring it about.
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White papers
Fed continuing to downshift: 31 January-1 February FOMC review
The Federal Reserve hiked the fed funds rate by 25bp, to 4.50-4.75%, a step down after the Fed hiked by 50bp in December. The slowing in the pace of rate hikes was widely expected.
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White papers
European leveraged loans: Defensive against rising rates and uncertainty?
2022 represented the end of the more than decade-long bull run and the impact for European loans was a dislocation to yields of c.10%. For long-term investors, we believe this provides an interesting investment opportunity for a senior secured defensive asset class with typically higher risk-adjusted returns than comparable credit risk asset classes.
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Blog
Beyond the Muni Bond Bounce
Early 2023 has brought a more favorable backdrop for municipal bonds, prompting investors to consider whether the market rally is sustainable or just a bear market bounce.
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White papers
Extinguishing the flame: Has inflation peaked?
Despite further hikes, markets are factoring in a less hawkish approach from central banks.
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White papers
How liquid is the green bond market?
The green bond sector has grown to be a $1trn-plus investable market that has seen a sharp uptick in diversification on the credit side and an increasing number of sovereign issuers.
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White papers
ECB-inspired rally risks going too far
The European Central Bank raised its key policy interest rates by half a percentage point, lifting the deposit rate to 2.5%, and said it intended to deliver a similar rate rise in March because of underlying inflation pressures. It also gave details of how it will reduce its balance sheet. For corporate bonds, it plans to tilt reinvestments more strongly towards issuers with a better climate performance.
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White papers
An outlook for the sustainable bond market
After a muted year for sustainable bonds in 2022, there are indications that the outlook for 2023 is more upbeat. Malika Takhtayeva and Xuan Sheng Ou Yong discuss what the future might look like for corporate and sovereign use-of-proceeds bonds.
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Blog
Fed Reignites the Search for Yield
Bolstered by broadening expectations for moderation in growth and inflation data, the Fed’s February meeting reignited the market’s search for yield and fueled the rally in risk assets.