All Fixed Income articles – Page 44
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White papers
ESG considerations in securitised fixed income
At Thornburg, we feel a fully integrated investment approach is the most effective way to incorporate ESG factors into securitized fixed income analysis.
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White papers
Bonds that build back better
Some might argue that building a sustainable economy is a technological problem. It isn’t. The world is sufficiently stocked with greenhouse gas-reducing technologies such as renewable fuels, carbon capture and energy storage. What it lacks is capital.
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White papers
The BoE vs UK Government: a harbinger of policy clashes elsewhere?
In the latest instalment of Simply put, where we make macro calls with a multi-asset perspective, we examine the recent liquidity crunch in the UK and consider whether similar policy policy-driven conflicts between governments and central banks could trigger further market crises.
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White papers
Recession watch: triggers, outlook and what next for central banks
While recession risk is clearly elevated around the world, they are notoriously hard to predict with any accuracy, in terms of timing, duration or impact.
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White papers
A dovish pivot from the ECB: Euro bonds back in focus
The ECB has reiterated its strong commitment to fighting inflation, which it says remains ‘far too high’ and will stay above target for an extended period.
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White papers
Nobody Ever Got Fired for Buying Senior Credit
“Nobody ever got fired for buying IBM,” is a saying that’s been floating around investor circles for decades. The now-legendary catchphrase has been used to imply that IBM was the ultimate safe bet for investors. Likewise, if private markets had a catchy sound bite today, it would have to be, “Nobody ever got fired for buying senior credit.”
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White papers
Unearthing opportunities in Asian credit markets
2022 has been a challenging year for fixed income, with global investment grade bonds down 14% over the past 12 months. Investment grade corporate bonds in Asia have outpaced US and global bonds, mainly due to their shorter duration.
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White papers
Navigating dark clouds across emerging markets debt
It has been an unrelenting year of negative headlines, with a war in Ukraine, inflation concerns and recession fears jolting investors into a frenzy. Capital Group Investment Director David Cheng sat down with Portfolio Manager Luis Freitas de Oliveira to discuss his thoughts on the challenging macro backdrop, the investment implications for emerging markets debt (EMD) and how, in his view, the asset class remains investable amid the growing headwinds.
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White papers
The unequal impact of inflation: How governments are responding
Inflation has risen to multi-decade highs in most international economies, both developing and emerging. Most recently it has been driven by Russia’s invasion of Ukraine, which has significantly impacted food and energy prices. However, beyond the headline measures of inflation, the effect of rising food and energy prices typically has a greater impact on lower-income countries, households and individuals.
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White papers
Global Investment Views - November 2022
Central banks (CBs) are trying to work out how far they should go in terms of their aggressive tightening talk. We see four main factors to consider when assessing whether we will see pivots from CBs: (1) The still strong job market does not support a shift in stance from the Fed.
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Blog
European High Yield—Planning for Yields to Peak Soon
In the first of a series of European high yield posts, we assess the sector’s compelling characteristics and compare them to our expectations for monetary policy and inflation.
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Blog
European High Yield in the Era of Inflation
In our third post on the opportunities in European high yield, we place this year’s jump in yields in the context of our expectations for inflation to peak soon and decline thereafter.
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Blog
Benign Defaults to Buoy European High Yield
The second post in a series on European high yield demonstrates that default concerns and forecasts require context regarding the macro backdrop and how these projections are constructed.
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White papers
IG Credit: Strong Fundamentals, But Inflationary Pressures Grow
Current yield and spread levels, coupled with companies’ durable credit profiles, suggest that IG corporate credit continues to look attractive—but a number of risks remain on the horizon.
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White papers
High Yield: Value on Offer, But Stormy Seas Ahead
While there are signs that volatility will likely continue in high yield through the coming months, this environment, ultimately, may prove to be a significant opportunity for value creation.
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Podcast
The Investment Podcast: Time to allocate to mispriced consumer finance opportunities?
Imagine a new global financial crisis (GFC) materialising every year from here. The market seems focused on the fact that it will get tougher for consumers, and is in some cases pricing in default rates equivalent to GFC levels of stress, for years to come.
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White papers
Is This ‘Nightmare on Wall Street’ Coming to an End?
Do corporate earnings disappointments signal a weaker economy and easing inflation pressures, which could end this scary market—or are there more twists to come?
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White papers
ESG investing in EM debt: enhancing sustainable development outcomes
Today’s financial markets are at an extraordinary juncture, grappling with persistently high inflation, war in Eastern Europe, global climate change and the ongoing and severe effects of the COVID-19 pandemic. Against this backdrop, fixed income investors are increasingly seeking to generate financial returns while building portfolios that support positive outcomes through environmental, social, and governance (ESG) investing.
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Webinar
The Credit Call: Unconstrained Credit, October 2022
Fraser Lundie, CFA, Head of Fixed Income – Public Markets, is joined by Orla Garvey, Senior Fixed Income Portfolio Manager and Vincent Benguigui, Senior Credit Portfolio Manager. The team touches on some of the key drivers that have shaped the Fund’s performance to date and why they feel that a dynamic allocation to credit is beneficial to unlocking future returns.
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White papers
Inflation still stubbornly high despite central bank hikes
Eurozone inflation reached 9.9% in September while UK consumer prices hit 10.1% amid rising food costs.