All Fixed Income articles – Page 47
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White papersMulti-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 papersGlobal 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 papers360° 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 papersPolitics, 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 papersHigh 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 papersEliminating 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 papersClimate 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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BlogA 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 papersNon-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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PodcastThe 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 papersMixed 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 papersWhy 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 papersEmerging 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).
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VideoThe 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 papersFixed 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 papersCentral 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 papersInsurance 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 papersThe More Things Change
Has recent strong data changed the fundamental economic and market outlook, or just the timeline?
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White papersItaly: 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 papersNFL 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.
