All Fixed Income articles – Page 54
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White papersMacroeconomics, Geopolitics, and Strategy - May 2023
Will real bond yields come back down?
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White papersStress in US regional banks continues, while the Fed moves towards a pause
The recent banking stress has been a real test of capital and liquidity regulations enacted after the 2008 crisis.
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White papersUnderstanding China’s local government debt risk
Recent media reports on China’s debt-ridden Guizhou province pleading for Beijing to bail it out have raised market concerns about billions of dollars in local government debt which has been seen as ‘the canary in the coalmine’. The issue with impoverished Guizhou’s sizeable debt burden is illustrative of problems at China’s local government financing vehicles (LGFVs).
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White papersInfrastructure debt: An essential ingredient
With inflation returning and investors on the hunt for stable yields, insurance companies should explore how an infrastructure debt allocation can support their investment strategy.
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White papersThe Opportunity Cost of Waiting for Goldilocks
Waiting for a “Goldilocks moment” to add duration back into your portfolio can be costly and difficult to execute. Find out why allocating across duration exposures, or “riding the curve,” may offer a better approach.
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PodcastPossible Pause After Latest Hike?
Jeff Weaver, head of Global Liquidity Solutions, and Henri Proutt, portfolio specialist for the Global Liquidity Solutions team, discuss the May 3, 2023, interest rate hike by the FOMC, or Federal Open Market Committee.
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PodcastPutting Today’s Fixed Income Markets in Context
Global Head of Public Markets, Martin Horne discusses the current opportunities and risks in public fixed income markets and compares today’s macro backdrop with those faced in prior economic slowdowns.
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PodcastThe Cost of Waiting for Goldilocks
Janet Rilling and Danny Sarnowski discuss the costs investors can face as they wait for a “Goldilocks moment” to add duration to their fixed income portfolios.
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White papersDon’t Bank on Bank Loans in 2023
As bond yields rose in 2022, investors sought refuge in high-yield bank loans, whose floating coupons are often heralded as an antidote to rising rates. But with conditions shaping up differently in 2023, bank loans may face challenges. We think income-seeking investors should instead consider a more diversified approach that balances rate and credit risks. Here’s why.
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White papersBond Investors May Find Most Rate Pivot Potential in UK, EU
As consumers suffer the biggest inflation hit in 50 years, bond investors must anticipate how quickly prices will stabilize, when interest rates will fall and which fixed-income markets can provide the best pay-offs.
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White papersFixed Income: the road ahead
Recent crises within US regional banks and the more idiosyn- cratic case of Credit Suisse have various underlying causes. However, the overall context of these issues is undoubtedly the sudden and significant tightening of financial conditions in the past year.
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White papersWhere next for inflation?
Inflation is by far the most crucial investment consideration today, yet it’s not all bad news for long-term investors. In this paper, our Research, ESG and Investment teams explain the factors shaping their inflation outlook, the dynamics behind resilient equity markets, why ESG and sustainable development is here to stay despite short- term price pressures, and where to find investment opportunities in today’s uncertain environment.
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White papersMaking an impact with fixed income
Impact investing is an increasingly compelling consideration for core bond allocations
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White papersInflation, disinflation, inflection Who is right?
The market narrative remains focused on a single topic – inflation – but the overall picture is markedly different to that of late 2022. Equity, credit and rates markets are not synchronised in their pricing or probabilities of the outcomes from here. This conflicting picture of significant rate cuts just around the corner, dovetailing nicely with median levels of credit spreads and a somewhat lofty equity multiple valuation backdrop, leave us asking: ‘Who is right?’
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White papersThe Great Reallocation and what it means for fixed income investors
“Income is back in fixed income” – If there was a contest for the catchphrase of the year 2022, this one would certainly be a hopeful contender as it captures the essence of market evolution. The fixed income space has undergone a significant transformation and reallocation implications reverberate into 2023. This has resulted in a year-to-date influx of USD 87bn in global fixed income ETFs.
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White papersVirulent inflation may have peaked – but does further danger lurk?
Markets speak to the fluidity of the environment around them. Over the past year, they’ve delivered verdicts on government economic programmes, central bank monetary policy and the energy sector – but how are the markets perceiving inflation today since it became structural a year ago?
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White papersEMD quarterly review Q1 2023
Bond markets broadly advanced over the quarter, though with some periods of volatility, as investors adjusted interest rate expectations going forward, now suggesting many we may see rate cuts coming before the end of the year. The reopening of the Chinese economy also supported sentiment on the outlook for global economic growth, with Chinese business survey data showing early signs of improvement.
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White papersPM Spotlight: For the Love of the Journey
Manju Boraiah, senior portfolio manager and head of Systematic Edge Fixed Income and custom SMA Investments, has carved a unique path for his career—guided by his two passions, art and math.
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White papersBroadening Access to Private Assets: Regulatory Wrappers Unwrapped
The number of regulatory wrappers is growing as access to private assets broadens. When presented with different options, there are a number of considerations to keep in mind.
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White papersFixed Income Perspectives April 2023
Markets appeared optimistic amid strong macro indicators until early March, when the collapse of two US regional banks and forced sale of Credit Suisse led to a risk-off sentiment.
