All Fixed Income articles – Page 67
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White papers
Investment View: Off Crutches
The global economy has hit a speed bump, built on the Delta variant and supply chain issues; we expect growth to find a floor in H2, as the fourth Covid wave recedes, and China cautiously eases policy. But supply constraints are proving sticky, and surging commodity prices are a new threat to the consumer outlook. That risk deserves hedging.
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White papers
Exodus Or Urban Reshuffle? Gauging Muni Bond Risks
In February 2021, we published research appraising how COVID-19 lockdowns were impacting California and New York state budgets. We had good news to share.
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White papers
Evergrande: caught in the crossfire between China’s past and future
Evergrande stands in the crosshairs of China’s demographic shift, its urbanisation and property boom, and the end of its decade-long economic growth spurt, writes Robin Usson, CFA, Credit Analyst
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White papers
What does China’s regulatory crackdown mean for EM corporate debt?
Chinese corporates are experiencing growing pains as fines and restrictions rain down on sectors like tech, real estate and education.
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Video
Credit Pulse: market update – 17 September 2021
In our latest Credit Pulse, we take a deep-dive into credit fundamentals and findings from our credit strategy meetings.
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White papers
Will the Pandemic End Secular Stagnation?
The forces that drove rates, inflation, and growth lower for the last four decades remain as strong as ever, but there is hope for change.
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White papers
Could Evergrande Become China’s Lehman Brothers? Probably Not.
Evergrande is the biggest property developer in the developing world. Its debt of RMB 570 billion (US$88 billion) makes it one of the most indebted companies globally.
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White papers
Where next for credit markets?
There are a host of challenging questions for credit investors right now, among them:
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White papers
ECB’s shy monetary policy turn has started
ECB’s Governing Council have decided on a “moderately lower pace” of PEPP purchases based on an improved inflation outlook amid favorable financing conditions. Quite importantly, the decision was taken unanimously.
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White papers
Europe’s recovery is booming, but is inflation here to stay?
Mauro Valle, head of fixed income at Generali Investments Partners S.p.A. Società di gestione del risparmio and manager of the GIS Euro Bond fund range, discusses why he is cautious on inflation risk and why the outlook is positive for Italian government bonds.
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Podcast
CAT Bonds: Finding Reassurance in Reinsurance
From massive flooding in Germany and Italy to earthquakes and wildfires in California, these natural disasters, among others, continue to ravage the globe. But as climate risk concerns grow, investors may be wondering how they can potentially diversify their portfolios.
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White papers
Evergrande Heads for Default
We believe systematic risk beyond the Chinese property market remains limited.
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White papers
Case study: Helping a bank publicly report on its sustainable hedging activities
Banks increasingly have a mandate set out by their leadership to prioritize “Sustainable Hedging;” that is, derivatives trading that supports the financing of sustainable business projects. Some even have specific lines of credit set aside for this type of trading activity.
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White papers
Europe’s Most Endangered Species
As fiscal “hawks” fade from the scene, the continent’s economic policy is transforming in ways that will boost growth long after the pandemic ends.
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White papers
Central bank digital currency: clean atomic monetary energy or financial fallout risk?
In a search for the monetary theory of everything, Fiorino delves into the emerging field of central bank digital currencies…
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White papers
Q&A With ARRC’s Tom Wipf: The Shift to Term SOFR
CME Group’s Secured Overnight Financing Rate (SOFR) Term Rates have seen extensive client interest since the Alternative Reference Rates Committee (ARRC) endorsed them on July 29, with the move marking the last step in the ARRC’s Paced Transition Plan from LIBOR.
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White papers
A new perspective: Diversified private debt portfolios for insurers
Private debt offers a broad and diverse investment universe that is often well-suited to an insurer’s balance sheet. However, approaches that focus on certain sub-types of private debt could create barriers to effective investment over time and inadvertently narrow the opportunity set.
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White papers
Sustainability-linked bonds do not fit our impact framework
Our approach to impact investing, established in 2007, focuses on Use of Proceeds (UoP) and transparent, relevant impact measurement and reporting frameworks. We direct capital to social and environmental outcomes and continually engage with clients, industry working groups, issuers and underwriters on the merits of this approach.
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Research Report
Asset Allocation: Think portfolio construction
Using a factors-first lens to find opportunities in today’s alternatives market
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White papers
HY default rates: recent and expected trends
Persistent supportive funding conditions and the improved macro picture are consistent with a current and expected benign picture for US and European default cycles, which are likely to remain on a downward trend in the coming months.