All Fixed Income articles – Page 71
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White papersWhat’s the outlook for European asset-backed securities in 2022?
European asset-backed securities (ABS) outperformed many other areas of fixed income last year as investors were drawn by their floating rate properties and supportive fundamentals, including a resilient labour market and low arrears in underlying asset pools. But how strong is the outlook for securitisations in 2022?
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White papersPressures Continue to Build for Fed Hikes
U.S. CPI pushed the 10-year U.S. Treasury yield to 2% for the first time since the onset of COVID, and U.S. rate hike expectations increased, with markets pricing in 50% odds of a 50bps hike in March. Meanwhile, European inflation expectations are also edging higher.
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White papersUS vs. Europe inflation – A tale of two continents
Following the US Federal Reserve’s lead, central banks in Europe turned hawkish in the first week of February. Our inflation-linked bond specialists, however, see important differences in the outlook for inflation in the eurozone compared to the US.
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White papersAre Markets Signaling a Slowdown?
We see no sign of impending recession in calm credit markets, and in our view the flattening Treasury curve likely has more to do with the market’s failure to recognize growing structural inflationary forces.
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White papersWhy US Rate Rises Highlight European Fixed-Income Opportunities
Recently, euro-based investors have been able to access higher-yielding US dollar bond markets while hedging their currency risk at low cost. Now, interest rates are set to rise in the US—and we think it’s time for US dollar investors to consider opportunities in euro fixed-income markets.
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White papersBank of England Races to Catch up to Inflation
Central banks around the world, including the US Federal Reserve, have turned more hawkish lately—pivoting from supporting a COVID-ravaged economy to fighting stubbornly high inflation. The Bank of England (BoE) continued that trend at its February meeting.
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White papersFinancing economic growth with private debt
Listed assets no longer suffice to build an investment portfolio. Private debt is becoming central to allocations.
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White papersCross Asset Investment Strategy - February 2022
Recent sharp increase in nominal and real yields has been reflected in strong movements in equity markets, causing a rotation out of growth into value stocks. We think the uncertainty (Covid, geopolitics) would continue as markets assess the path of inflation, economic growth and monetary policy.
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White papersRussia-Ukraine tensions: geopolitical risk adds volatility to risk assets
Geopolitical dimension of the crisis: tensions stand at their highest point in years, after Moscow deployed 100,000 troops to its border with the Ukraine’s Donbas region. The geopolitical risk between Russia and the West remains deadlocked since Russia’s 2014 annexation of Ukraine’s Crimea peninsula and the consequent Western sanctions to Russia.
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PodcastEM Debt in 2022: China, COVID & Central Banks
What lies ahead for EM debt markets in 2022? Risks include higher rates and inflation as well as uncertainties surrounding China and the path of the pandemic. But with defaults still low and spreads wide by historical standards, opportunities look likely to arise.
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White papersJeromicron: Markets Face a One-Two Punch
Preliminary Markit PMIs in the U.S. show Omicron weighed on consumer demand, labor supply, and supply chain disruptions in January. The composite PMI fell from 57 to 50.8—its lowest level in 18 months; declines were seen in services and manufacturing.
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White papersThe year ahead for loans: Favourable dynamics, but can it continue?
For European loans, 2021 was a standout year in many ways. Record new-loan issuance was met with equally robust demand from traditional loan investors and asset allocators, looking for relatively high and stable yield, while the drive towards sustainability has been both prominent and purposeful. In this piece we present our outlook for the key drivers in the European loan market in 2022.
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White papersFixed Income Perspectives - January 2022
Global economic growth looks likely to continue in 2022, albeit at a more modest pace. The COVID-19 pandemic does, however, add uncertainty to the outlook, as evidenced by the recent emergence of the Omicron variant.
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White papersSolving for a Year of Inflections
The Solving for 2022 delegates voted on what they think will be this year’s best-performing investment category—and here’s why we think they are right.
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White papersWormhole intelligence shows investors pulled in different directions by market gravity over 2021-22
This just in: The Interstellar Express reports that a vast cache of data has been recovered from Quantum Gravity Well (QGW) 3.14159 that could shed new light on an ancient, defunct civilisation.
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Video*Diversified private credit – It is about financing growth*
Investing in diversified private credit means gaining access to the stable cash flows and contained volatility of a broad range of unlisted asset classes including infrastructure and commercial real estate debt, mid-market loans and loans to small and medium-sized businesses.
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White papersInvesting in 2022: Four key market drivers
The pandemic and rising inflation were prevailing drivers of markets in 2021. But the economic squeeze which dominated 2020 finally started to loosen its grip, as the world started to get back to something resembling ‘normality’ in the second half of last year.
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VideoFixed Income Update: 21 January 2022
In line with the recent announcements with regards to Andrew Jackson, Head of Fixed Income and Multi-Asset, leaving the firm, Eoin Murray, Head of Investment, is joined by the senior members of the Fixed Income team to introduce the succession plan.
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White papersWinners of the Italian Recovery Plan (With or Without Draghi)
Which sectors stand to benefit the most from Italy’s Recovery and Resilience Plan, and what impact, if any, will the country’s next president have on efforts to implement the plan?
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White papersSpectrum 2022 Outlook
We expect a slower pace of growth in 2022 due to monetary tightening and reduced fiscal policy support.
