All Fixed Income articles – Page 77
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China’s disinflation and implications
China has abandoned its ‘growth at all cost’ push and is sticking with its deleveraging and structural reform policy despite the trade war with the US and COVID-19 shocks. This has resulted in a constrained growth environment.
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Will the Energy Sector Evolve or Devolve?
Change in the White House has brought swift transformation to US environmental policies, especially those affecting the oil and gas sector. We don’t believe the beginning of the end is here for the oil and gas industry, but the energy sector faces substantial change—and companies need to adapt over time.
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How Much Further Will US Rates Rise?
US Treasury yields have surged recently, buoyed by rising optimism about economic growth and rising inflation expectations. Based on our growth forecast, longer-term rates will likely rise for the next few quarters—but more slowly. And we think the Fed is prepared to push in the other direction if rates rise too far, too fast.
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Green Light to Fiscal Expansion
EU fiscal rules shouldn’t restrain governments from spending what is necessary before economies recover. In the U.S., fiscal stimulus is boosting spending, particularly among lower-income consumers. Lastly, China PMIs showed temporary weakness.
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Tackling decarbonisation in credit portfolios
The asset management industry is waking up to the urgent need for a coordinated effort to fight the climate crisis. As a leader in sustainability and investment, we firmly believe that it is possible to invest and create value while also working to prevent the unfolding crisis.
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High-yield bonds – Everything is relative!
Investors can still find value in the European high-yield bond market even after a more than volatile 2020 in which risk premiums fell.
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An expected improvement in corporate fundamentals bodes well for bondholders
We expect business fundamentals to improve in the coming months, especially for low-rated companies. The ratings momentum in HY, as measured by downgrade/upgrade volumes, has already turned positive.
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How Deep Are The Scars?
What helps reconcile market euphoria with the very mixed global data is that central bankers remain concerned about the pandemic scars and have reiterated their accommodative stance.
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Coming Out Of Covid-19: A Look At Interest Rates And Inflation In Europe
There is hope European economies will see a more robust recovery this year, but will inflation will pick up as a result?
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Fixed Income - Inflation: The Devil We Knew
Dr. Sonal Desai cautions that central bankers might be underestimating how difficult it will be to deal with inflation—especially if expectations become unmoored.
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Investing in post-Covid-19 European private debt markets: focus on selection
Private debt markets have grown rapidly since the Great Financial Crisis (GFC), with global assets under management (AuM) tripling, from $275bn in 2009 to over $850bn in 2019. The European market accounts for about a third of these assets.
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Returns and real impact: the green-bond opportunity
The Generali Investments SICAV Euro Green & Sustainable Bond – one year on
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Global Investment Views - March 2021
If the start of 2021 led markets to question the no inflation forever mantra, the debate has been hotting up in February, with the US 10Y inflation breakeven reaching its highest level since 2014, pricing in higher inflation expectations. We are also seeing pricing pressure on the food and energy side.
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Emerging Market Debt Opportunities Monthly Review
Perspective from Franklin Emerging Market Debt Opportunities team.
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Covid-19 Disrupts Municipalities
Why have tax revenues rallied unexpectedly for California? Will taxing millionaires accelerate outmigration from New York?
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Tracking ECB’s Communication: Perspectives And Implications For Financial Markets
This article assesses the communication of the European Central Bank (ECB) using Natural Language Processing (NLP) techniques. We show the evolution of discourse over time and capture the main themes of interest for the central bank that go beyond its traditional mandate of maintaining price stability, enlightening main concerns and themes of discussion among board members.
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Mario Draghi: Deus Ex Machina or Knight of the Apocalypse?
The Future of Italy and Implications for Europe.
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Distressed Debt: The Opportunities Surfacing in COVID’s Wake
Barings’ Stuart Mathieson and Bryan High provide insight into today’s distressed debt market, including their expectations for defaults, an overview of the competitive landscape, and where the next opportunities may emerge across the U.S. and Europe.
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Coronavirus highlights fixed income’s potential for impact investing
Investors such as pension funds are increasingly seeking investments with a positive impact, and the surge in Covid-19 bond issuance in 2020 indicates that fixed income is the asset class well-positioned to deliver positive social outcomes.