All Fixed Income articles – Page 9
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White papersWalls of worry: Europe’s stumble toward debt mutualization
The prospect of greater fiscal union in Europe is a highly contentious subject. In light of recent geopolitical events and the current zeitgeist, Jonathan Gregory considers the likelihood and the practicalities of what various forms of debt mutualization would entail and how they might come about.
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White papersStructural shifts in Europe’s credit ecosystem
With Europe standing at a critical juncture, Zachary Swabe and Jakob von Kalckreuth evaluate its evolving corporate funding markets, with particular consideration to the potential implementation of a capital markets union. They also consider current and future opportunities across high yield, syndicated loans and direct lending.
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White papersJune FOMC meeting: Ignore the dot plot in this uncertain environment
The Fed held rates steady at 4.25 – 4.50% in June and Chair Powell emphasized that, amid elevated uncertainty, the dot plot projections shouldn’t be taken as commitments—signaling a cautious, data-dependent pause for now.
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White papersWhat is a CLO?
CLOs provide an efficient, scalable way of investing in floating-rate loans while offering structural protection that has historically performed well through multiple credit cycles.
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White papersBond outlook: Income potential intact as economic risks rise
The bond market is well positioned to provide investors with attractive income potential and relative stability, should equity markets swing lower in the second half of the year. Given slowing US economic growth and cooling inflation, bonds should offer a smoother ride for investors amid high uncertainty over US trade and immigration policies, rising debt levels and worsening conflicts in Ukraine and the Middle East.
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White papersA bitter pill: what tariffs could mean for pharmaceutical firms and the wider healthcare industry
The US government’s proposal to impose tariffs on pharmaceutical imports has ignited a complex debate, intertwining economic, healthcare, and geopolitical considerations. While the initiative aims to bolster domestic manufacturing and reduce reliance on foreign supply chains, it also raises concerns about drug affordability and availability, and has broader implications for the healthcare system.
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White papersMid-year Investment Outlook 2025
“Despite unpredictable policymaking, business resilience, and the reorganisation of global trade and financial systems, the expected rate cuts from central banks will create opportunities in global equities. We are focusing on themes such as European defence spending, US deregulation, corporate governance reform in Japan, and the ‘Make in India’ initiative.”
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White papersClimate-Thematic Bond Investment Solutions
Climate change may introduce risks and opportunities within fixed-income investment portfolios. Our Climate Transition Corporate Bond Beta Investing Approach seeks to support investors who prioritize sustainability factors aimed at addressing those climate-related risks and opportunities
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White papersUS inflation less than expected
“US CPI has been slowing. However, uncertainty on US tariffs and rising tensions between Israel and Iran, which could keep oil prices high, may make central banks job more difficult.”
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White papersThe world rethinks (not rejects) US debt
Based on the “Fixed focus: Navigating the new era of income” session at Asian Investment Conference in Hong Kong
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White papersWhy should investors consider the secondary market for private credit opportunities?
Marco Busca, Head of Indirect Private Debt, Generali Asset Management - part of Generali Investments - explains why the secondary market elevates the benefits of private credit for institutional portfolio. He also introduces the recently launched Generali Private Credit Secondaries Fund, which aims to provide opportunities in a burgeoning market that targets both LP-led and GP-led transactions.
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White papersMay CPI report: Still bracing for impact
May’s CPI came in slightly cooler than expected—headline inflation edged up by just 0.1% in May (2.4% year-over-year), while core CPI remained steady at 2.8%—thanks to lower energy and travel costs. Despite this softness, tariff pressures are anticipated to roll through the data in coming months.
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White papersMidyear fixed-income outlook: Strategic scenarios for bond investors
How will policy uncertainty and macro headwinds shape opportunities in fixed income?
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White papersPolicy divergences on display
“Policy decisions by global central banks are getting more nuanced, with the ECB staying on its rate cut path, the Fed in a wait-and-see mode, and the BoJ being the only major outlier.”
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PodcastTalking Heads – Making the case for absolute return bonds
How can fixed income investors tackle the uncertainty over the outlook for growth and inflation? How will concerns about government finances play out ? Where are interest rates heading?
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White papersA 20,000-Foot Perspective: Fiscal Policy Takes the Lead
Recent volatility in traditionally “sleepy” Japanese bonds bears watching as fiscal policy becomes the chief policy lever globally; the country’s role as one of the world’s major creditors means that what happens there could have far-reaching impact.
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White papersQ1 2025 Taxable Municipals Market Review and Outlook
Q1 returns in the taxable municipal market were strong—but not for the reasons you might expect. While falling Treasury yields boosted performance, policy-related risks and technical pressures raised questions about where valuations go from here.
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White papersTime for Europe
We are at an inflection point for Europe, signalling a promising medium-term outlook for the region, despite modest growth projections for 2025. Upcoming reforms, structural changes, and anticipated investments are expected to foster economic activity across Europe. The region stands at a pivotal moment, navigating a new defence paradigm and a fiscal push in Germany aimed at addressing the shortcomings identified in Draghi’s report.
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White papersAre Foreign Investors Really “Dumping” US Treasury Bonds?
Amid rising concerns over foreign divestment from U.S. Treasuries, this paper offers a data-driven perspective for investors. It examines the evolving dynamics of global capital flows and their implications for Treasury demand, portfolio strategy, and market stability.
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White papersJune ECB meeting: In a good place to assess the risks
The ECB signaled a cautious, data-driven approach after its June meeting, balancing its first rate cut with ongoing uncertainty around inflation and geopolitical risks. Future policy moves remain flexible as the economic outlook evolves.
