All High Yield articles
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White papersCLOs: 4 Factors to Watch
CLOs look well-positioned in the current environment, particularly given their floating-rate nature, robust structural protections, and potential for incremental yield—but risks remain on the horizon.
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White papersAsia credit market on the recovery path
Key factors driving the Asia credit market’s resurgence and our promising outlook for 2025
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White papersClimate Change High Yield Credit, Annual Report 2024
We continue to see investor engagement play a critical role, particularly with companies in high-carbon sectors.
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White papersFixed Income prepares for a shiny new year
Bonds finished 2024 with positive returns, and we believe fixed income assets can continue to shine. Solid economic growth, sticky inflation and a slow pace of U.S. Federal Reserve rate cuts should keep shorter-term yields elevated. And relatively stable longer term rates mean higher yields can help build portfolio income and return potential. In this environment, we like well-diversified multisector and core plus bond strategies in particular.
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White papersHigh yield highlights in a clouded market
High yield bonds ended 2024 on…a bit of a high. And it doesn’t seem set to end anytime soon. With economic fundamentals showing slow-but-steady improvement, led by a surprisingly resilient US economy, we see further scope for positive performance from high yield bonds as we progress into 2025.
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White papersLDI market review and outlook – February 2025, political risks clash with bond vigilantism
Political and monetary policy uncertainty weighed upon markets in the fourth quarter of 2024, with multiple ‘live’ central bank meetings creating binary risk and political regime change for France, Germany, and vitally, the US.
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VideoTalking Markets – The Case for Coco’s
In this edition of Talking Markets, Head of Fixed Income, Lloyd Harris and Fund Manager, Simon Prior discuss all things contingent capital; sharing what coco’s are, their capital structure and how the team use them to their advantage, gaining access to sought after areas of the fixed income space, including financials, banks and insurance companies.
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White papersHigh Yield: Shelter From the (Rate) Storm?
High yield bonds and loans have proven their ability to weather uncertainty and look well-suited for an environment in which rates, and potential rate volatility, may remain front-and-center.
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White papersThe Fed’s dilemma
Recent inflation numbers are in line with a short pause in the path towards the Fed’s target, yet bond yields have moved sharply higher since the Fed’s big cut. Medium-term inflation expectations – including FOMC member expectations – have moved higher (see chart), but most of the increase in ten-year yields since the election reflects a rise in real rates.
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White papersFixed Income Perspectives Q1 2025
The fourth quarter ended with higher bond yields as the market reduced its expectations for future rate cuts from the Federal Reserve (Fed).
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White papers2025 Fixed Income Default Study
An examination of our bottom-up default outlook and total return forecasts for 2025
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White papersWhy invest in trade finance?
The demand for trade finance continues to increase, despite a global shortage of financing to facilitate the deals. As we outline in this paper, this shortfall has created an array of potentially high-yielding investment opportunities for providers with the right resources, analytical teams and banking connections.
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White papersFirst Quarter 2025 Market Outlook
PGIM Fixed Income’s First Quarter 2025 Market Outlook.
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Webinar2025 Outlook: Global Fixed Income Webinar
From high yield to emerging markets debt to investment grade credit, what will 2025 hold for global fixed income investors? Our panel of experts weighs in on the opportunities and risks ahead.
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White papersEM Local Debt: Time to Shift the Perspective?
EM local debt has historically offered higher yields than the comparable U.S. risk-free rate, and recently has begun to exhibit more stability as well—which presents a compelling case for investors.
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White papersFixed income outlook: resilient US provides an anchor
The enduring resilience of the US economy will be a key driver of financial markets in 2025 and beyond. Having avoided recession, the US is returning to mid-cycle, according to economic data, while inflation has continued to ease back towards the US Federal Reserve’s (Fed) 2% target, enabling the central bank to begin cutting rates. We believe the Fed views monetary policy as restrictive and will likely continue lowering rates, albeit at a slower pace than previously expected.
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White papersEmerging Markets Debt Under Trump 2.0
EMD has been more resilient after November’s election than it was after the 2016 result—so, what has changed, and will this resilience last?
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White papersInsurance investment outlook 2025: Navigating evolving markets and regulations
A strong US economy and market, alongside benign economic conditions in Europe and other developed markets have helped insurers strengthen their balance sheets and boost their investment earnings while restoring liquidity buffers.
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White papersAnother banner year for liquidity?
Investors won’t forget near-zero yields in a hurry. Liquidity – and the healthy returns on offer – will remain king in the coming year.
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White papers2025 Outlook: Global Fixed Income Roundtable
Against a shifting macro, political and geopolitical backdrop, our fixed income portfolio managers explore the future prospects for high yield, emerging markets debt, and investment grade credit.
