All Sovereign Bonds articles
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White papers360° Fixed Income Report, Q4 2023: Debt, deficit, dispelling doubts
In our latest fixed income report, 360°, the credit team provide an overview of the key themes shaping the fixed income narrative and their outlook for the remainder of 2023 and beyond.
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White papersLabelled bonds: a silver lining from green debt
How has the labelled fixed-income market held up in view of macro events this year? We take a close look to pinpoint areas of strength. In particular, we highlight encouraging signs in the world of green debt, such as the number of repeat issuers among sovereigns.
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White papersPolitical Gridlock but Fiscal Largesse
How political dysfunction undermines debt sustainability and helps embed structurally higher inflation.
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White papersEmerging Markets Sovereigns 2023: Capturing Alpha Through Differentiation
Investing in Emerging Market (EM) sovereign bonds has been mainstream for nearly 25 years, with the benchmark of choice among investors being the JP Morgan Emerging Market Bond Index (EMBI). Over that same period, the entire EM investable universe has grown in breadth and depth to become one of the most intricate in the entire fixed income space.
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White papersFixed income: choosing a different rhythm
Increased risk appetite and revived hopes for a soft landing present an interesting question to fixed-income investors: how keenly should they dance to the market’s tune?
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White papersEmerging markets debt: Stable macro backdrop fuels emerging markets
Emerging markets debt: Stable macro backdrop fuels emerging markets
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PodcastEmerging Opportunities in Emerging Markets Debt
The Emerging Markets sector has not been immune to today’s market challenges. Between the pandemic and the Russia-Ukraine war, factors such as the cost of living and food inflation have caused an adverse impact on sovereign balance sheets.
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White papersUS vs European credit: which is more attractive?
Value had a decent 2022 while growth lagged across equity markets. This continued until March 2023, but that trend has recently been reversing. This trade-off is often associated with the relative performance of US and European stocks: US is quality growth and Europe is value, so to speak. In this weekly edition of Simply put, we ask: does the same dynamic apply in credit markets?
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White papersDeep waves: The sovereign debt wave—an existential threat
The population of workers in mostly high-income countries are shrinking while social costs increase. Franklin Templeton Institute Investment Strategist Kim Catechis focuses on sovereign debt and examines the drivers of these changes and offers conclusions on their investment implications.
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White papersGlobal Risks 2023 – Mid-Year Review
Since our last global risks update in January, we believe risks have increased, on balance.
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White papersUncut gems: The evolution of ESG in EM sovereign debt
There are few asset classes upon which ESG factors have a more visible and profound impact on financial outcomes than in emerging market sovereign debt. However, effective ESG integration in the space remains inconsistent.
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White papersA paradigm shift for European debt
Private debt funds are filling the gap left by bank retrenchment, says Sandrine Richard, Head of private debt at Generali Investments Partners
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White papersPM Spotlight: For the Love of the Journey
Manju Boraiah, senior portfolio manager and head of Systematic Edge Fixed Income and custom SMA Investments, has carved a unique path for his career—guided by his two passions, art and math.
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VideoEmerging Market Debt: After the Storm
Lyubka Dushanova, Portfolio Strategist, EMD, outlines why investors should reassess prospects for EMD right now. Along with a quick look back at 2022, Lyubka flags where opportunities lie in the asset class and explains why we believe an indexed approach makes sense.
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White papersFixed income: performance drivers as peak rates approach
As the US rate-hiking cycle nears its zenith, two positive drivers for fixed-income investment are coming into view: stronger performance prospects for sovereign bonds and the return of the low correlation between duration and credit risk. In the Q2 issue of Alphorum, we assess these dynamics while providing new fundamental and portfolio-construction insights on fallen-angel bonds.
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White papersRevisiting EMD: Brighter Days Ahead?
Although 2022 was volatile for EMD, a brighter outlook is developing against the backdrop of China’s reopening, peaking inflation and interest rates, and signs that US dollar strength could fade. Given current valuations, EMD merits renewed consideration by investors.
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White papersCutting the Gordian EM Restructuring Knot
Our proposal addresses the current standstill facing EM sovereign debt restructuring as well as improves participants’ incentive to maintain market access following a debt restructuring.
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White papersBrighter Times for Bonds? Where to Look, What to Do in 2023
Last year was tough for bonds but now things are changing and there are opportunities out there. Expect choppy conditions but also attractive prospects for tactical and perhaps strategic re-positioning. Our latest fixed income insights assesses where the market is heading, what makes sense to invest in now and what should you hold off on.
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White papersAn outlook for the sustainable bond market
After a muted year for sustainable bonds in 2022, there are indications that the outlook for 2023 is more upbeat. Malika Takhtayeva and Xuan Sheng Ou Yong discuss what the future might look like for corporate and sovereign use-of-proceeds bonds.
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White papersEmerging markets debt: Valuations appear attractive despite uncertain macro backdrop
Emerging markets (EM) hard and local currency denominated sovereign bonds rose in the fourth quarter of 2022, as a softer-than-expected inflation print in the US and the potential end to China’s zero-COVID policy lured yield seeking investors.
