White papers - all assets – Page 247
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White papers
Fiorino: in this pandemic, asset quality is key to banks’ health
In this launch issue of Fiorino, our blog focused on deciphering complexity in global financials, we assess how banks are preparing for corporate defaults resulting from lockdowns across economies worldwide.
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Coronavirus – weekly update – 20 May 2020
Exists from lockdown proceed with no major mishaps, leading the stock markets to still trade sideways. Progress towards implementing budget support is slow, which constitutes a potential risk and a source of volatility.
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Gemologist: can we adapt to the new climate normal?
Climate change will test our ability to avoid mortal danger more than ever before. Humanity’s ability to adapt, something we have excelled at, must again come to the fore.
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Global Emerging Markets: ESG Materiality, Q2 2020
Welcome to the Global Emerging Markets’ ESG Materiality commentary – a quarterly publication that demonstrates our engagement activity with portfolio companies and showcases holdings that are creating positive impact aligned to the Sustainable Development Goals. In addition, we explore an environmental, social and governance (ESG) theme and its implications for the asset class.
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Market Risk Insights: portfolio triage
In the Q2 2020 issue of Market Risk Insights, we provide our latest analysis of six key risk factors – volatility, correlation, stretch, liquidity, event and environmental, social and governance (ESG) – in order to help investors navigate the coronavirus sell-off.
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Four Benefits of Senior Secured Bonds in an Uncertain Environment
Times of volatility can also yield opportunity if navigated carefully—and in the event of widespread defaults, senior secured bonds can offer some particularly compelling benefits.
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A decade of change in global high yield
Globalisation and the rise of new instruments, credit quality and sustainability made the last decade one of significant evolution for the high-yield market – and for our team investing in this asset class.
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A look at why insurance-linked securities are largely immune to the Covid-19 volatility
Insurance-linked securities have been almost unaffected by the market turmoil linked to coronavirus. We look into the mechanisms that make them more resilient.
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Assessing the Known Unknowns
While the list of worries is long, we will focus on three key uncertainties that, if known, should give us more clarity about the direction of markets. As some of these unknowns are coming into view, each of them creates unknowns of their own.
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Focus on Italy: macroeconomic and fixed income scenario
If we wanted to characterise the contraction and recovery pattern, we would probably describe it as a ‘long U-shaped’ recovery; in other words, as a gradual normalisation which will take some time before seeing a return to pre-crisis levels. In Italy, the government is estimating an 8% GDP contraction this year, followed by a 4.7% YoY rebound in 2021. In our analysis, we consider two possible reference scenarios for 2020 growth: -8.0% YoY (as per the government scenario) and -12.0% YoY.
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Embedding ESG into private debt can reduce risk and add opportunity
Embedding environmental, social and governance (ESG) criteria within private credit investment processes can reduce downside risk and open up a range of thematic opportunities, BNP Paribas Asset Management’s Sustainability in private debt investing briefing paper explains.
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Emerging Markets Charts & Views - Market dislocation creating long-term opportunities
Two major drivers are shaping the landscape for EM countries: Covid-19 and oil dynamics. We are mindful that current events will have very significant negative effects on the economic outlook for EM this year, leading many countries into recession.
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ECB QE Monitor - April 2020
ECB programs: €1,110bn of purchasing power in 2020, or around €110bn / month by the end of the year.
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Franklin Emerging Market Debt Opportunities Team: Market Update – Emerging From the Crisis
Perspective from Franklin Emerging Market Debt Opportunities team.
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A letter from Asia
As the initial epicentre of the coronavirus, many lessons can be learnt from China: For example, the importance a swift government response (resting on lessons learnt during the SARS outbreak in 2002-2003) with total or partial lockdowns across many cities alongside other mobility restrictions and intensified health screening.
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Multi-Asset Allocation Views: Hold the Course
As the world adjusts to life with the specter of COVID-19, it is increasingly clear that much has changed. We have become used to social distancing and unimaginably weak economic data. However, although we have become familiar with these new features of our lives, we hope that they will not be with us for too long!
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Sweden’s Experiment with Negative Rates
At the end of 2019, Sweden’s Riksbank initiated a policy change at a time when the much larger European Central Bank (ECB) announced its determination to persist with its negative interest rate policy.
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Asset Class Return Forecasts - Q2 - 2020
In our latest analysis released at the beginning of the year, we had laid out our medium-term outlook as a correction of the business cycle, including an economic slowdown, yield curve inversion, a return to lower bound policy rates, and subdued inflation prints. The global shocks resulting from the eruption of the coronavirus pandemic have significantly altered the sequence of economic and financial phases, shortened the timeframe and expanded the scale of the ripple effect.
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Market weekly – Riding the digital transformation with US equities
Lockdowns around the world have boosted the uptake of new technologies, speeding us into an even more digital-centric future. US equity markets offer investors access to such disruptive technology. To hear more about the opportunities, Daniel Morris, our senior investment strategist, catches up with Pam Hegarty, senior portfolio manager and equity analyst for US equities in our Boston office.