Fixed income

Talking heads – Banks transition to a new regime
Over the last month, the banking sector has seen a spate of turmoil triggered by concerns over the possible effects...

Graph of the week – An uneasy calm after the storm
Market measures of stress in the US and European banking sectors currently do not show signs of extreme investor concern....

Talking heads – Tapping into the wide fixed income opportunity set
Policy rate increases are reverberating across financial markets. This has caused volatility to spike higher, particularly in bond markets. The...

Graph of the week – Volatility in bonds creates opportunities
A flight to safety in the wake of the failure to two US banks led to an abrupt fall in...

Talking heads – US high-yield bonds, where do we go from here?
High-yield bonds – defined as corporate bonds rated below BBB− or Baa3 by established credit rating agencies – have had...

Long-term asset allocation – A different outlook
What a difference a year makes. At the start of 2022, the US S&P 500 index was trading at 22x...

Talking heads – There is a reasonable alternative: mortgage bonds
After a bright start, US mortgage-backed securities face a sunnier year in which this fixed income asset class could reverse...

Talking heads – Upturn beckons for emerging market corporate bonds
We anticipate a better year for emerging market corporate debt on the back of a brighter outlook for China and...

COP15 highlights the need to do more on biodiversity loss
Healthy, functioning ecosystems underpin society: they produce the oxygen we breathe, help mitigate climate change and support at least 55% of the global...

MARKET UPDATE 05.01.2023
Weekly market update – Pivot divot
The recent release of the minutes from December’s meeting of the Federal Open Market Committee showed US monetary policymakers worried...

Babies and bath water: Is it time to abandon the 60-40 portfolio?
The groans of despair heard from multi-asset portfolio managers lament the positive correlation between equities and bonds we have seen...

Talking heads – Bonds are back! Investment-grade credit offers yield
The sell-off in bond markets this year has driven yields to levels that merit closer attention, says Victoria Whitehead, senior...