Fixed Income – Page 10
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FeaturesIPE Quest Expectations Indicator: June 2023
Continued loud bickering between the Wagner Group and the Russian army is protecting Putin from both, worsening the outlook for peace, while there are multiple signs that military supplies are approaching exhaustion. The coalition supporting Ukraine is stronger than ever, showing increasing willingness to provide military aircraft. Yet the offensive expected in February has not started. In the US, Florida governor Ron DeSantis is damaging his position with an unproductive row with Disney, while Trump has moved closer to a prison term. Gas consumption in the EU is falling faster than expected, due to efficiencies like heat pumps, changeover to electricity and solar panels. Macron scored nicely by sponsoring the participation of Zelensky at the Hiroshima G7; Sunak failed to centre political attention on China.
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NewsItaly roundup: Previndai ups exposure to corporate, government bonds
Plus: Eurofer pushes on with direct investments
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NewsIceland’s pension funds fear €1bn losses under housing bond plan
Pension fund group says on firm legal ground, and warns the government of years in court
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NewsSurvey shows 65% of European institutional investors eye social bonds
Investors are, however, not prepared to pay a ‘social premium’ on social bonds
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NewsGermany’s BVK looks to expand investment grade bonds portfolio
Investment grade bonds have become ‘significantly more attractive’ because of increasing interest rates
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NewsIcelandic pension funds decry government reneging on housing bond terms
Pension funds are collectively largest owner of HFF bonds, which Icelandic government plans to terminate
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NewsComPlan to look at UN SDGs in private equity, debt investments
The scheme included physical and transitional climate risks in an ALM analysis for the first time last year
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NewsItaly roundup: BCC-CRA pension fund divests from private markets
Plus: Fondo Priamo increases number of members and contributions; Enpaia cuts real estate investments
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NewsFINMA faces further legal action for AT1 bonds write down
Migros Pensionskasse expects court to recalibrate supervisory authority’s decision
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NewsItaly roundup: Enpam plans to build up global bond portfolio
Plus: Write downs hit Enasarco; Laborfonds sees sign of return to normality
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Asset Class ReportsPortfolio strategy – Fixed income
Last year ushered in a new era for global fixed income and credit markets. It was the worst, in terms of returns, for bond investors in years, but it signalled a regime change. Investors need to be prepared for structurally higher inflation and rates, as well as higher volatility. But for fixed income managers, this is an environment where value is easier to find. Our report looks at this new beginning for fixed income investors, and at how selectivity has become key in the high yield and loan markets.
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Asset Class ReportsFixed income – A year for selectivity in high yield and loans
Patience might prove the be the watchword for the rest of 2023 in high yield
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Asset Class ReportsFixed income – Europe's investment-grade market makes a comeback
Investors are showing tentative signs of interest as spreads tighten
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FeaturesFixed income, rates & currency: Chill winds prompt caution
Although 2022 was a remarkably bad year for bonds and equities, any hopes that 2023 might illuminate a brighter path have already been dispelled as rapidly changing narratives – from recession to boom to fears of a banking crisis – all tossed and turned stock and rates markets. The result was a remarkably turbulent first quarter.
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Asset Class ReportsFixed income – Convertible bonds return to favour
After a long period in the wilderness, convertible bond issuance is coming back to life
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Asset Class ReportsFixed income – New beginning for bond investors
A painful 2022 for fixed income means attractive opportunities and a possible normalisation in risk and return
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FeaturesIPE Quest Expectations Indicator May 2023
Russian air superiority over Ukraine is coming to an end due to lack of equipment. Destroying civilian targets is counterproductive and consumes ammunition. Bakhmut is eating into Russian resources, while Ukraine is being re-armed. History teaches that better technology, rather than numerical superiority, wins wars. But even a lopsided Ukrainian win would not automatically mean peace.
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NewsEvonik pension scheme to hike fixed income investments
The scheme plans a 10% increase in bond investments to 30%
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NewsInvestors appeal against FINMA’s order to write down AT1 bonds in Credit Suisse/UBS deal
The formal complaint was filed before the St-Gallen-based Federal Administrative Court on 18 April by law firm Quinn Emanuel Urquhart & Sullivan
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FeaturesFixed income, rates & currency: Optimism fades on mixed data
January’s market optimism has been subsiding, as forecasts for inflation and US Federal Reserve policy shift the outlook further to the hawkish side. However, the macro picture is not clear. Markets hang on to every new piece of data to clarify the outlook, be it non-farm payrolls, the consumer price index (CPI) or the US Job Openings and Labor Turnover Survey (JOLTS).
