Bond Bulletin: EM local currency debt’s emergence from hibernation

Many global investors have snoozed on the emerging market (EM) local currency debt asset class over the past few years. With rejuvenated momentum, we believe EM local is ready for a big year in 2025.

Germany steps up as the US backs away

As the transatlantic alliance waivers, the German government is stepping up to lead with a dramatic change to its debt rules and a significant planned increase in defence and infrastructure spending. We discuss the impact on the bond market and what this means for investors.

Bratwurst vs. burgers – Examining the underperformance of Bunds relative to Treasuries

With 10-year German Bunds underperforming US Treasuries by 35 basis points year to date, this week’s Bond Bulletin looks at the reasons behind Germany’s recent underperformance.