Credit markets have enjoyed a strong march upwards, supported by robust technicals and a broadly positive fundamental backdrop. With issuance set to pick up, could now be the time to take some chips off the table?
An improved macroeconomic backdrop continues to support hard currency emerging market (EM) debt, which has outperformed local currency EM debt this year. However, is there now room for EM currencies to take off?
The Fed halted tightening and propelled equities to their fastest recovery ever following a bear market.
Weakness in the global economy has been almost entirely driven by the manufacturing sector. With recent data showing tentative signs of a recovery, what could be the implications for bond markets?
Investors are concerned about the deterioration of corporate debt quality.
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Dovish central banks have the potential to extend the cycle—and therefore the positive environment for credit. Despite the strong performance year to date, we see opportunities for selective investors.
Investors are concerned about the deterioration of corporate debt quality, marked by lower credit ratings and a large share of covenant-lite issuance in the loan market.
Dovish central banks, strong fundamentals and an improved outlook for China suggest that all stars are aligned for emerging markets. How long can the year-to-date rally continue?
Our view over the past few quarters has been that EURUSD should be rangebound, as the cyclical outperformance of the US economy is offset by the eurozone’s relatively better balance of payments position.