Themes and implications from the most recent Global Fixed Income, Currency & Commodities Investment Quarterly
Investment grade credit has been a standout performer in 2019. Given the ongoing macro uncertainty and recent spread tightening, can the rally continue?
Investment grade and high yield credit in emerging markets have delivered divergent performance over the summer. Could this trend reverse, or is investor caution warranted in the high yield space?
While weaker headline earnings growth in future quarters could unsettle investors, many underlying factors suggest corporate health remains strong. What is the full story for investment grade credit?
As we hold our latest Investment Quarterly meeting, we take a look at how 2019 has played out so far. Dovish central bank policy has propelled markets to strong returns, but trade remains a key risk.
We may not be outright US dollar bulls, but fundamentals and quantitative valuation factors both suggest that investors are currently too negative on the currency.
Core bond yields have pushed higher since the end of October. Is the move warranted by a shift in the fundamental picture, and where could we go from here?
Valuations for high quality credit may seem slightly stretched in the context of outperformance so far this year, but with various catalysts ahead, we believe the asset class will remain in favour.
As an increasing number of high yield corporates run into trouble we question whether the rise in corporate distress is a signal for more caution, or if lower rated credits now look more attractive at improved valuations.
Emerging market debt is underpinned by a solid fundamental backdrop, but the local index is at all-time tights. A differentiated approach seems warranted.