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Investment views for uncertain times

Investment views for uncertain times

🕔11:57, 18.Jan 2022

One year after the discovery of anti-Covid vaccines, financial markets will soon have left (or slowly leaving) the pandemic behind. The economy has not.  This is demonstrated by the numerous disruptions among supply chains, on labour markets or on commodity

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Barometer: Het beleggingslandschap in 2022

Barometer: Het beleggingslandschap in 2022

🕔09:18, 9.Dec 2021

Hoewel obligaties het moeilijk zullen hebben bij een stijging van de rente, zouden aandelen een behoorlijk eencijferig rendement moeten genereren, omdat sterke bedrijfswinsten een daling van de winstveelvouden van aandelen compenseren.

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The role bonds play in a portfolio

The role bonds play in a portfolio

🕔01:02, 3.Dec 2021

Building a resilient and balanced portfolio should be a priority for many investors in today’s environment of heightened financial market uncertainty and volatility across a range of asset classes, including equities. With that in mind, now’s a perfect time to

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Communication breakdown.

Communication breakdown.

🕔14:21, 16.Nov 2021

Bond markets, which have been under considerable pressure recently, saw a very sharp turnaround last week as the US Federal Reserve did no more than expected in the US, while the Bank of England kept rates unchanged, and the European

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Hoe korter hoe beter

Hoe korter hoe beter

🕔11:34, 16.Nov 2021

Waarom beleggers in vastrentende waarden die zich zorgen maken over inflatie en stijgende rendementen, moeten overwegen om over te stappen op kortlopende obligaties. Moeten beleggers zich zorgen maken over de inflatie? Er zijn zeker redenen tot bezorgdheid. De knelpunten in

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Breedte, stabiliteit en kwaliteit: Aziatische bedrijfsobligaties

Breedte, stabiliteit en kwaliteit: Aziatische bedrijfsobligaties

🕔14:58, 8.Nov 2021

De Aziatische bedrijfsobligatiemarkt is een strategische activaklasse geworden die behoorlijke inkomsten biedt. Cruciaal is dat het ook overwegend om investment-grade bedrijfsobligaties gaat. Obligaties met negatief rendement zouden een tijdelijk fenomeen zijn. Maar zeven jaar nadat ze voor het eerst opdoken

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Bond markets navigate crosscurrents of rates and inflation

Bond markets navigate crosscurrents of rates and inflation

🕔12:10, 4.Nov 2021

Q4 2021 | Fixed Income Outlook: Global financial markets were mixed during the third quarter. Fixed-income markets faced volatility from multiple directions, including the Federal Reserve’s announced intention to taper monthly bond purchases, the expiration of the U.S. federal debt

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China: Riding the green wave

China: Riding the green wave

🕔08:55, 2.Nov 2021

After a year of tepid primary issuance – held back by the global pandemic – activity in the Chinese green bond market came roaring back in 2021. The supply of new bonds jumped to a record of $60.7bn year-to-date, crowning

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Strong week for global equities

Strong week for global equities

🕔15:38, 28.Oct 2021

Weekly Economic Perspectives:  The Fed is poised to taper asset purchases imminently. Although language in the September meeting minutes maintained some optionality between mid-November and mid-December as start points, we suspect the earlier timeline is more likely. There really is

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A transitory change in correlation

A transitory change in correlation

🕔14:30, 11.Oct 2021

Uncommon truths: Rising bond yields have recently been associated with falling equity prices (reversing the trend of this century). We think this is a temporary reversal and do not fear higher yields, unless caused by costpush inflation (we would then

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For our 12-month outlook we remain cautiously optimistic

For our 12-month outlook we remain cautiously optimistic

🕔10:36, 30.Sep 2021

August was friendly, which it often hasn’t been in the past. In bonds, little happened overall. Government bonds and investment-grade corporate bonds showed a slightly negative total return, while the high-yield segment, as well as Asian bonds, just made it

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De geheimen van inflatiegerelateerde obligaties

De geheimen van inflatiegerelateerde obligaties

🕔14:56, 10.Sep 2021

Nu de consumptieprijzen stijgen, zoeken beleggers steeds vaker producten om zich te beschermen tegen inflatie, zoals inflatiegerelateerde obligaties. Maar ze moeten zich ook bewust zijn van de complexiteit. De schokkende Amerikaanse consumentenprijzen in april maakten duidelijk dat de prijsdruk opnieuw

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Another quiet week

Another quiet week

🕔10:34, 24.Aug 2021

In Credit: Bond markets continue to lack much direction. It was inflation week in the US. As expected, the headline rate of consumer price inflation came in at 5.4%, unchanged from the prior month (see Chart of the week), while

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Dynamic US Dollar Bond: Positioning for rising rates

Dynamic US Dollar Bond: Positioning for rising rates

🕔15:25, 19.Aug 2021

Flash Update: Following the continued improving macroeconomic backdrop, the Fed are expected to signal a cessation of monetary stimulus in the coming months, initially with asset purchase tapering, followed by raising interest rates. In anticipation of such a move, investors

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Is the bond broken?

Is the bond broken?

🕔10:19, 6.Aug 2021

An allocation to government bonds within a multi-asset portfolio has traditionally played a vital role in terms of risk management and diversification. However, the decadelong bull era in both government bonds and equities has led investors to ask whether this

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Infra debt: Investing in the backbone

Infra debt: Investing in the backbone

🕔10:29, 14.Jul 2021

Market weekly: Investors are continuing to search for sources of income in the current low-yield environment marked by, for example, modest returns from equities and bonds, bringing to the fore the merits of an allocation to infrastructure debt. This source

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Pre-Issuance Impact Report on the UK Government Green Financing Programme

Pre-Issuance Impact Report on the UK Government Green Financing Programme

🕔09:10, 8.Jul 2021

The UK government green financing programme ('the programme') is a green gilt (bond) issuance programme, alongside a world-first green retail savings bond via NS&I – the UK government’s retail savings arm. In addition to the core purpose of financing sustainable

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Duration Hideouts Offer Opportunities as Bond Sell‑Off Continues

Duration Hideouts Offer Opportunities as Bond Sell‑Off Continues

🕔14:14, 10.Jun 2021

Five key themes for an uncertain period in fixed income markets. What’s next for fixed income markets? A sharp rise in government bond yields since late 2020 has left many investors questioning how much further this trend has to run, if

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A Rate and Reflation Balancing Act

A Rate and Reflation Balancing Act

🕔09:26, 4.May 2021

Bond Compass: Good news was bad for bond investors in the first quarter, as improving growth prospects on the heels of accelerating vaccinations and fiscal stimulus pushed global yields higher. With administered doses nearing 700 million globally, the immunization process

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Podcast: Time for US bond investors to shift to greater flexibility

Podcast: Time for US bond investors to shift to greater flexibility

🕔13:56, 20.Apr 2021

Market weekly The outlook for US interest rates is shifting towards a normalisation of central bank policy now that the economic recovery appears to be entrenched. Ken O’Donnell, head of short duration fixed income, discusses how investors could tackle this

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Barometer: Laat de rally doorgaan

Barometer: Laat de rally doorgaan

🕔11:15, 12.Apr 2021

Barometer: Laat de rally doorgaan  April 2021 Ruime monetaire en fiscale stimulansen zouden de economie en de bedrijfswinsten een sterke duw in de rug moeten geven. Daarom blijven we de voorkeur geven aan cyclische aandelen. De wereldeconomie kent een sterke

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EM: deze keer is het anders

EM: deze keer is het anders

🕔15:47, 8.Apr 2021

Als we dieper ingaan op vastrentende waarden uit opkomende markten ontdekken we variatie in spreiding, zowel over landen als over kapitaalstructuur.

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UBP – Webinar – Hybrid Bond: Exposure to AT1 bonds

🕔09:00, 25.Mar 2021

Webinar – Hybrid Bond: Exposure to AT1 bonds Steeper yield curves are usually good for banks stocks. Investing in the banking sector is perhaps better done through Additional Tier 1 bonds (incl. Coco’s): in Europe, they offer better long-term historical

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Italy’s Day in the Sun

Italy’s Day in the Sun

🕔15:26, 24.Mar 2021

Italian bonds are in a sweet spot in the market at the moment, but what is contributing to their newfound appeal and will it last? We think there are a couple of reasons why Italian bonds are appealing, but the sparkle may tarnish in a few years’ time. 

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Inflated inflation fears

Inflated inflation fears

🕔13:14, 24.Mar 2021

For bond markets, this year has been all about rising inflation expectations and more recently real yields. This has pushed yields higher and dented total returns for areas of fixed income with higher levels of interest rate risk. The effect such moves have depends on the interest rate sensitivity (duration) of the …

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Back to work

Back to work

🕔14:48, 19.Mar 2021

As mentioned previously, this trend was borne out of rising inflation expectations and augmented by a nudge higher in real rates. If this latter rate is the key discount rate for risk markets such as equities, it helps explains why this market has been …

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How to tackle the positive growth outlook as a bond investor?

How to tackle the positive growth outlook as a bond investor?

🕔11:53, 17.Mar 2021

Bond investors face a tougher environment: (expected) growth is pushing interest rates up from record lows, foreshadowing the eventual end of the ‘lower-for-longer’ era. The answer? Adopt an active approach with neither a strategic exposure to interest rate risk, nor the constraints of a benchmark.

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Has the Fed Turned Hawkish by Allowing Bond Yields to Surge?

Has the Fed Turned Hawkish by Allowing Bond Yields to Surge?

🕔09:33, 17.Mar 2021

Has the Fed Turned Hawkish by Allowing Bond Yields to Surge? It seems happy to let financial market conditions tighten.  Surging yields on U.S. government debt are tightening financial market conditions, but the response to this from Federal Reserve Chairman

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Commodities and bond yields have risen sharply in February

Commodities and bond yields have risen sharply in February

🕔09:07, 9.Mar 2021

How would investors have positioned themselves if they had correctly foreseen the course of the Covid-19 pandemic twelve months ago? Global equities (MSCI AC World Index) had already fallen by 14% in February 2020. In March, they fell by …

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5 Reasons to Consider EM Local Bonds

5 Reasons to Consider EM Local Bonds

🕔09:28, 2.Mar 2021

With investors struggling to find much‑needed yield, we believe emerging market (EM) local bonds offer attractive opportunities. The yields on offer from a number of EM local bond markets are among the highest currently available in fixed income, while EM currencies are attractively valued and look set to benefit from the U.S. dollar cycle …

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Less interest, in negative interest rates.

Less interest, in negative interest rates.

🕔07:43, 15.Feb 2021

Less interest, in negative interest rates.  Markets at a glance – 8 February 2021  It was a game of two halves for macro markets last week. Italy won in the end, with the UK coming last. For Italian bonds, spreads

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The bond market sell-off: is this it?

The bond market sell-off: is this it?

🕔14:12, 12.Feb 2021

The bond market sell-off: is this it? Has the pandemic shifted the pendulum for rates for good? For the past four decades, interest rates have relentlessly headed lower. Will Covid-19 turn that trend on its head, as it has done

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Entering the World’s Second Largest Bond Market

Entering the World’s Second Largest Bond Market

🕔12:31, 12.Feb 2021

Entering the World’s Second Largest Bond Market China’s bond market reached $17 trillion in Q3-2020, making it the world’s second largest market after the US. The low market cap to GDP ratio compared with other markets suggests still significant growth

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‘Blue Wave’ and Crypto in our Best Read last week

‘Blue Wave’ and Crypto in our Best Read last week

🕔14:25, 11.Feb 2021

Columbia Threadneedle Investments provides readers with an in-depth discussion of fixed income assets. One important takeaway is the Biden presidency causing rising inflation expectations.

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Three Critical Questions Facing Fixed Income Investors in 2021

Three Critical Questions Facing Fixed Income Investors in 2021

🕔12:02, 10.Feb 2021

While a new year may be underway, at least one thing remains the same: low bond yields. We believe that the challenges and risks this environment presents may not be fully understood by investors. For that reason, we have identified three questions that we believe investors should consider: focusing on the diversification power …

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Preserving favorable financing conditions

Preserving favorable financing conditions

🕔10:51, 2.Feb 2021

Preserving favorable financing conditions Column by Hendrik Tuch The ECB meeting last week was supposed to be rather uneventful, with the key decision already made in the December meeting to increase its PEPP buying program with 500 billion and extend

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Creativity in a Low‑Yield Era

Creativity in a Low‑Yield Era

🕔13:31, 28.Jan 2021

Strengthening economic recovery in 2021 would carry risks for bond investors, warns Mark Vaselkiv, chief investment officer, Fixed Income. He says investors will need to be creative in seeking out fixed income sectors—such as floating rate bank loans and emerging market …

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EM local bonds shine in a low-yield world

EM local bonds shine in a low-yield world

🕔11:08, 26.Jan 2021

The stars are aligning for emerging market local debt. The asset class may have been in the doldrums since the global financial crisis, but it is now poised to outperform thanks to a raft of positive factors – from emerging markets’ solid economic fundamentals and undervalued …

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US bond yields buoyed by the ‘Blue Wave’

US bond yields buoyed by the ‘Blue Wave’

🕔21:05, 13.Jan 2021

US bond yields buoyed by the ‘Blue Wave’ In Credit  As the US Political landscape evolves (after Democratic Party victories in Georgia) and the risk of increased (bond-financed) government spending grows, US bond yields have also risen materially. This is

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Central Banks Are Not Out of Ammunition Yet

Central Banks Are Not Out of Ammunition Yet

🕔07:36, 4.Dec 2020

T. Rowe Price Insights from our Global Fixed Income Team How the prospect of further monetary easing could impact bond markets. Central banks are not done yet. With economic recoveries under threat, several developed market central banks, including the European

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UBP – Webinar – High Yield Valuation Educational Webinar

🕔09:00, 18.Nov 2020

Webinar – High Yield Valuation Educational Webinar 1 HY: fundamentals and valuations 2 Why GHYS is uniquely positioned for the future Programme 09.00 AM High Yield: Fundamentals and current valuations Bernard McGrath / Senior Fixed Income Specialist; UBP How expensive

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COVID-19 has transformed the US high yield opportunity set

COVID-19 has transformed the US high yield opportunity set

🕔07:46, 20.Oct 2020

Credit Outlook  Downgrades and defaults have had a major impact on the asset class Record volumes of credit downgrades and a sharp spike in defaults have reconfigured the US high yield bond market in the wake of the coronavirus. This

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Private real assets: improving portfolio diversification with uncorrelated market exposure

Private real assets: improving portfolio diversification with uncorrelated market exposure

🕔07:47, 2.Oct 2020

Since the global financial crisis, interest rates have been anchored at unprecedented lows. At the same time, stock and bond investments have produced positive returns along with bouts of significant volatility. This has left many investors questioning long-held return expectations

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Stocks, Bonds, Bills, and Inflation

Stocks, Bonds, Bills, and Inflation

🕔14:58, 25.Sep 2020

Interpretive Analysis and Insights   During the last quarter of 2018, major U.S. indices plunged approximately 20% from their peaks of end of late August/early October. In 2019, they recovered and reached new highs. The S&P 500 and Dow Jones Industrial

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Strategic credit: a nimble approach for an uncertain world

Strategic credit: a nimble approach for an uncertain world

🕔11:03, 24.Sep 2020

Active Credit Allocation in Portfolios Jon Mawby discusses the advantages of active credit allocation in portfolios now that government bonds no longer serve their traditional purpose. Governments have launched massive efforts to underpin their economies in the wake of the

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Grappling with the New Reality of Zero Bond Yields Virtually Everywhere

Grappling with the New Reality of Zero Bond Yields Virtually Everywhere

🕔15:02, 18.Sep 2020

It is now a reality that long-term bond yields are at or near zero in the US and virtually everywhere. There are so many implications of this that it takes some time to recognize and absorb them all and then

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Downgrades, defaults and dispersion: Covid and credit

Downgrades, defaults and dispersion: Covid and credit

🕔09:58, 1.Sep 2020

Markets reacted violently as global economies adopted shelter-in-place policies to combat the spread of Covid-19 earlier this year. Corporate bond credit spreads (or risk premiums), driven by heightened uncertainty and revenue pressure, widened dramatically to reflect the increased risk …

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Sovereign Contingent Bonds: How Emerging Countries Might Prepay for Debt Relief

Sovereign Contingent Bonds: How Emerging Countries Might Prepay for Debt Relief

🕔09:57, 25.Aug 2020

Emerging countries have been in the midst of a crisis that is not of their own making. A great majority of these countries are navigating the crisis fairly well. Others are struggling, and a few have defaulted on their external

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Credit enjoying the summer lull

Credit enjoying the summer lull

🕔11:18, 17.Aug 2020

In Credit  Core government bond yields were marginally higher with the rise in risk sentiment. Non-farm payroll in the US hit a three-month streak of positive gains, with jobs rising and unemployment falling more than expected (rate now 10.2% vs

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Replacing the protective role of bonds in client portfolios

Replacing the protective role of bonds in client portfolios

🕔14:44, 11.Aug 2020

Record-low government-bond yields, and the potential for much of the core developed market universe to enter negative yield territory, have led to legitimate questions around the long-term inclusion of bonds in client portfolios. While bonds have …

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