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Te duur wanbetalingsrisico biedt kansen voor obligaties uit opkomende landen

Te duur wanbetalingsrisico biedt kansen voor obligaties uit opkomende landen

🕔08:29, 22.Jun 2022

Obligaties uit opkomende markten werden getroffen door inflatie, renterisico's, een stijgende dollar en geopolitieke spanningen. Maar de bezorgdheid over wanbetaling is overdreven. Beleggers in obligaties uit opkomende markten hebben zelden te maken gehad met een meer complexe economische en geopolitieke

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High Yield: Harvesting Income

High Yield: Harvesting Income

🕔10:11, 21.Jun 2022

For most risk assets, total return is achieved predominantly via capital price return, but not in high yield. Over long-term periods, income tends to drive the bulk of the total return for high yield bonds. In fact, over 100% of

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Core Bond: No Time to Die

Core Bond: No Time to Die

🕔10:16, 10.May 2022

Following the bond market’s recent beating, term yields have already priced in aggressive Fed rate hikes, positioning core bonds to effectively diversify credit risk.

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De-risking: If Not Now, When?

De-risking: If Not Now, When?

🕔15:58, 3.May 2022

Strong funded ratios and higher interest rates are prompting many corporate pension plan sponsors to shift assets to LDI strategies. If you’re still waiting, consider a hedging portfolio built on public corporate credit, complemented with non-traditional hedging assets.

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A Time for Defensiveness

A Time for Defensiveness

🕔10:32, 2.May 2022

Credit markets came under pressure again in March, with most fixed income asset classes generating negative total returns, although excess returns were mostly positive. Treasury yields traded sharply higher, and the yield curve flattened, with two- and 10-year Treasury yields

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The U.S. loan market continued to recover ground

The U.S. loan market continued to recover ground

🕔14:12, 11.Apr 2022

Voya Leveraged Credit Group – Senior Loan Talking Points: The U.S. loan market continued to recover ground lost in February, as the S&P/LSTA Leveraged Loan Index (the “Index”) returned 0.54% for the seven-day period ended March 31. The Index saw

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What the Chinese Policy Pivot Means for Asia Credit

What the Chinese Policy Pivot Means for Asia Credit

🕔08:01, 6.Apr 2022

After a tough year for China’s property market, there have been recent signs that Beijing’s policy stance is now turning more supportive for the sector. Although a repeat of the massive stimulus of 2015/16 is unlikely, we now expect the

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Standing by our prudent strategy

Standing by our prudent strategy

🕔17:45, 30.Mar 2022

Uncertainty still surrounds the Ukraine war and its economic fallout The world's major economies went into the current crisis with fairly sound fundamentals, positive growth and low unemployment. Several were still enjoying the boost from withdrawing social distancing measures introduced

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Investor demand for loans kicked into a higher gear this week

Investor demand for loans kicked into a higher gear this week

🕔08:43, 29.Mar 2022

Voya Leveraged Credit Group – Senior Loan Talking Points: Following a period of weakness related to geopolitical tension and largely negative broad market sentiment, the U.S. loan market performed in strong fashion this week, as the S&P/LSTA Leveraged Loan Index

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Spreiding domineert: hoe obligatiebeleggers kunnen profiteren van de idiosyncrasieën van opkomende markten

Spreiding domineert: hoe obligatiebeleggers kunnen profiteren van de idiosyncrasieën van opkomende markten

🕔12:13, 18.Mar 2022

Omdat de landen die het universum van obligaties uit opkomende markten vormen zo sterk van elkaar verschillen, moeten beleggers een absolute-return benadering overwegen. Naarmate het economische klimaat in 2021 versomberde en er stormen dreigden voor 2022, maakten beleggers zich steeds

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Credit Suisse Global Investment Returns Yearbook 2022 Summary Edition

Credit Suisse Global Investment Returns Yearbook 2022 Summary Edition

🕔11:13, 8.Mar 2022

This Summary Edition contains three extracts from the full Credit Suisse Global Investment Returns Yearbook 2022. The first extract explains the Yearbook’s purpose. It describes the DMS Database, which lies at its core and covers all the main asset categories

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Surviving and Thriving As US Credit Markets Transition

Surviving and Thriving As US Credit Markets Transition

🕔16:30, 7.Mar 2022

I'm often asked to give my perspective on the current environment. Before I do, I'd like to take a step back. During most of my career, you could take credit or interest rate risk and do relatively well. This last

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Engelandvaarders, een uitstapje naar bedrijfsobligaties in Britse ponden voor extra rendement

Engelandvaarders, een uitstapje naar bedrijfsobligaties in Britse ponden voor extra rendement

🕔08:40, 23.Feb 2022

IN DEZE UPDATE Marktbeeld Spreads bedrijfsobligaties liepen met 11 basispunten op Inflatie mogelijk minder tijdelijk Black Friday: Omikron ECB: PEPP eindigt eind maart 2022 Outperformance van cyclische consumentenbedrijven, vastgoed negatieve uitzondering Semistaat en gedekte obligaties bewogen mee met swaps

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Surviving and Thriving As US Credit Markets Transition

Surviving and Thriving As US Credit Markets Transition

🕔16:05, 21.Feb 2022

I'm often asked to give my perspective on the current environment. Before I do, I'd like to take a step back. During most of my career, you could take credit or interest rate risk and do relatively well. This last

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ESG in de Praktijk Stéphane Rüegg over krediet

ESG in de Praktijk Stéphane Rüegg over krediet

🕔14:18, 7.Jan 2022

Kredietexpert Stéphane Rüegg bespreekt wat zijn klanten denken, de ontluikende groene obligatiemarkt en zijn zeer persoonlijke kijk op verantwoord beleggen. Waarom is duurzaam beleggen belangrijk voor u?  Ik werd me daarvan bewust op verschillende manieren. Eerst en vooral herinner ik

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A tough week for Turkey

A tough week for Turkey

🕔10:38, 5.Jan 2022

Macro / government bonds All three major central banks making decisions last week have demonstrated that they no longer regard the downside risks to economic activity over the coming months as outweighing the need to address inflation pressure.

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What went up…must come down (hopefully)!

What went up…must come down (hopefully)!

🕔11:48, 22.Dec 2021

I wonder if anyone at the start of the year would have predicted that US inflation would have risen to 6.8% y/y in November? If we had expected this, you would have thought that bond yields would have traded at

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Yields lower, curves flatter & stronger dollar.

Yields lower, curves flatter & stronger dollar.

🕔09:34, 14.Dec 2021

Core government bond yields were lower and yield curves flatter last week (see chart of the week). More hawkish rhetoric from the recently reappointed Chair of the US Federal Reserve has upset the short end of markets, forcing yields higher.

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How to dismantle a conglomerate.

How to dismantle a conglomerate.

🕔14:58, 10.Dec 2021

If you are looking for market volatility to spice up your week then core government bond markets would be a good place to start. After last weeks ‘communication breakdown’ between central banks and investors, and more dovish policy response, that

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Swapshop.

Swapshop.

🕔10:22, 1.Dec 2021

Core government bond markets were a little calmer last week with yields a shade lower. This week should be relatively quiet as the US celebrates Thanksgiving on Thursday. We also expect the US President to announce if Jay Powell will

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The next phase for private credit markets

The next phase for private credit markets

🕔11:49, 25.Nov 2021

The changing landscape The resilience and adaptability of the asset class during the ongoing COVID-19 pandemic has helped to cement private credit’s permanence in the minds of strategic asset allocators, with private markets proving their value to investors in balancing

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Playing second fiddle

Playing second fiddle

🕔09:50, 25.Nov 2021

US FIXED INCOME 2022 OUTLOOK That’s how the 2022 economic forecasts feel when compared to 2021. For ’22, we see real growth running about 4%, or two times trend. That’s typically great performance, but when you’re coming off a phenomenal

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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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Finding opportunities in stressed and distressed credit throughout the cycle

Finding opportunities in stressed and distressed credit throughout the cycle

🕔10:32, 10.Nov 2021

With debt default rates at exceptionally low levels on both sides of the Atlantic, investors might be forgiven for thinking that the market for distressed credit would be very subdued. But there are strategies that can find and take advantage

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The winner takes it all.

The winner takes it all.

🕔10:42, 9.Nov 2021

US equities printed a new high as we end October while bonds remain mired in volatility with yields near their highs for the last 12 months – see chart of the week. Meanwhile, risk markets in fixed income are locked

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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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Fixed Income Monthly – October 2021

Fixed Income Monthly – October 2021

🕔08:30, 3.Nov 2021

Fixed income funds invest in bonds whose price is influenced by movements in interest rates, changes in the credit rating of bond issuers, and other factors such as inflation and market dynamics. In general, as interest rates rise the price

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A farewell to negative yields?

A farewell to negative yields?

🕔11:30, 8.Oct 2021

In Credit: US bond yields have stabilsed this quarter after the material sell-off in the first quarter. It has been a different story for yields in Europe, however, which have trended higher. This reflects a heavy supply schedule and speculation

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Regulatory Actions in China: Short-Term Pain, Long-Term Gain

Regulatory Actions in China: Short-Term Pain, Long-Term Gain

🕔16:20, 7.Oct 2021

China’s regulatory actions, driven by Beijing’s financial, security, and social objectives, have injected volatility into the credit market over the past year. Key themes such as the mantra of housing for living in, not speculation; reducing the education cost burden

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Jolly green giant Gilt.

Jolly green giant Gilt.

🕔11:05, 5.Oct 2021

The ‘excitement’ of an FOMC meeting, shenanigans at Evergrande, revised forecasts from the OECD and the German general election led to a rise in yields last week (see chart of the week). The US Federal Reserve presented a more hawkish

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Supply constraints add to inflation angst

Supply constraints add to inflation angst

🕔20:03, 29.Sep 2021

Theme of the month: EU Fit for 55 In July, the EU announced “Fit for 55” – a suite of measures to deliver a 55% reduction in GHG emissions by 2030 from 1990 levels. It included an enhancement of the

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When a taper is not a taper.

When a taper is not a taper.

🕔12:58, 21.Sep 2021

Core government bond markets ended the week with a better tone, even as the European Central Bank announced its intentions to modestly reduce asset purchases, and as the ECB increased forecasts for economic growth and for inflation. The ECB notched

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Falling into Fall.

Falling into Fall.

🕔16:01, 14.Sep 2021

Government bond yields generally moved higher last week; the spectre of a withdrawal of ultraeasy policy conditions remains front and centre of attention. Indeed, we will hear more on this subject perhaps this week from Europe when the European Central

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Really low real yields.

Really low real yields.

🕔14:52, 9.Sep 2021

In Credit  AUGUST 2021 As we start a new month, we can reflect on another better week and month for core government bonds. US yields fell by around 25bps in July. The fall was led by declining real yields, which

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Dimly aware of a certain unease in the air

Dimly aware of a certain unease in the air

🕔15:20, 30.Aug 2021

We borrowed a line from a Pink Floyd song for this week’s title, which seemed to sum up the mood in markets last week. The rise in cases of the delta variant of Covid brings fears of a pause in

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Blending Quant and Fundamental Portfolio Construction Inputs

Blending Quant and Fundamental Portfolio Construction Inputs

🕔14:05, 30.Aug 2021

Because our multi‑sector strategies have the flexibility to invest across many fixed income sectors, we use a range of quantitative and fundamental inputs to inform our sector allocations. The sector strategy advisory group (SSAG) model is one of these tools.

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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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The arrival of long expected inflation.

The arrival of long expected inflation.

🕔13:02, 20.Aug 2021

In Credit: Inflation had long been expected to rise – and rise it has! Data released from the US and UK last week showed a jump in prices that exceeded (increased) expectations by some margin. Starting in the US, Consumer

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Searching for direction.

Searching for direction.

🕔11:45, 17.Aug 2021

In Credit: Government bonds seem to be struggling for direction amid a summer lull and after a period of strong performance. US 10-year yields have fallen from around 1.75% at the end of March 2021 to around 1.29% at the

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MAC en Absolute Return Fixed Income: beter samen?

MAC en Absolute Return Fixed Income: beter samen?

🕔11:38, 20.Jul 2021

Multi Asset Credit (MAC) en Absolute Return Fixed Income-strategieën concurreren al lang om de aandacht van beleggers. Maar is het zinvol de ene optie te kiezen boven de andere? Wanneer de rentevoeten zeer laag of zelfs negatief zijn, zijn positieve

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Mid-Cycle Investing: Time to Get Selective

Mid-Cycle Investing: Time to Get Selective

🕔09:21, 20.Jul 2021

SUMMARY The global economy is in a mid-cycle expansion, following peaks in policy support and growth, and what is likely a transitory spike in inflation. We expect global growth to moderate to a still abovetrend pace in 2022. Growth-oriented assets, such as equities

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‘It’s inflation Jim, but not as we know it’.

‘It’s inflation Jim, but not as we know it’.

🕔17:01, 21.Jun 2021

Quarter one of this year was a miserable experience for the bond market. There was just too much ‘good news’ flowing around the system to contain bond yields. The Biden fiscal push, the successful rollout of Covid-19 vaccines and, of

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Steady as she goes…

Steady as she goes…

🕔11:54, 14.Jun 2021

In credit: We saw some key economic data last week, in what felt like a seasonal lull for a number of European countries given the late May bank holiday and a week of school holidays. In the UK, sterling hit

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Breaking Bad.

Breaking Bad.

🕔08:28, 28.May 2021

In Credit: The key theme this year for markets has been the trend higher in inflation expectations and the question of whether the US economy is overheating. This has prompted a rise in government bond yields, with German and UK

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‘Brass in pocket’

‘Brass in pocket’

🕔12:58, 19.May 2021

In Credit: The upward trend of rising inflation expectations continues and is now at 2.5% at the 10-year point of the curve and 2.8% for two years. The US non-farm payroll / employment sector report released last Friday revealed that

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All standstill.

All standstill.

🕔08:35, 30.Apr 2021

In Credit: Government bond yields were little moved last week. The benchmark US 10-year note ended the week with a yield of 1.58%, barely moved from a week earlier. Inflation expectations, which have risen materially in the last year and

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Great Expectations.

Great Expectations.

🕔11:21, 27.Apr 2021

In Credit  Inflation arrived in the US last week. There was also a bumper crop of strong economic data releases. This had been largely expected and remarkably yields fell to the lowest level in a month with the US 10-year

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Calm after a storm.

Calm after a storm.

🕔15:28, 16.Apr 2021

There has been a degree more stability or calm in core government markets over the last couple of weeks. This comes after a very difficult start to the year, especially in the US.

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Diversifying Credit Portfolios With Multi-Factor Strategies

Diversifying Credit Portfolios With Multi-Factor Strategies

🕔15:15, 9.Apr 2021

The past decade has seen the use of multi-factor investing in corporate bonds increase significantly. Easier access to corporate bond data along and a growing body of research has enabled managers to develop robust factor-based …

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It’s my party and I’ll wait until I want to..

It’s my party and I’ll wait until I want to..

🕔11:45, 31.Mar 2021

Core government bond yields were lower and curves were flatter after a volatile week which, at one point, saw US and Europe diverge with US treasuries bear steepening while European government bonds experienced a bull flattening on Wednesday. Markets were caught between inflation concerns …

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