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Fixed Income Strategy September 2021

Fixed Income Strategy September 2021

🕔10:46, 27.Sep 2021

Strategy Summary The FIXED INCOME MONTHLY provides a forward-looking summary of the medium-term views from the Fidelity Fixed Income team. Our investment approach is multi-strategy, with portfolio managers given clear accountability and fiduciary responsibility for all investment decisions in a

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ETFs in EM local debt: Do they work?

ETFs in EM local debt: Do they work?

🕔08:34, 6.Sep 2021

In recent years we’ve seen a surge of interest in exchange traded funds (ETFs) as a cost efficient and effective way to try and replicate market index performance. But are ETFs as effective as investors think? As part of our

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From growth euphoria to inflation blues

From growth euphoria to inflation blues

🕔16:01, 5.Aug 2021

Global Investment Views  The past weeks have confirmed that phase one of the ‘great recovery’ is now behind us. We have entered a new sequence: PMIs decelerating from their peaks and concerns about the spread of the Delta Covid19 variant

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Emerging Markets: Using illiquid credit to address long-term investment goals

Emerging Markets: Using illiquid credit to address long-term investment goals

🕔12:27, 30.Apr 2021

Despite having successfully navigated volatile markets and the uncertain economic outlook in 2020, long-term institutional investors continue to face significant challenges. Surveys show 66% of pension funds consider themselves to be cashflow negative and 53% of those that are cashflow

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Emerging Market Debt Looks Attractive Amid Recovery

Emerging Market Debt Looks Attractive Amid Recovery

🕔14:33, 22.Apr 2021

Interest rate volatility has been the main driver of performance in credit markets over the past couple of months. Heightened inflation expectations drove US Treasury rates sharply higher in March, with 10-year Treasuries reaching levels not seen since January 2020,

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Going beyond “active vs. passive” in EM debt

Going beyond “active vs. passive” in EM debt

🕔12:59, 31.Mar 2021

These are promising times for emerging markets (EM) debt, as we see a number of macro factors aligning in a broad tail wind for the sector. EM economic growth is leading the global recovery, yet EM is the only major sector with broadly attractive valuations. In developed markets, while rates have backed up from their extreme lows at the start of the year, monetary policies continue to anchor core …

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Emerging Market Debt The Search For Yield In High Beta Markets

Emerging Market Debt The Search For Yield In High Beta Markets

🕔16:51, 23.Mar 2021

According to the International Monetary Fund (IMF), Emerging Markets’ Gross domestic product (GDP) should reach 6% and 8.2% for China, on the back of vaccine deployments and accommodative central banks. Combined with attractive credit …

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Five reasons to be bullish on local-currency emerging-market debt

Five reasons to be bullish on local-currency emerging-market debt

🕔10:12, 23.Mar 2021

Emerging-market economies did not shut down to the degree that occurred in developed-market economies in the face of COVID-19 in 2020, and neither are they are shutting down as aggressively now. While significant growth downgrades for 2020 …

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ESG and EMD – taking the long view

ESG and EMD – taking the long view

🕔11:09, 15.Mar 2021

Governments everywhere are racing to lock in historically low borrowing costs by issuing ever longer dated debt – in recent years Mexico and Argentina even managed to sell century bonds. That presents several new challenges for fixed income investors. Particularly those who own …

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ESG en EMD – een langetermijnvisie

ESG en EMD – een langetermijnvisie

🕔10:16, 10.Mar 2021

Beleggers met allocaties naar obligaties uit opkomende markten moeten nu begrijpen wat de werkelijke impact is op opkomende economieën van langetermijnfactoren zoals de klimaatverandering en de ontwikkeling van menselijk kapitaal.

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When Emerging Market Debt Dances to the Inflation Tune

When Emerging Market Debt Dances to the Inflation Tune

🕔14:16, 3.Mar 2021

Rising oil prices are front and center of the markets’ narrative  at present. What this potentially means for emerging market (EM) countries and how it impacts inflation and—in particular—currencies were …

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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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More than zero: Using emerging markets bonds to optimise portfolios

More than zero: Using emerging markets bonds to optimise portfolios

🕔12:26, 22.Jan 2021

More than zero: Using emerging markets bonds to optimise portfolios There are a number of reasons many investors do not yet have emerging markets (EM) bonds in their portfolio, including awareness, understanding and difficulty of access. All of this means

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Seeking out good alpha opportunities in emerging market debt

Seeking out good alpha opportunities in emerging market debt

🕔08:23, 11.Jan 2021

There are reasons to expect a slower and less comprehensive vaccine roll-out among EMs than in richer countries, and the fiscal damage done to already-fragile sovereign balance sheets may increase vulnerabilities. But the steady recovery of the asset class since

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Seeking out good alpha opportunities in emerging market debt

Seeking out good alpha opportunities in emerging market debt

🕔09:43, 30.Dec 2020

The legacy of Covid-19 in emerging markets (EMs) may take some time to become clear. Having lagged advanced economies’ initial surge in cases in March and April, lower income countries experienced highly concerning case growth at the end of the

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#EmergingMarketDebt – Research Highlights

#EmergingMarketDebt – Research Highlights

🕔11:28, 28.Dec 2020

#EmergingMarketDebt In December of 2020, Capital Group published an outlook for emerging market debt. In this paper the global macro environment and the development of the pandemic are pointed to as the drivers for the returns of emerging market debt

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Emerging market debt outlook for 2021

Emerging market debt outlook for 2021

🕔11:26, 17.Dec 2020

Investment Insights  2020 was a volatile year for emerging markets (EM). EM debt faced underperformance during the first half of the year, a sharp retracement and outperformance relative to developed markets during the early summer, and subsequent bouts of intermittent

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Local-currency emerging-market debt outlook supported by macro backdrop

Local-currency emerging-market debt outlook supported by macro backdrop

🕔14:55, 14.Dec 2020

December 2020  Emerging-market debt (EMD) continued to benefit from a broad market rally in the third quarter of 2020, with local-currency sovereign EMD, hard-currency sovereign and corporate credit all posting positive returns. We hold a higher conviction for currencies, as

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Elections and a vaccine: Implications for fixed income investors

Elections and a vaccine: Implications for fixed income investors

🕔14:50, 11.Dec 2020

Investment Insights   The US election results and the announcement of a potential COVID-19 vaccine from Pfizer have been pivotal events in markets, initially providing a substantial boost to risk assets. Mixed economic data and a rapidly rising rate of coronavirus

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Emerging market debt in the new decade: an active approach

Emerging market debt in the new decade: an active approach

🕔08:13, 4.Dec 2020

Investment Insights  Emerging market debt (EMD) has already broadened and deepened significantly in the last few decades and as the asset class has developed, it has become more appealing to a broader investor base. Issuance has increased, thereby improving liquidity.

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Emerging Market Debt Rallies on a Wave of Liquidity

Emerging Market Debt Rallies on a Wave of Liquidity

🕔15:27, 18.Sep 2020

On the back of a second-quarter rally across emerging market debt (EMD), sovereign bond vulnerabilities still vary signifi cantly by region and country. Lower oil prices offer a boost to oil importers like the Dominican Republic, but if prices fall

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Conviction edges up for emerging-market credit

Conviction edges up for emerging-market credit

🕔09:30, 19.Aug 2020

Emerging-market (EM) debt rebounded strongly in the second quarter across hard currency sovereign and corporate credit as well as local-currency debt. We believe the market has entered a new phase following the broad-based recovery in the second quarter that will

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Conviction edges up for emerging-market credit

Conviction edges up for emerging-market credit

🕔12:55, 12.Aug 2020

Emerging-market (EM) debt rebounded strongly in the second quarter across hard currency sovereign and corporate credit as well as …

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The Prospects for the Emerging Markets—Looking Beyond the Storm1

The Prospects for the Emerging Markets—Looking Beyond the Storm1

🕔07:38, 22.Jul 2020

While the coronavirus has dealt a painful blow to many of the emerging-market economies, we see the challenges arising from this episode as only one of several sets of factors likely to determine EM vulnerability and performance over the medium

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Emerging Markets Debt Monitor Q2 2020

Emerging Markets Debt Monitor Q2 2020

🕔11:46, 21.Jul 2020

The second quarter represented a dramatic rebound for financial markets, including emerging markets, after the severe sell-off in March. While COVID-19 continues to pose a generational challenge to the world and the lives and livelihoods of some of the world’s

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Emerging market debt: three months into the crisis

Emerging market debt: three months into the crisis

🕔15:08, 1.Jul 2020

We still believe that there is good value across a range of emerging market (EM) debt assets – in absolute terms and relative to other fixed income asset classes Emerging market debt is unlikely to face a broad EM debt

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How will emerging market debt emerge from the crisis?

How will emerging market debt emerge from the crisis?

🕔14:15, 5.Jun 2020

Key takeaways The impact of the recent volatility has varied greatly within emerging markets, particularly between the investment grade and higher yielding parts of the asset class. This has been reflected in the differences in yields in local and hard

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Finisterre Capital – Webinar – Emerging Market Debt

🕔10:30, 4.Jun 2020

Webinar – Emerging Market Debt As uncertainty continues to cloud global markets, Finisterre Capital’s Damien Buchet, CIO Total Return Strategy, will share his outlook for emerging market debt and his expectations for the short and medium term. He will discuss

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Digging deeper into emerging market debt

Digging deeper into emerging market debt

🕔12:55, 20.May 2020

Investment Insights – Q&A In this Q&A, Capital Group fixed income investment director James Blair discusses the characteristics of emerging market debt, how investors could approach investing in the asset class and the US Federal Reserve (Fed)’s policy response to

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Capital Group – Webinar – How will emerging market debt emerge from this crisis?

🕔09:30, 14.May 2020

Webinar – Emerging market debt: How will emerging market debt emerge from this crisis? With COVID-19 impacting markets and economies globally, EM debt is set to be impacted from the increased volatility. Join us to hear from Kirstie Spence, fixed

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White Paper – EM Fixed Income – The Case for Frontier Debt_2020-04

White Paper – EM Fixed Income – The Case for Frontier Debt_2020-04

🕔13:36, 1.May 2020

Frontier debt markets: a growth story After significant growth over the last decade, we believe that it is time for global investors to start considering EM frontier debt as a stand-alone investment opportunity. All of the traditional arguments for allocating

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Eurizon AM – Webinar – Emerging Market Debt Local Currency: “the good, the bad and the ugly”

🕔10:30, 30.Apr 2020

Webinar – Emerging Market Debt Local Currency: “the good, the bad and the ugly” The safety flight into US dollars comes without surprise, especially with the verdict not being out about the economic and human impact of the COVID-19 virus.

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Prepare for ZIRP: What Letter Shape is Your Recovery?

Prepare for ZIRP: What Letter Shape is Your Recovery?

🕔09:08, 27.Apr 2020

While much uncertainty remains, one aspect of the COVID-19 market shock is clear: The Fed will not stand in the way of the economic recovery. By the end of March, the COVID-19 global pandemic had a deep and profound effect on virtually

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Downgrading EM local debt

Downgrading EM local debt

🕔13:14, 22.Apr 2020

 We downgrade emerging market (EM) local debt to neutral on currency concerns, but still like Asia ex-Japan equities and credit.  U.S. stocks extended gains, brushing off poor economic data including a collapse in retail sales and China’s GDP contraction. This

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Nordea AM – Webinar – Uncovering value in Emerging Market Debt

🕔16:30, 21.Apr 2020

Webinar – Uncovering value in Emerging Market Debt The dramatic global liquidity and confidence shocks related to the spread of COVID-19 and the decline in oil prices caused a fast and intense sell-off: a market combination impacting especially emerging markets’

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EM Fixed Income – The Case for Frontier Debt

EM Fixed Income – The Case for Frontier Debt

🕔16:44, 20.Apr 2020

Frontier debt markets: a growth story After significant growth over the last decade, we believe that it is time for global investors to start considering EM frontier debt as a stand-alone investment opportunity. All of the traditional arguments for allocating

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EM Debt Outlook Improves Following Extreme Volatility

EM Debt Outlook Improves Following Extreme Volatility

🕔15:43, 20.Apr 2020

Insights On Global Fixed Income Emerging markets (EM) debt is looking increasingly attractive following the sharp but brief sell-off so far this year. While we remain concerned about the coronavirus and its economic impact, the recent indiscriminate selling means valuations

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Emerging markets debt: Determinants of sovereign bond quality and returns

Emerging markets debt: Determinants of sovereign bond quality and returns

🕔14:37, 2.Apr 2020

Introduction The triumph of free markets following the collapse of command economies from 1989 to 1991 made clear which economic system produced superior socioeconomic outcomes – at least, so far as the outcomes could be observed anecdotally. By the 1990s,

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ECB commits to COVID19 support

ECB commits to COVID19 support

🕔16:18, 27.Mar 2020

Time for a rethink

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DPAM – Webinar – Global Fixed Income markets update

🕔11:00, 20.Mar 2020

Webinar – Global Fixed Income markets update The ECB surprised markets this morning by announcing an emergency EUR 750 billion lifeline to mitigate the COVID19’s economic repercussions and support the European economy. Though sizeable, investors are left to wonder whether

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Outlook for emerging-market debt remains bright after strong 2019

Outlook for emerging-market debt remains bright after strong 2019

🕔11:59, 16.Mar 2020

In this Q&A, Bradford Godfrey, CFA, Director of Alternative & Asset Allocation Strategies and Institutional Portfolio Manager at Eaton Vance, discusses the firm’s insights on recent developments in the emerging-market debt (EMD) universe.  How did EMD perform in the fourth

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Fixed Income Monthly

Fixed Income Monthly

🕔07:43, 16.Mar 2020

Monthly Review Sovereign bond yields reached record lows as the outbreak of the coronavirus in Europe initiated a large sell-off globally. 10-year US Treasury yields posted another big monthly decline and outperformed other markets, driven by safe haven demand. German Bund and UK

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reasury yields plunge as coronavirus fears intensify

reasury yields plunge as coronavirus fears intensify

🕔11:04, 6.Mar 2020

U.S. Treasury yields fell to record lows last week, led by shorter maturities. The yield curve steepened as a result. Plummeting yields supported positive total returns for all but the highest risk sectors. Markets now expect the Federal Reserve (Fed)

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Modestly constructive amid accommodative policies and signs of stabilisation

Modestly constructive amid accommodative policies and signs of stabilisation

🕔16:02, 28.Feb 2020

Quarterly macro and market insights Our macro outlook for 2020 is modestly constructive. Recent clarity around certain geopolitical risks has been helpful. Specifically, progress in the initial phase of a US-China trade deal and a decisive result in the December

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Rising risk aversion, falling bond yields

Rising risk aversion, falling bond yields

🕔15:01, 26.Feb 2020

In Credit –  24 FEBRUARY 2020 Macro / government bonds Core bond yields continue to drift lower in a ‘bull flattening’ amid fears about the spread of the COVIC-19 coronavirus outside of China and most recently in Italy and Korea.

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The Development of the Global Sukuk Market from an Indexing Perspective

The Development of the Global Sukuk Market from an Indexing Perspective

🕔13:35, 25.Feb 2020

The global sukuk market has enjoyed tremendous growth since 2013. As measured by the Dow Jones Sukuk Total Return Index and the S&P Global High Yield Sukuk Index, the U.S. dollar-denominated sukuk market experienced a compound annualized growth rate of

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20/20 vision: a clearer path for growth

20/20 vision: a clearer path for growth

🕔16:42, 24.Feb 2020

Diversification is our highest-conviction idea. Institutional investors need to broaden market exposure to more opportunities and risks to reach long-term objectives in today’s low-yield environment. In our view, diversification is about much more than simply having a combination of assets

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2020 – Will the economy survive the politics?

2020 – Will the economy survive the politics?

🕔10:59, 20.Feb 2020

In this issue New year, new decade, we’re off to the races. None of the doom-and-gloom predictions materialized in 2019. Trade tensions did not spiral into out-of-control trade wars, new tariffs did not have a major macroeconomic impact, the US

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Insurers 2020 vision

Insurers 2020 vision

🕔13:55, 17.Feb 2020

Keeping it simple in a complicated world Throughout 2019 we focused on the concept of “Braving the Elements — Surfing the Late Cycle.” We addressed this theme at our Global Investment Forums, held in major cities across the globe…

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Emerging Market Debt in Charts — 2020 Outlook

Emerging Market Debt in Charts — 2020 Outlook

🕔06:41, 12.Feb 2020

Low yield in developed market bonds remains a key issue for investors. In this environment, we see the potential for stronger relative returns in emerging market debt, particularly local currency bonds. Heading into 2020, a mix of supportive factors could drive this asset class.

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