EM Fixed Income
Our views for the coming months After a strong start of the year, with EM sovereign bonds up 7.6%, EM corporate bonds up 6.8% and EM local bonds up 3.0% in USD terms, we expect carry to be the primary
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Tag "emerging market debt"
Emerging Market Debt Update
Investors turn to social media for tariff-truce updates ahead of a presidential in-person meeting at the G20 in June. Financial market participants spent much of the week monitoring the Twitter account of the US President in an attempt to decipher
EM Local Currency Debt: No Pain, No Gain
Strategy Espresso Regular readers of the Espresso will know that we have been positive on emerging market (EM) local currency debt for some time. Despite escalating trade tensions weighing on market sentiment, we believe this hurdle will be passed, and
Trade tariff troubles …
Macro/government bonds It has been a busy couple of weeks in terms of economic data releases, though core government bond markets have not moved appreciably on this type of news. Rising trade tension rhetoric between the US and China, as
Emerging Debt – Alpha and Beta Opportunities in the Current Environment
Emerging Debt – Alpha and Beta Opportunities in the Current Environment Carl Ross, Emerging Market Debt When: Thursday May 16th | 12pm Welcome | 12.30pm Presentation & Lunch Where: Board Room, Gustav Mahlerplein 109-115, 26th floor, Amsterdam
Analysing Manager Style in EM Local Currency Debt
Executive Summary In our previous paper, “Inside the Engine Room of Emerging Markets Local Currency Debt”, we discussed the differences in behaviour between the three components of return—coupon, price appreciation and currency—and implications for active management. In this paper, we
Emerging market debt strategy
From crisis to Goldilocks We enter the second quarter with a constructive view on emerging markets debt (EMD). In our view, the combination of a dovish Federal Reserve (Fed)*, Chinese stimulus and a stable servicing backdrop should lead to a
Macro and Rates Overview
Fixed Income Monthly Government bonds fell in February, defying disappointing economic data. Yields tracked modestly higher, although failed to keep pace with the recovery in equities and risk sentiment. Led by UK Gilts, most developed markets saw yields rise over
Emerging Market Debt Update
Growth Fears Temper the Rally The rally in emerging market (EM) assets paused this week as disappointing European data and mounting evidence of a slowdown in global capital expenditures stoked investors’ fears around the resiliency of the current expansion. Oil
Exploring the opportunity in EMD
BII Global weekly commentary Emerging market debt (EMD) has rallied sharply this year, bouncing back from a tough 2018. Is now a good time to add exposure? We would be buyers on any material sell-offs, as we see fundamentals remaining
Emerging Market Debt Update
‘Patient’ – Emerging Markets Update ‘Patient’ – defined as being able to accept or tolerate delays. It is also the most important word investors heard from central banks all week as the US Federal Reserve (Fed) pronounced that “muted inflation
Window of Opportunity
Emerging Market Debt Update Risk assets continued their early year bounce as dovish Federal Reserve (Fed) speak and cheaper valuations have proven to be just the tonic investors needed to reinvigorate their spirits following 12 jading months. It seems progress
Powell put(s) EM on Firmer Footing
Portfolio Manager Perspectives BlueBay Emerging Market Debt Update Those who were diligent enough to be at their desks last week probably felt like 2018 never ended as they endured another rollercoaster ride, with S&P futures experiencing a 6% peak-to-trough move.
Still Climbing the Wall of Worry
Emerging Market Debt Update Emerging markets (EM) came under pressure this week as Brexit negotiations and the Italian budget took centre stage. The Federal Reserve (Fed) kept rates on hold but reiterated its plans for further gradual increases, all but
A class apart: emerging Asia’s fixed income market
Fixed Income Monthly Why investors seeking a stable and attractive source of return within a diversified bond portfolio should head to emerging Asia.
Animal Spirits
Emerging Markets Update There was no respite for global equity markets this week as volatility continued to spike and any signs of weaker US earnings sent share prices sharply lower. In Europe, a series of underwhelming data prints, combined with
Waiting for ‘Bolso’
Emerging Markets Debt Update Global equities suffered last week as the release of minutes from the 25–26 September Federal Reserve (Fed) policy meeting were deemed marginally hawkish, leading to a sharp reversal higher in rates on the evening of the
Credit, what else?
We remain constructive on corporate credit and see selective opportunities in emerging-market bonds. A lot has happened since this time last year. Overall, we have underestimated U.S. growth momentum so far this year. At least temporarily, tax cuts and spending
Emerging Risks? Be Aware (Not Beware)
Fixed Income Perspectives Investors continue to face a market fraught with uncertainty. As far as catalysts go, the usual suspects remain. Trade war concerns, the potential for a yield curve inversion and emerging market volatility continue to grab headlines. Against
Do valuations offer an entry point to emerging markets debt?
Key Points The recent sell-off in emerging markets (EM) debt has potentially resulted in an attractive entry point as it currently offers investors one of the highest-yielding opportunities within fixed income. Valuations in key EM are currently cheap to both
Positioning on the Right Side
Investment Grade Debt Update The volatility in EM, Italy and Brexit are all likely to contribute to volatility in the coming months, selecting your hedges prudently and positioning on the on the right side of these events will be crucial.
Crap-onomics
EM continues to be in the driving seat with respect to broader market direction, with investor positioning in the spotlight. With financial markets in mid-summer mode, photographs from Venezuela this week served as a stark reminder of what can happen
Emerging Market Debt Update
No release Emerging market (EM) assets remained under pressure this week as Turkey refused to release Pastor Brunson amid the ongoing spat with the US. Italy also emerged as a source of concern for investors, with the Genoa motorway tragedy
Emerging Markets – data expected for manufacturing PMIs for August
Week ahead Next week (September 3), data about manufacturing PMIs for August for important emerging market countries will be published. In recent months, some emerging markets have fallen out of favor with the financial markets for various reasons. On the
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Asset Allocation Consensus June
Asset Allocation Consensus Equities June 2019 on Youtube: https://t.co/WD3mMy1JgI
