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Tag "Fixed Income"

Obligatiebeleggers moeten inzicht hebben in de volatiliteitscyclus

Obligatiebeleggers moeten inzicht hebben in de volatiliteitscyclus

🕔10:24, 24.Jun 2022

De vastrentende markten zijn steeds volatieler geworden, een trend die zich waarschijnlijk zal voortzetten. Beleggers moeten zich aanpassen. De recente stijging van de obligatierendementen heeft beleggers in vastrentende waarden doen opschrikken. Eén benchmarkindex voor obligaties tekende, ten opzichte van de

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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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Tech sell-off and bond temptation

Tech sell-off and bond temptation

🕔15:32, 14.Jun 2022

CROSS ASSET Investment Strategy – June 2022: The repricing of a more aggressive Fed stance has been brutal as the 10Y UST yield temporarily reached the 3% threshold, falling close to 2.75% recently on economic growth concerns. We think investors

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Alpha Research – Seminar – Dedicated diversification within Fixed Income

🕔14:00, 8.Jun 2022

Op woensdag 8 juni om 14.00 uur organiseert Alpha Research samen met Muzinich & Co, SEB Investment Management, UBP Asset Management en Leadenhall Capital Partners het seminar ‘Dedicated diversification within Fixed Income’ in Rosarium te Amsterdam. Obligatieportefeuille De obligatieportefeuille verdient

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Benefitting from the forthcoming ECB interest rate rises

Benefitting from the forthcoming ECB interest rate rises

🕔15:18, 2.Jun 2022

Following yesterday’s stronger than anticipated Eurozone inflation print, coupled with recent comments from various ECB members including President Lagarde, Vice-President de Guindos and Chief Economist Lane, the European Central Bank are expected to increase interest rates in July, the first

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Navigating the foggy road to normal

Navigating the foggy road to normal

🕔14:10, 2.Jun 2022

Global growth is likely to slow alongside increasing geopolitical risk and uncertainty, tighter monetary policy, and a slowing Chinese economy. There is also a greater risk that inflation will remain higher for longer, given supply chain ….

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Bond Investing in Inflationary Times

Bond Investing in Inflationary Times

🕔10:30, 2.Jun 2022

As the chief research officer of Buckingham Strategic Partners, the issue I am being asked to address most often is about fixed income strategies when yields are at historically low levels and inflation risk is heightened due to the unprecedented

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Alternative Fixed Income and ESG integration

Alternative Fixed Income and ESG integration

🕔12:35, 30.May 2022

In this first podcast series on Alternative Fixed Income and ESG we take a look at ESG integration in Alternative Fixed Income: more specifically in Dutch mortgages, Asset Backed Securities and the Government Related Investment Fund. Why invest in Alternative

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Quarterly macro and market insights

Quarterly macro and market insights

🕔14:12, 27.May 2022

Moderating global growth as policymakers grapple with persistent inflation Global economic growth looks likely to continue in 2022, albeit at a more modest pace. The COVID-19 pandemic does, however, add uncertainty to the outlook, as evidenced by the recent emergence

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Bonds that build back better

Bonds that build back better

🕔15:59, 25.May 2022

With environmental, social and governance (ESG) issues dominating the international policy agenda – and as investor demand for new ESG financial products and services continues to grow – global debt markets, and by extension fixed income portfolios, are about to

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Opportunities in alternative fixed income

Opportunities in alternative fixed income

🕔10:20, 25.May 2022

The alternative fixed income asset class is highly diverse, embracing private debt, consumer loans, mortgage investments, insured loans, loans to small and medium-sized enterprises (SMEs), infrastructure debt and asset-backed securities (ABS). These assets can offer enhanced yields compared to government

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Bond Investing in Inflationary Times

Bond Investing in Inflationary Times

🕔17:51, 24.May 2022

As the chief research officer of Buckingham Strategic Partners, the issue I am being asked to address most often is about fixed income strategies when yields are at historically low levels and inflation risk is heightened due to the unprecedented

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Fixed Income outlook – To neutral and beyond

Fixed Income outlook – To neutral and beyond

🕔21:53, 19.May 2022

The first quarter of 2022 was tumultuous for the global economy and financial markets. The conflict between Russia and Ukraine spawned a rally in US Treasuries, but the disruption to metals, agricultural and energy commodity markets only spurred inflation further.

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Fixed Income Perspectives

Fixed Income Perspectives

🕔14:28, 18.May 2022

Is This What “Unprecedented and Extraordinary” Actually Feels Like? Unprecedented and extraordinary. For more than a decade, this was the description for actions taken by the Federal Reserve to keep the economy—and by extension, risk assets—on track. If you wanted

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Talking Points

Talking Points

🕔10:52, 18.May 2022

Loan prices sharply retreated this week due to spiking volatility across global financial markets, as the S&P/LSTA Leveraged Loan Index (the “Index’) experienced some of the worst daily marks since March 2020. Overall, the Index lost 2.05% for the sevenday

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Senior Loan Talking Points

Senior Loan Talking Points

🕔16:55, 12.May 2022

In an eventful week in which the Fed raised interest rates by 50 bps, the loan market was not immune to the continued selling pressure and negative sentiment that has plagued performance in other assets for virtually the entirety of

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Investing in fixed income during a hiking cycle

Investing in fixed income during a hiking cycle

🕔12:24, 12.May 2022

It’s a common preconception that rising interest rates are bad for bonds. While rate hikes are undoubtedly a headwind for fixed income assets, investors tend to overestimate the impact of rising rates and can overlook the benefits of holding bonds

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Investor Guide: Building Resilient Portfolios in an Inflationary Environment

Investor Guide: Building Resilient Portfolios in an Inflationary Environment

🕔08:58, 12.May 2022

Inflationary pressures will likely peak but not disappear Inflation, once thought transitory, now appears more durable. Supply-demand imbalances, while an expected aspect of the economic cycle, have been exacerbated by the unprecedented nature of pandemic shutdowns. The workforce remains constrained

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The causes and course of inflation

The causes and course of inflation

🕔15:49, 10.May 2022

Recent conversations with investors reveal a lot of confusion about what causes inflation and what the future path will be. We take a look at various explanations including a Malthusian view of longterm drivers, shorter-term views of more proximate drivers

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ECB strikes a somewhat dovish tone, despite inflation remaining top priority

ECB strikes a somewhat dovish tone, despite inflation remaining top priority

🕔12:27, 10.May 2022

April meeting: No further acceleration of stimulus withdrawal was hinted at by the ECB in April. It confirmed both the previous guidance on QE (likely to end in Q3) and the policy sequence, with interest rates to rise at “some

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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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EMEA-Listed ETF Flash Flows – as of 29 April 2022

EMEA-Listed ETF Flash Flows – as of 29 April 2022

🕔15:59, 9.May 2022

ETFs saw relatively muted net inflows of $471mn last week. Fixed Income posted the strongest net inflows of $858mn while Money Market took …

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Forget what you’ve done for the last decade

Forget what you’ve done for the last decade

🕔14:37, 4.May 2022

What does this mean for our portfolios? Firstly, let’s take the situation in Ukraine following Russia’s invasion. Above all there is the human perspective, which is tragic and horrifying. But our clients also need us to examine it from an

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How to address the challenges of sovereign sustainability

How to address the challenges of sovereign sustainability

🕔12:29, 4.May 2022

What does sustainability mean to you? We recognise that this can be an emotive topic and it is difficult to consolidate disparate sustainability concepts into one investable package. What we can do however is be clear in our objectives, encourage

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The Yield Curve Briefly Inverted, Now What?

The Yield Curve Briefly Inverted, Now What?

🕔09:08, 4.May 2022

The lead time of curve inversion to recession can be more than two years, so it’s not the best timing tool. However, what we do know with more certainty is the signaling that the economy is now firmly in the

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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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Fixed Income Monthly – April 2022

Fixed Income Monthly – April 2022

🕔12:58, 3.May 2022

The quarter that just ended was dramatic in many respects. The Russian invasion of Ukraine caused a humanitarian crisis that will have long-lasting consequences, and one that has significantly reshaped the geopolitical landscape. The events that have unfolded also sent

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Spectrum Q1 2022

Spectrum Q1 2022

🕔14:23, 2.May 2022

Slower growth rates, tighter labour markets, higher inflation and normalising monetary policies provides the classic backdrop to a great rotation from growth to value stocks, as well as a change in fixed income strategy. But, as we discuss in this

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The Reckoning

The Reckoning

🕔13:10, 2.May 2022

Inflation and Russia’s invasion of Ukraine dominate media headlines and the economic and financial environment. US inflation has accelerated further to an average of nearly 7% year-over-year (Y/Y) in the six months through February, from close to 6% over the

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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 Cross-Section of Municipal Bond Returns

The Cross-Section of Municipal Bond Returns

🕔22:07, 28.Apr 2022

This paper studies the cross-section of expected municipal bond returns. We show that municipal bond yields contain reliable information about differences in expected municipal bond returns across states of issuance, duration range, and credit quality. Hence, using information embedded in

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EMEA-Listed ETF Flash Flows – as of 15 April 2022

EMEA-Listed ETF Flash Flows – as of 15 April 2022

🕔14:28, 27.Apr 2022

– ETFs posted net inflows of $1.9bn last week. Equity attracted $1.1bn while Commodity saw $516mn of net inflows. – Fixed Income took in $408mn while Money Market weathered net outflows of $135mn.

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Swap spreads on the move

Swap spreads on the move

🕔10:33, 15.Apr 2022

Swap spreads, the difference between the yield on daily collateralized swaps and benchmark sovereign debt, are observed for many reasons: amongst others as an economic risk indicator; a measure of investor preferences over time; and an important consideration in setting

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Capital Group – Webinar – Russia-Ukraine conflict: Investing amid exacerbating inflationary pressures

🕔09:30, 14.Apr 2022

Inflation is running at a 40-year high in the United States and accelerating around the globe, against a backdrop of disruption to the global economy caused by the Russian invasion of Ukraine. The Fed’s recent rate rise of 25 basis

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Winds of war blow on economic outlook

Winds of war blow on economic outlook

🕔08:27, 11.Apr 2022

Ukraine: where do we stand? The first month of the Russia-Ukraine war has driven volatility up across the board, though with some recent signs of stabilisation in equity markets. Europe is the area most exposed to the war – in

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Global Fixed Income Update March 2022

Global Fixed Income Update March 2022

🕔08:40, 8.Apr 2022

Contents:  Macroeconomic outlook pre-Russia/Ukraine conflict Impact of Russia/Ukraine Valuations Investment conclusions Appendix

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Beleggen in staatsobligaties: een klimaatgerichte aanpak

Beleggen in staatsobligaties: een klimaatgerichte aanpak

🕔17:53, 30.Mar 2022

Wat verantwoorde beleggingsstrategieën betreft, worden staatsobligaties tot nu toe grotendeels over het hoofd gezien. Dat moet volgens Pictet Asset Management anders. Verantwoord beleggen heeft de aandelenmarkten stormenderhand veroverd. Hoewel de penetratie in de vastrentende markten trager verliep, trekt ze ook

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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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A historically challenging market regime

A historically challenging market regime

🕔15:35, 30.Mar 2022

Global outlook – Q2 2022 update Both stocks and bonds are down year-to-date as policy confusion and Russia’s invasion roil markets. We still see stocks up and bonds down for a second straight year – a first since data started

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Less growth, more inflation

Less growth, more inflation

🕔14:50, 28.Mar 2022

Small global role, but large in key areas Russia and Ukraine have big roles in key areas. such as major European countries and some emerging market economies like China. The U.S. is better positioned as a major producer of energy and

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Portfolio INSIGHTS Global Asset Allocation Views 2Q 2022

Portfolio INSIGHTS Global Asset Allocation Views 2Q 2022

🕔14:40, 28.Mar 2022

Global Asset Allocation Views In brief Tighter monetary policy, the war in Ukraine, and lingering inflation combine to put the brakes on global growth. We do not expect a global recession in 2022 but see European growth slowing to near

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Time is of the essence

Time is of the essence

🕔14:30, 28.Mar 2022

A slowdown in global growth coupled with uncomfortably high inflation The war in Ukraine has added new uncertainties for investors. The most immediate economic impact is an upward revision in inflation forecasts for this year to 5.0% and a downward

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Hawkish Fed Begins New Era of Monetary Tightening

Hawkish Fed Begins New Era of Monetary Tightening

🕔10:15, 24.Mar 2022

Through the melee of mounting inflation, flaring geopolitical risks and subsequently volatile capital markets, the U.S. Federal Reserve met market expectations and increased the target federal funds rate by 25 basis points (bps) while also validating market assumptions for how

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Kansen vinden in nieuwe gebieden

Kansen vinden in nieuwe gebieden

🕔13:27, 23.Mar 2022

Frontier markten bieden zeer aantrekkelijke kansen voor goed voorbereide beleggers in zowel aandelen als obligaties. Nu de opkomende markten (EM) steeds meer bekend terrein worden voor beleggers, is een avontuurlijke minderheid op zoek naar nog minder ontwikkelde markten buiten de

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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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What Could Go Wrong? The Case for Governance

What Could Go Wrong? The Case for Governance

🕔12:27, 17.Mar 2022

Environmental, social and governance (ESG) factors are all important to the sustainability of an investment. Governance may be listed last, but it should never be an afterthought for fixed-income investors. After all, by studying an organization’s governance—the practices and processes

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A Stagflationary Shock

A Stagflationary Shock

🕔08:34, 17.Mar 2022

The geopolitical crisis in Ukraine creates a stagflationary shock for global economies. Rising commodity prices have the potential to add momentum to already runaway inflation. Higher goods and services costs may hurt consumer confidence and create a drag on economic

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The Road to March

The Road to March

🕔14:57, 14.Mar 2022

Fixed Income Perspectives Less than two months into the new year, global central bank policy has turned more hawkish. The Bank of England hiked rates 25 basis points (bps) in early February, while the European Central Bank announced it would

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Barometer: When conflicts erupt, calm reflection trumps evasive action

Barometer: When conflicts erupt, calm reflection trumps evasive action

🕔12:13, 11.Mar 2022

Russia's invasion of Ukraine has caused severe market ructions. But the economic fallout from the crisis appears manageable. Just as the Covid crisis has begun to fade, a conflict in Ukraine is erupting. The question investors now face is the

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