Renta fija

As we head into the summer, credit markets are navigating an increasingly complex landscape. Inflation pressures are building up - particularly in Europe - while central banks are diverging in their policy responses, with most preparing for tighter monetary policy. Meanwhile, recent market volatility has created dispersion across sectors and rating categories, opening doors for active managers.

With the Middle East conflict clouding the outlook for inflation and interest rates, TwentyFour Asset Management’s Doug Charleston explains why asset-backed securities (ABS) could be a valuable diversifier for fixed income investors looking to deal with further volatility.

Since their introduction in 2013, AT1 bonds have acted as a valuable kicker for many fixed income funds, having consistently delivered excess return over more mainstream credit markets such as high yield bonds over the medium term.

With tensions in the Strait of Hormuz increasing over the weekend and markets getting used to oil prices well in excess of $100 per barrel, this seems an opportune moment to zoom out and look at the state of play in fixed income markets, considering the unsettling reality of a longer-than-expected conflict in the Middle East.

Los mercados emergentes acaban de capear dos grandes crisis mundiales y han salido airosos. Creemos que esto no es casualidad. Muchos inversores se perdieron el repunte posterior al Día de la Liberación al permanecer anclados en un marco que quizá ya no describe el universo de los mercados emergentes. Ese mismo error de posicionamiento corre el riesgo de agravar hoy la posible subexposición de las carteras.

Las fuertes oscilaciones en los mercados de bonos públicos y corporativos desde el inicio del conflicto en Oriente Medio plantean cuestiones interesantes para los inversores en renta fija.