Renta fija

Fixed income markets are pricing more than the path of interest rates: they are weighing growth, inflation, and governments’ capacity to manage rising debt. From US and Brazilian election uncertainty to Treasury supply and French bond market volatility, investors may want to consider balancing duration and credit risk while discerning headlines from fundamental change.

Are current rate levels justified by fundamentals and what are the implications for fixed income markets? In our view, higher rates are being driven by resilient nominal growth, fiscal pressures, and an energy shock, rather than a broad reacceleration in inflation.

Emerging market bonds have remained generally resilient despite a sustained oil shock, elevated geopolitical uncertainty, and tighter global financial conditions. Stronger policy frameworks, improved external balances, and healthier macroeconomic fundamentals have helped support performance this year.

In this webinar our experts discussed about the latest developments in the US yield curve and examined Brazil’s elections to assess the implications for fixed income investors.

Developed market fixed income continues to present what we believe are diverse opportunities across sectors. AI-related issuance is reshaping investment-grade credit markets, high-yield investors are navigating a rate-driven repricing with growing dispersion, and Swiss bonds remain a defensive anchor where stability and quality may prove more valuable than headline yield.

Los fundamentales económicos han mostrado resiliencia pese a los titulares negativos que han lastrado la rentabilidad total de la renta fija. El mercado sigue ofreciendo oportunidades atractivas a los inversores, con unas yields más altas respaldadas por el crecimiento y la solidez de los mercados laborales.

Creemos que el resultado de las elecciones de octubre en Brasil probablemente contribuirá a impulsar la evolución de los activos brasileños de cara al cierre del año, al condicionar las expectativas del mercado sobre la política fiscal, la estabilidad institucional y las perspectivas de crecimiento e inflación a medio plazo.

Con la tasa de los bonos del Tesoro estadounidense a dos años en torno al 4,7%, creemos que las yields del extremo corto de la curva ofrecen una atractiva cobertura potencial tanto frente a los catalizadores de un menor crecimiento como frente a unos precios del petróleo más bajos.

Felipe Villarroel delivered the keynote address at TwentyFour Asset Management’s Annual Fixed Income Conference in London on 17 September 2026.

We are exploring new territory: the new Fed chair in the US and the implication on rates or the wave of new issues of hyperscalers and AI related debt financing. Meanwhile, corporate credit fundamentals are in good shape with a positive rating trend.

La liquidez es un factor clave en la renta fija: determina si los activos pueden comprarse o venderse con rapidez, en un volumen suficiente y con un impacto mínimo en los precios. Para los inversores, puede aportar información sobre las decisiones de los gestores de carteras en cuanto a la selección de activos, el tamaño de las posiciones, la capacidad de atender los reembolsos y el momento de poner el capita a trabajar.

Hyperscaler bond issuance has surged in 2026, with volumes already far exceeding previous years. Alphabet, Amazon, Meta, Microsoft, Oracle and SpaceX have issued over $180bn of USD-denominated bonds so far this year.