Obligations

Plusieurs tendances observées sur le marché des obligations d’entreprises en francs suisses ont, selon nous, rendu cette classe d’actifs digne de l’attention des investisseurs en quête de revenus stables à un risque relativement faible. Nous examinons de plus près pourquoi nous jugeons cette classe d’actifs attrayante aujourd’hui et expliquons pourquoi nous pensons qu’il est crucial pour les investisseurs de gérer activement leurs portefeuilles.

The US Treasury Department surprised markets yesterday afternoon by announcing an increase in its buyback operations, which will “at least double” to $4bn, from 9 September to 4 November.

La stratégie Multi-Asset Credit de TwentyFour repose sur une approche en trois piliers axée sur le revenu, la valeur relative et un alpha différencié. Nos gérants de portefeuille actifs peuvent ainsi recourir à une allocation dynamique afin de générer de solides performances ajustées du risque sur les marchés mondiaux du crédit.

Credit assets generally performed well in the first of half of 2026, despite periodic volatility driven by the Iran war and concerns about AI disruption and private credit.

TwentyFour Asset Management’s Elena Rinaldi reflects on a quarter in which Asset-Backed Securities (ABS) and Collateralised Loan Obligation (CLOs) markets demonstrated resilience despite heightened geopolitical and market volatility.

TwentyFour Asset Management’s Diva Bashay reflects on a quarter which tested market sentiment through geopolitical tensions, shifting interest rate expectations and UK political developments.

TwentyFour Asset Management’s Gordon Shannon reflects on a quarter shaped by geopolitical tensions, government bond volatility and shifting central bank expectations.

Le risque principal d'un portefeuille obligataire est le risque de crédit – le risque qu'un émetteur obligataire n'honore pas ses obligations de paiement (ou « défaut ») sur sa dette. Les notations de crédit constituent un indicateur de la solvabilité et peuvent également servir d'outil aux investisseurs pour évaluer le risque, les variations de prix et comparer les émetteurs.

The reopening of the Strait of Hormuz has reduced inflation concerns. While tight credit spreads limit upside, fundamentals and technicals remain supportive of fixed income markets. We are modestly constructive but cautious, particularly on private credit, where complacency around liquidity risks appears underappreciated.

The closure of the Strait of Hormuz reignited inflation concerns and prompted major central banks into a more hawkish stance. While inflation has risen, we believe the shock is temporary, making further ECB and Fed tightening unlikely. An additional hike from the BoJ is likely, in our view, but it risks moving too slowly.

EM fixed income stayed resilient through the war-induced shock. As oil prices fell, inflation remained contained. Capital inflows resumed after a brief interruption and sovereign rating upgrades continued. We believe the asset class is supported by elevated global risk appetite, attractive local-currency yields, and diversification away from US assets.

The investment grade market faces an AI-driven supply surge as hyperscalers reshape credit dynamics. In high yield, surface stability masks elevated issuer dispersion and structural divergence, while CHF markets remain supported by benign inflation, strong demand, and favorable seasonal dynamics.