Obligations

2022 a été une année orageuse pour les obligations. En ce début d’année 2023, notre équipe de la Fixed Income Boutique tâche d’évaluer si, dans le contexte de vents contraires persistants qui soufflent sur l’économie mondiale, les obligations connaîtront un atterrissage en douceur ou cahoteux.

High yield markets entered the year at an attractive entry point and investors can enjoy the power of high carry with still solid credit fundamentals. Turning the page on a challenging 2022, the Global High Yield Bond team is hopeful 2023 will be a fortunate year for many things, especially income.

As China readies for the Year of the Rabbit, there are several causes for celebration, says Fixed Income Boutique Credit Analyst Cosmo Zhang. Economic recovery could come earlier and stronger than expected in the first quarter of 2023, as mobility and supply chains return to normal despite a Covid surge.

TwentyFour AM portfolio manager Jack Daley discusses Q4 performance for Investment Grade markets and provides his outlook for 2023.

TwentyFour Partner and Portfolio Manager, Douglas Charleston, describes the developments of the ABS market in Q4 2022.

A member of our Multi-Sector Bond team discusses recent market developments in Q4 2022 and provides his outlook for the year ahead.

While European ABS was not immune to negative returns amid the considerable fixed income headwinds of 2022, it gave investors largely what they look to this allocation for – lower volatility and better performance than mainstream bonds. In our view, the forward-looking opportunity looks equally compelling.

Traditional investment strategies unraveled in 2022 amid geopolitical and energy crises. As 2023 gets under way, these negative trends have started reversing, giving our Corporate Credit team comfort about the prospects for the European investment grade credit market in the months ahead.

Welcome to 2023! At the start of the new year, bonfire rituals across the globe celebrate the time for renewal. Our Global Corporate Bond team have evaluated perspectives for the market by asking themselves the ten most burning questions for the year ahead – and finding the answers.

Est-ce le moment d'investir dans les obligations des marchés émergents ? À l'aube de 2023, il existe de solides arguments en faveur de cette classe d'actifs. Nous pensons également que les préoccupations en matière de risque demeurent gérables. Rester sur la touche était peut-être la meilleure stratégie à adopter en 2022, mais peut-être pas cette année.

The Politburo, the top decision-making body of the Chinese Communist Party, announced last week a document focusing on the country’s economic growth in 2023. Meanwhile, the Chinese government also started to exit its zero-Covid-policy, much sooner than anticipated. These intentions signal an earlier-than-expected recovery of the Chinese economy.

Dans les perspectives annuelles sur les obligations de TwentyFour Asset Management, Eoin Walsh indique que dans le contexte actuel de taux offrant des rendements et une atténuation de la baisse et de rendements de crédit approchant des records enregistrés au cours des dix dernières années, les investisseurs obligataires pourraient bénéficier de solides rendements en 2023.