Point de marché

Douglas Charleston, Partner & Portfolio Management, concludes the first quarter in 2024 for the Asset-Backed Securities team, noting that while major economies remain resilient, the rates markets have undergone significant shifts, with central banks reassessing their rate cut expectations.

With its most recent escalation, the Israel-Hamas conflict now threatens to spread and become a broader conflict in the region.

Les titres hybrides d’entreprises sont des obligations émises par des sociétés, qui possèdent des caractéristiques à la fois de l’endettement et des actions

Quel sera l’environnement de crédit en 2024? Et quels sont les fondamentaux pour les obligations d’entreprises des marchés émergents cette année? Wouter Van Overfelt et Mondher Bettaieb-Loriot abordent des sujets d’actualité en matière de titres obligataires sur les marchés émergents et développés, respectivement.

Aza Teeuwen reflects on a busy quarter for the Asset-Backed Securities team, highlighting the primary deals and trading that occurred all the way through the quarter until the end of December, the performance of ABS for the quarter, and his confidence that ABS is in a good position to carry its strong momentum into 2024.

Dillon Lancaster provides an update on the recent events which occurred during Q4 2023, highlighting the volatility in the treasury market which dominated the beginning of the fourth quarter, and the turnaround in November, which saw US inflation fall below expectations and labour data weaken.

After a tumultuous year for fixed income, government bond markets were finally delivering a story of falling inflation in Q4 2023. In our Investment Grade quarterly update, Gordon Shannon reflects on Q4, and in particular the month of December which proved to be one of the strongest months of the year, as hopes of multiple rate cuts in 2024 were accelerated.

January is on track to be a standout month for EM debt issuance. Our Fixed Income boutique’s Sergey Goncharov reviews which sovereigns and corporates are issuing EM debt and takes the pulse of the current environment that they’re operating in.

Douglas Charleston, believes 2024 will continue to provide the carry that has been so welcome, but see market growth and diversity continuing to make European ABS increasingly scalable. 

Monetary policy has done a good job: inflation is down. But even if central banks just keep rates stable for now, the truth is that the pressure is on as the effects of monetary policy continue to unfold. The main question now is if we will return to the ambitious inflation target of 2% or if central banks will tolerate for inflation to fluctuate between 3% and 4%. Meanwhile, we may be in for a year-end rally as markets pre-celebrate victory over inflation.

Alors que les obligations reprennent du poil de la bête, les investisseurs se sont retrouvés avec un solde de trésorerie de 30% à 50%. Cette opération de préservation du capital s’est avérée tout à fait logique. Mais l’est-elle encore à l’heure où les taux d’intérêt atteignent des sommets ?

Charlene Malik reflects on a tricky quarter for markets, highlighting the behaviour of the US Federal Reserve, the ECB and the Bank of England. Charlene then discusses the ways in which the MSB team have responded to these Q3 events.