Obbligazionario

I mercati emergenti hanno appena superato due grandi shock globali — e ne sono usciti vincitori. A nostro avviso, non si tratta di un caso. Molti investitori hanno mancato il rimbalzo post-Liberation Day rimanendo ancorati a un paradigma che potrebbe non descrivere più adeguatamente l'universo dei mercati emergenti. La stessa errata valutazione rischia di aggravare ulteriormente la potenziale sottoesposizione del portafoglio oggi.

Le brusche oscillazioni nei mercati dei titoli di Stato e delle obbligazioni corporate dallo scoppio del conflitto in Medio Oriente pongono questioni di rilievo per gli investitori nel reddito fisso.

TwentyFour Asset Management’s Jack Daley reflects on a strong start to 2026 for investment grade credit, before geopolitical escalation in the Middle East drove increased volatility later in the quarter and shaped market conditions.

TwentyFour Asset Management’s Felicity Juckes discusses how geopolitics, inflation and shifting risk sentiment shaped fixed income markets in the first quarter of 2026, and why the focus has remained on high‑quality credit.

TwentyFour Asset Management's Aza Teeuwen reflects on a volatile start to 2026, and explains why European ABS continues to provide relative stability over the quarter, particularly in investment grade.

Quest'anno si sono moltiplicate le notizie negative sul private credit: il sell-off di asset software e la «sospensione dei rimborsi» di numerosi fondi retail hanno aumentato progressivamente la pressione sul settore.

We believe EM fixed income is better positioned today than four years ago, despite uncertainty around the duration of the war and the disruption of oil supply. If de-escalation materializes in the short term, EM bonds may rebound amid a resumption of pre-war trends, including diversification away from US-centric portfolios.

In investment grade, several hyperscalers raised capex projections, driving record-breaking bond issuance. AI-related investments are heightening correlation risks and reshaping index compositions. In high yield, AI disruption creates risks and opportunities, particularly in software. The AI-capex trend has impacted the Swiss bond market, where new issuance remained elevated.

In the US and Japan, monetary policy is expected to support fiscal policy, even when central banks have other plans. Federal Reserve “Fed” Chair nominee Kevin Warsh's reform plans conflict with US President Donald Trump's preference for low rates, and the Bank of Japan's efforts to normalize policy clash with Prime Minister Sanae Takaichi's economic agenda.

Vontobel’s experts discuss how geopolitics, inflation and credit are shaping the outlook for fixed income, exploring the impact of the Middle East crisis, diverging paths between the U.S. and Europe, and where value opportunities may emerge across credit markets.

With no end in sight to the US-Israeli war with Iran, and tensions escalating once again over the weekend, investors are bracing for more volatility. Inflation fears have ramped up significantly, reflected clearly in government bond markets where rising yields show rate cuts being priced out and rate hikes increasingly being priced in.

Come investitori obbligazionari, ci concentriamo sulle ripercussioni dello shock sulle variabili chiave per le obbligazioni: inflazione, crescita e risposta delle banche centrali.