Obbligazionario

Bank bonds have been amongst the best performing asset classes in fixed income over the last few months, doing their bit in proving their strength.

Luc D’hooge e Wouter Van Overfelt analizzano l’andamento del Vontobel Fund – Emerging Markets Debt e del Vontobel Fund – Emerging Markets Corporate Bond e illustrano le loro previsioni sul secondo semestre 2023.

What level of risk are investors willing to take? As central bank rates hike and a soft landing narrative makes its way into analysts’ forecasts, Eoin Walsh takes a look at what affects this has on investment risk and reinvestment risk.

Jack Daley takes a look into the economic events that have influenced the investment grade markets in Q2. He then goes on to explain why he believes investment grade fixed income offers the most attractive risk-adjusted returns currently available.

Douglas Charleston believes European ABS has once again provided a rare bright spot for fixed income. He explains how, from Q1 to Q2, focuses have shifted, and delves into different macro-economic variables affecting the ABS market.

In our MSB update, a member of the Multi-Sector Bond team reflects on the banking turmoil that occurred in Q2, as well as happenings around the US debt ceiling and global inflation. She then goes on to discuss the ways the MSB team have responded to Q2 events.

What sort of landing will the global economy experience? With the recent release of the US CPI report, inflation has been on a downward trend and the resilient activity data has continued to surprise many. This report has acted as a trigger of sorts for increasing calls for a soft landing.

Dopo un decennio tumultuoso, gli astri potrebbero tornare a favorire le obbligazioni in valuta locale dei mercati emergenti. Secondo Carl Vermassen, Portfolio Manager, ci sono buone ragioni per credere che la sovraperformance di quest’anno non sia stata solo un colpo di fortuna.

Le delusioni del mercato obbligazionario del 2022 sembrano ormai un lontano ricordo e gli investitori ci dicono di essere tornati rialzisti sul reddito fisso.

Cosa dovrebbero aspettarsi gli investitori dalla riunione della Fed di questa settimana? Secondo Mondher Bettaieb-Loriot, il nostro Head of Corporate Credit, i funzionari dell’istituto premeranno verosimilmente il tasto pausa data la prosecuzione del trend discendente di inflazione e crescita. Dall’altra parte dell’Atlantico, tuttavia, la Banca centrale europea potrebbe non essere ancora pronta a tirare il freno.

What can we expect from central banks this week? Felipe Villarroel looks at how recent CPI prints in the Eurozone and in the United States are expected to influence upcoming central bank monetary policy decisions.

What have we learnt from the ECB’s Consumer Expectations Survey? Felipe Villarroel discusses how latest changes in the consumer’s expectations of the economy reflect that the ECB’s monetary policy is actually working.