Obbligazioni corporate

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.

Discover how developed and emerging market corporate bonds may offer stability, diversification, and alpha opportunities. With yields at multi-year highs and improving fundamentals, our experts believe now is the time to unlock the hidden potential of corporate bonds in your portfolio.

2025 Q4’s mantra is 'Bringing It Home,' reflecting strong global corporate bond performance driven by carry and duration. Looking ahead to 2026, alpha generation may become paramount as markets shift focus from beta.

The corporate bond market remains strong, supported by robust new issuance and investor flows. With spreads near historic lows for euro corporate bonds, alpha generation requires selective positioning. We see the best opportunities in the belly of the curve and continue to favor corporate hybrids.

Which factors will shape global credit markets this summer? Our latest outlook explores 10 key topics — from recession risks and central bank shifts to credit metrics, issuance trends, and valuation dynamics — providing institutional investors with an analysis of where challenges and opportunities may emerge in the global corporate bond market.

Rimaniamo cautamente ottimisti sui rendimenti obbligazionari. Rischi di coda elevati compromettono la fiducia nella propensione al rischio. Tuttavia, opportunità di alfa attendono ancora gli investitori attivi e consapevoli dei rischi. Chi cerca di prevedere il prossimo macro-cambiamento potrebbe sentir riecheggiare le parole di Luke Skywalker: «Questa vostra fiducia è la vostra debolezza».

Global corporate bonds in 2025: Resilient fundamentals and robust demand meet evolving sectoral opportunities, while yield advantages endure amid macro uncertainties and shifting policies. Success in this dynamic market demands a sharp, active investment strategy to unlock value and navigate emerging trends.

Watch our video as we explore the key themes of the new Global Credit Outlook and share our latest market insights. We highlight the four main drivers of global credit: Macroeconomics, Microeconomics, Technical Factors, and Valuation.

There is little disagreement among investors and economists that the last few years have been highly unusual in many respects. An inflationary shock in developed markets, one of the fastest rate hiking cycles on record, the worst year in decades for government bonds (2022), and mild recessions with no movement in unemployment are just a few of the dynamics that have strayed from recent norms.

Consensus expectations are that we could be nearing the end of the rate-hiking cycle. What does this mean for fixed income investors and Global Investment Grade in particular, and how do these typically change at the inflection of rate cycles?

I titoli di Stato a breve scadenza sono stati oggetto di particolare attenzione quest’anno, ma cosa potrebbe aiutare gli investitori obbligazionari nello sprint finale verso la conclusione del 2023? Il team Corporate Bond della Boutique Fixed Income ci fornisce cinque motivi per cui passare ai fondi obbligazionari investment grade a gestione attiva potrebbe offrire una marcia in più.

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.