Multi-Sector Bonds

Dopo alcuni anni difficili, le obbligazioni sono tornate. E in grande stile! Il nostro team spiega i motivi per cui riteniamo che le obbligazioni dovrebbero diventare una delle proposte di rischio/rendimento più interessanti dell'anno.

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.

Dopo un 2022 orribile per i mercati finanziari, la view sulle prospettive macro per il 2023 era ottimistica, con una previsione – condivisa dalla maggior parte degli analisti – di sensibile miglioramento, sostenuta da tagli dei tassi favorevoli da parte delle banche centrali e rendimenti positivi generati sia dai titoli di Stato che dal credito.

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.

Dopo quello che non può che essere descritto come un anno alquanto catastrofico per il reddito fisso (il 2022), in cui la spirale inflazionistica ha portato a uno dei cicli di rialzo dei tassi più aggressivi di sempre, riteniamo che il mercato odierno delle obbligazioni sia decisamente più in salute.

This paper takes a deep dive into the flourishing ESG sector and examines the trends, challenges, and opportunities that have emerged in recent years, with a particular focus on data quality, the expansion of ESG labelled bonds, action from central banks and whether or not the green premium or ‘greenium’ makes sense for issuers.

Eoin Walsh shares his thoughts following last night's statement from the Federal Reserve, concluding that for now while treasury yields aren’t helping, credit looks attractive based on the rosy economic forecasts.

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.

In our MSB update, Charlene Malik, 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 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.

Following a busy quarter in bond markets, Portfolio Manager Charlene Malik reflects on macro events and discusses how our Multi-Sector Bond team have responded.