UK

Con i rendimenti dei Gilt decennali che hanno recentemente toccato il livello più alto dalla crisi finanziaria globale e quelli dei Gilt trentennali il livello più alto in quasi 30 anni, vale la pena esaminare il contesto che ha reso il mercato così vulnerabile agli shock.

Il team di portfolio manager di TwentyFour Asset Management ha raccolto una selezione di grafici che illustrano i principali trend osservati nel 2025, ritenendo che tutti possano avere implicazioni significative per gli investitori nel 2026.

October brought the first serious bout of volatility in corporate bond markets for some time, with two high-profile US bankruptcies raising fears of a more systemic issue in credit.

France’s chronic government paralysis repeatedly created headlines this month, and fixed income markets are rightly worried about the sustainability of French government borrowing levels. Meanwhile, forecasts of a £50bn blackhole in the UK’s public finances are keeping gilt yields elevated and have made this November’s UK Budget a potential flashpoint.

With much fanfare, President Trump and Prime Minister Starmer announced a “historic” trade deal between the US and UK on Thursday. The main points for the UK are a reduction in auto tariffs from 27.5% to 10% for the first 100,000 cars that enter the US, and the removal of steel and aluminium tariffs.

Given modest interest rate cut projections, a stable if not stellar macro backdrop and better relative value than corporate credit, we think European ABS investors can expect another strong year of supply and returns in 2025.

In un contesto macroeconomico di tassi in calo e di solida crescita globale, Eoin Walsh di TwentyFour Asset Management ritiene che gli investitori obbligazionari possano aspettarsi rendimenti complessivi soddisfacenti nel 2025.

With elevated yields and inflation expected to come back to target, we think investors can target a level of real return that was extremely difficult to achieve in the previous cycle.

Watch our livestream where Andrew Jackson, Head Fixed Income and Eoin Walsh, Partner & Portfolio Manager TwentyFour Asset Management delve into the current bond market landscape.

Con le prime crepe che iniziano a comparire all’interno dell’economia statunitense, molti si chiedono se gli spread ridotti delle obbligazioni corporate rendano vulnerabili gli investitori. Eppure, con i bilanci aziendali ancora solidi e i rendimenti delle obbligazioni di qualità superiore che appaiono interessanti, rimanere investiti nel credito dovrebbe continuare a remunerarli.

It feels as though market news hasn’t taken a holiday so far this summer. From the US on Wednesday we got the minutes of the Federal Reserve’s (Fed) July 30-31 policy meeting, and revisions to a whole year of non-farm payrolls (NFP) data from the Bureau of Labour Statistics (BLS).

For any fixed income investors that follow the England football team, the plan for H2 2024 may feel somewhat familiar – no substitutions in the second half.