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Bonds

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31
Oct
2018
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13
Jul
2018
Fixed income
Bonds
Fixed income
13
Jul
2018
Research & Strategy - Presentation
Financial markets and the economy are intimately linked. The price of financial assets includes information on the...
Investment strategy
Financial markets and the economy are intimately linked. The price of financial assets includes information on the business cycle, the relative value of financial assets, and investors’ perception of economic indicators. Conversely, economic policy has an impact on growth, inflation, exchange rates… all key variables affecting the financial markets. The...
Research & Strategy - Presentation
03
Jun
2013
LATIN AMERICA: ENJOY THE COUPON
Latin American (Latam) markets gather all the necessary features for credit exposure to be carried forward. Latin...
Investment strategy
Latin American (Latam) markets gather all the necessary features for credit exposure to be carried forward. Latin American economic activity fell short of expectations in Q1, ours and most of the market’s. Growth in non-Brazil Latam cooled faster than expected, with Brazil’s forecast pickup too weak to offset the slowdown elsewhere. Mexico disappointed as...
LATIN AMERICA: ENJOY THE COUPON
03
Jun
2013
BOJ: TIMELY SUPPORT FOR EM LOCAL MARKETS
As QE in Japan weakens the attractiveness of JGBs, Japanese investors are likely to turn increasingly to EM local...
Bonds
As QE in Japan weakens the attractiveness of JGBs, Japanese investors are likely to turn increasingly to EM local currency sovereign bonds for higher yields and diversification. The Bank of Japan’s massive monetary easing will likely fuel a JGB supply-demand imbalance, driving Japanese investors into higher yielding assets. EM local currency bonds may prove...
BOJ: TIMELY SUPPORT FOR EM LOCAL MARKETS
03
Jun
2013
INVESTMENT GRADE REMAINS TOO EXPENSIVE
The Investment Grade (IG) corporate debt market gets more expensive again, due to inevitable and resilient inflows from...
Bonds
The Investment Grade (IG) corporate debt market gets more expensive again, due to inevitable and resilient inflows from the institutional investor base. Back in November 2012 and after record performance over last 12 months (from Dec. 2011: +12.3% in the US and +14.54% in the EZ), we were calling for a cautious approach going forward on Investment Grade...
INVESTMENT GRADE REMAINS TOO EXPENSIVE
03
Jun
2013
AUSTRALIAN CREDIT IS A SHELTER
Having reached new highs on main developed markets this year, investors should now consider diversification at least to...
Bonds
Having reached new highs on main developed markets this year, investors should now consider diversification at least to protect realized performance. In this context, we draw attention to the Australian credit market. It is always smart to have a defensive play, even if one’s general sentiment is bullish. Australia remains a member of an increasingly elitist...
AUSTRALIAN CREDIT IS A SHELTER
03
Jun
2013
THE REVIVAL OF THE BANK LOAN MARKET
As markets start wondering about the timing of QE tapering and simultaneously banks need to deleverage, we believe...
Bonds
As markets start wondering about the timing of QE tapering and simultaneously banks need to deleverage, we believe qualified investors should take a closer look at bank loans. It is fair to say that Central Bankers have been driving markets up so far this year with extended and massive QE policies.One of the consequences of QE is the artificially low rate...
THE REVIVAL OF THE BANK LOAN MARKET
03
Jun
2013
RESILIENT GROWTH STOCKS STILL BUBBLY
Growth resilient stocks continue to perform well although valuation is now stretched. While we are tempted to switch out...
Emerging markets
Growth resilient stocks continue to perform well although valuation is now stretched. While we are tempted to switch out of expensive defensive growth into cheap cyclical sectors, investors are still willing to pay more for high quality sustainable growth as the global economy is set to grow well below its potential. Since March 2009, the bottom of the...
RESILIENT GROWTH STOCKS STILL BUBBLY