Market GPS
Investment Outlook 2021
What should be on the radar for investors in 2021? Market GPS helps direction-set with a video summary, in-depth asset class analysis and our latest portfolio manager views.
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European loans: as varied as Bertie Bott’s every flavour beans
Elissa Johnson and Tim Elliot, secured loans specialists within the Secured Credit Team, highlight how European loans can provide the opportunity to invest in an asset class offering a wide range of risk adjusted returns.
ESG in credit investing: themes, considerations and implementation
Adrienn Sarandi explains the Global Corporate Credit Team’s views on evolving ESG trends, how ESG analysis is best integrated into credit investment processes and key questions currently being asked by investors.
Euro investment grade: where less is more in 2021
Tim Winstone, corporate credit portfolio manager, sees reduced bond issuance, ongoing policy support and a recovering economy helping to underpin euro investment grade bonds in 2021.
Hard not to feel constructive on credit markets in 2021
Colin Fleury, Head of Secured Credit London, says a relatively constructive view for credit markets may seem strange, but there are reasons he believes stress in the markets will be manageable.
High yield bonds: the grind tighter in 2021
Tom Ross, corporate credit portfolio manager, discusses the high yield bond outlook where an improving economy should help tighten credit spreads but may spark concerns about monetary tightening.
Low rates versus US election: what matters for fixed income?
Jim Cielinski, Global Head of Fixed Income, believes central bank policy is likely to be the dominant influence on fixed income markets, regardless of who wins the US election.
Conditions in the high yield market
Tom Ross, corporate credit manager, discusses conditions in the high yield market, including the default outlook, the importance of monetary and fiscal stimulus and whether high yield can tolerate inflation.
Will the hump in defaults be a hill or a mountain?
Seth Meyer, Corporate Credit Portfolio Manager, and Esther Watt, Client Portfolio Manager, explore the default outlook for high yield bonds and the risks and opportunities this presents.
Strategic Fixed Income: the predictable Japanification of US corporates
Jenna Barnard, Co-Head of Strategic Fixed Income, discusses how the suppression of volatility in interest rates by major central banks has spread the Japanification phenomenon to the US.
Secured loans update: all loans are not equal
Elissa Johnson, Portfolio Manager and secured loans specialist within the Secured Credit Team, provides a brief analysis of the current state of US and European loan markets, finding that they signal different outlooks.
Fed watch: stealth yield curve control?
Head of Global Bonds Nick Maroutsos describes the Fed decision in July to hold rates steady as a non-event given that the central bank, through its actions, has already proven its willingness to do whatever it takes to support the US economy during this unprecedented period.
Securitisation transactions in the Covid-19 crisis – an ABS view (part II)
Colin Fleury, Head of Secured Credit, London, and Denis Struc and Ian Bettney, portfolio managers within the Secured Credit Team, discuss the merits of an allocation to asset‑backed securities (ABS) within diverse multi‑sector credit portfolios.