High yield bonds

Significant shifts in the defined benefit (DB) pension schemes landscape mean that as schemes mature, trustees and sponsors now face a broader spectrum of strategic choices. We explain why the choice between buyout and run-on is no longer binary.

Market and economic trends are challenging the idea that emerging market (EM) bonds should trade at a discount to developed economy debt.

This month’s Bond Voyage looks at the Bulk Purchase Annuity (BPA) market in the UK – the quiet market making loud moves.

In this month’s Bond Voyage, we introduce SHIELD – the downside protection framework used by our fixed income division. SHIELD is designed to ensure our portfolios remain resilient in challenging market conditions while maintaining capital efficiency.

Asset-based finance is capturing the attention of institutional investors – from pension schemes to insurers – thanks to its diverse risk-return drivers and its growing role as a strategic building block in investors’ portfolios.

Vital industries for UK growth like steel or cement are also energy intensive, and their decarbonisation is essential. We convened a roundtable of experts to discuss barriers and solutions to unlocking low-carbon investment opportunities.

In this month’s Bond Voyage, our Solutions team investigates the reasons behind the widening gilt-swap spread and its implications for government bond investors, in particular for insurance companies.

In this month’s Bond Voyage, our solutions team explores the implications of a “higher for longer” US interest rate environment and what it could mean for investment grade (IG) investors.

In this month’s Bond Voyage, our emerging market (EM) debt team explains why, after a few false dawns, the stars seem to have aligned for EM local currency debt to outperform other global fixed income assets.

As many central banks begin cutting interest rates, short-term bond strategies can offer a complement to cash holdings. Alastair Sewell explains.

In June, our credit teams look under the bonnet of the European industry’s growth engine.

Nana Antwi provides an overview of money-market funds (MMFs) and their importance in cash management for corporate treasurers and many other investor types.

Emerging-market debt has proved a rare bright spot so far this year as investors struggle to assess the impact of US political upheaval. In this article, Carmen Altenkirch and Nafez Zouk advance reasons why the market is well placed to weather ongoing market turbulence.

Investor engagement with governments on their climate commitments can be a powerful complement to other forms of stewardship. It can also help investors identify opportunities and mitigate risks, says Thomas Dillon.

Investors should consider EMD hard currency for a long-term strategic allocation within fixed-income portfolios to boost portfolio returns, rather than just a short-term tactical play. 

In May, our EMD team discusses the most effective way to manage fixed income through episodes of heightened uncertainty.