Illiquidity premia in private debt

In our Q1 2026 deep dive, our research team crunched the data to explore how evolving macro conditions are reflected in private debt returns.

Japan’s bond markets enter 2026 transformed and recent structural shifts have changed the behaviour of the country’s powerful life insurers.

Today’s private market investments will shape 2050 cities. We explore what this could look like, and the related challenges and opportunities.

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

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.

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.

While opportunities in European high yield real estate debt remain, growing competition underscores the need for deep market expertise, a robust underwriting framework, and disciplined deal selection to identify and capture resilient value.

In the third part of our liquidity optimisation series, we look at how bespoke liquidity portfolios that take into account the interplay between different assets can suit the needs of insurers.

Do energy-efficient buildings have more pricing power, and what could that mean for those investing in the built environment? We bring together the views of leading capital markets researchers, a valuer and an asset manager for the second part of our deep dive into green premia, analysing the investment implications.

Do greener buildings have more pricing power, and if so, how much? We bring together the views of leading capital markets researchers, a valuer and an asset manager for a two-part deep dive on the latest market dynamics.

With Indian debt set to be included in major international benchmarks this year, emerging-market sovereign debt analyst Nafez Zouk travelled to the country to assess its prospects.

The Financial Conduct Authority has proposed material changes to money market funds. We look into the implications for investors.