Michael McGill

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.

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.

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.

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

This month, our fixed income teams discuss the boom in hybrid issuance and weigh up the risks and opportunities of potential tariffs, interest rate moves and fiscal dynamics.

As we negotiate an uncertain landscape, our fixed income teams reflect on potential sources of resilience.

With a new US president poised to take office, central banks diverging and ongoing political uncertainty, how are the key fixed income asset classes positioned for the year ahead?

This month, we explore how US Treasuries are taking a breath, why 2025 could be the year of carry for high yield, what increasing dispersion means for emerging markets, and how surging M&A activity could affect investment-grade bonds.

This month, our fixed-income investment teams discuss US elections, IMF meetings, US versus European high yield, managing declining rates for cash, and what the future might hold in store for gilts.

In our October edition of Bond Voyage, our fixed-income teams reflect on US elections, US rates, France’s slide towards the periphery of EU issuers, and ESG considerations in Asia.

This month, we discuss fiscal discipline in emerging markets, investment-grade credit portfolio construction, potential opportunities for sovereign investors in Canada and the merits of a developed-market focus in global high yield.

This month, we discuss Spring Meetings and the path for rates.

In the April edition of our monthly series, we explore the latest developments in fixed-income markets.

In the latest instalment of our monthly series, our investment-grade, high-yield, emerging-market and global sovereign bond teams explore the key talking points in fixed income.