Working closely with our strategists and economists, our specialist macro team invest across a range of developed market government bonds. Our institutional heritage makes us well placed to meet a wide variety of complex and bespoke client needs, such as hedging and liability-matching.
Fixed income views
What does the data say? Are we close to 1970’s-style stagflation?
29 Jul 2022
In this month’s instalment of our visual series on topical themes, we look at whether the global economy is heading towards stagflation.
The AIQ Podcast: Taking stock of nature risk
15 Jul 2022
The idea that human actions are bringing natural systems close to breakdown, threatening livelihoods and financial stability, is making asset managers think harder about nature risk and the environmental dependencies in investee companies.
EMD: On the bread line
6 Jul 2022
Russia’s war in Ukraine has contributed to soaring food prices, supercharging global inflation. Poorer countries will likely be hardest hit, adding to the risk of social unrest. With public finances and incomes already under strain, emerging-market debt investors should be on high alert.
Conflict, commodities and China: The outlook for EMD
13 May 2022
Aaron Grehan and Nafez Zouk from our emerging market debt team explain how the asset class is standing up to some significant headwinds.
Game over for Zambia? A test case for debt restructuring
12 Apr 2022
The economic fallout from the pandemic has left several poorer nations struggling to repay debt. China, the biggest single creditor to many, could carry considerable clout in negotiations. Zambia will prove an early test case, argues Carmen Altenkirch.
What does the data say? Credit in focus
31 Mar 2022
In this month’s instalment of our visual series on topical themes, we look at key trends in the credit market.
Now for the hard part…..The challenge of delivering net zero
29 Mar 2022
More than one fifth of the world’s largest listed companies have committed to net-zero targets, but few have detailed roadmaps to get there. Mirza Baig considers the challenges for investors managing transition pathways.
No time for heroes: How portfolio construction can help investors navigate unfamiliar economic and market regimes
22 Mar 2022
We are back in an old, but unfamiliar market regime. In a period where simple playbooks may falter, Jeremy Albers sets out why portfolio construction can make the difference.
Russia-Ukraine update: The ten key questions for EMD investors
18 Mar 2022
We assess the near and longer-term implications of Russia’s invasion of Ukraine on emerging-market debt.
China, inflation and politics: Three reasons for EM turbulence
24 Feb 2022
Emerging market assets have underperformed developed market peers over the past decade. While this has led to valuation gaps, selectivity will be critical, argues David Nowakowski.
Untapped potential: Harnessing the full power of bondholder engagement
31 Jan 2022
Investor influence has long been confined to that of equity shareholders. Yet bondholders wield a lot of power. Can they harness it for positive change?
The future of pharma: Increased returns or the age of biotech?
8 Dec 2021
After decades of low returns on research and development (R&D), the healthcare sector is producing a slew of innovations, from drugs to diagnostics. But with many coming from new entrants, will big pharmaceutical companies manage to keep up with the times?
The cost of climate change: A big threat to sovereign debt?
3 Dec 2021
Governments around the world are struggling to avert a climate catastrophe. Regardless of whether they succeed, climate change threatens adverse consequences for government bonds, although market impacts are likely to vary.
Credit: The long and short of ESG investing
25 Nov 2021
Credit is an asymmetric asset class. The upside is a coupon payment and limited capital appreciation; the downside is a default to zero. For all maturities and bond types, ESG integration can play a crucial role in mitigating risk.
The long decline: Why trend economic growth is set to go on falling
12 Nov 2021
Trend rates of economic growth, which have been on the decline for decades in the world’s leading economies, look set to fall further. That will have big implications for governments, companies, households and investors, argues Stewart Robertson.
COVID, China and the Fed: Diverging EM debt fortunes
3 Nov 2021
Relatively low vaccination rates, slowing Chinese growth, and terms of trade gains that may have largely peaked mean emerging market economies face several headwinds in 2022. Varying degrees of resilience and vulnerability are likely to result, argue Nafez Zouk and Carmen Altenkirch.