The case for corporate hybrids

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 the books that inspired our investment teams over the summer.

In this summer edition of Bond Voyage, we discuss topical themes in liquidity, emerging-market debt, investment-grade credit and global sovereign bonds.

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.

In a special European Championships edition of Bond Voyage, we discuss topical themes in liquidity, emerging-market debt, investment-grade credit and global sovereign bonds (with a little help from Cristiano Ronaldo and Kylian Mbappé).

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.

Emerging-market debt analyst Carmen Altenkirch reports back from the recent International Monetary Fund (IMF)/World Bank meetings in Washington.

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

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.