Fixed Income

Investment Insights by our experts and thought leaders

Fed Normalization, but not ECB or BOJ

We only expect mild further easing ahead, especially as the ECB does not wish to cause a rupture while the Fed is hiking rates.

We forecast that Asia Pac ex Japan, Japan and Europe will outperform in the next six months, while the US should underperform and, thus, deserve an underweight stance vs. all other regions.

Asian Fixed Income Monthly Outlook - December 2015

US Treasuries (USTs) yields ended the month higher. October non-farm payrolls indicated a surge in job growth, keeping the US Federal Reserve (Fed) on course for a possible rate hike in December.

Divergent monetary policy in US and Europe: Can it last?

As we enter 2016, we believe the divergent monetary policy theme will continue -- with the major risk to global bond markets and Fed rate rises continuing to be Europe.

The Japan Update – The Japanese Government’s Objectives for TPP

A framework agreement for the Trans-Pacific Partnership was reached in October 2015, and the governments of participant countries are working to ratify the agreement and formally launch the partnership.

What's to come? - China's RMB as a global reserve currency

The IMF's decision to include the Renminbi into the SDR is a major push for the RMB to become one of the world's major reserve currencies.

Australia: Lower GDP growth and CPI should mean lower 10-year bond yields

Our lead Australian fixed income portfolio manager discusses her intermediate-term outlook for the bond market “down under.”

Asian Fixed Income Monthly Outlook - November 2015

Prices of the US Treasuries (USTs) ended the month lower. Risk-on sentiment prevailed for the most part of October, favouring risk assets over perceived "safe-haven" instruments.

Asian Fixed Income Monthly Outlook - October 2015

US Treasuries (USTs) registered gains in September. Yields initially trade in a tight range, but subsequently jumped mid-month, in anticipation of the announcement from the US Federal Reserve (Fed).

What Investment Themes Will Drive Credit Markets?

What Investment Themes Will Drive Credit Markets?

A better supply/demand balance in Europe, outperformance of “high yield“ globally, positive event-risk in the telecom sector and opportunities in local currencies, as well as other credit related investment themes, all present interesting opportunities for generating positive returns, even in a challenging environment.