Fixed Income – Page 14
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Asset Class ReportsFixed income & credit – Sustainability-linked bonds
Sovereigns and other issuers are yet to embrace sustainability-linked bonds but issuance is growing
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Asset Class ReportsPortfolio strategy – Fixed income & credit
Factors including rising inflation and interest rates, the war in Ukraine, and the uncertainty surrounding the global economy might have significantly slowed down the growth of an alternative asset class like private debt. But this has not been the case, and while fundraising by private debt managers for 2022 and 2023 might be challenging, investors are making new long-term commitments.
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InterviewsOn the record: Doubling down on debt
Pension funds are focusing on both listed fixed income and private credit
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AnalysisAnalysis: German states realign €30bn pension fund assets to stricter ESG standards
Four German states have recently revised their sustainable investment strategies, sticking to stricter ESG rules
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NewsSwiss pension funds set to change SAA to reach bond investment targets
According to Swisscanto, 17% of pension funds surveyed adjusted their strategic asset allocation, and 35% changed allocations tactically.
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NewsMandate roundup: Swiss pension fund tenders investment grade mandate
Plus: Swedish Fund Selection Agency hands mandate to Style Analytics
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NewsGerman BVV allocates €1.5bn to high rating investment grade bonds
The fund will pursue an active risk management approach, especially in volatile asset classes
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FeaturesIPE Quest Expectations Indicator: June 2023
Continued loud bickering between the Wagner Group and the Russian army is protecting Putin from both, worsening the outlook for peace, while there are multiple signs that military supplies are approaching exhaustion. The coalition supporting Ukraine is stronger than ever, showing increasing willingness to provide military aircraft. Yet the offensive expected in February has not started. In the US, Florida governor Ron DeSantis is damaging his position with an unproductive row with Disney, while Trump has moved closer to a prison term. Gas consumption in the EU is falling faster than expected, due to efficiencies like heat pumps, changeover to electricity and solar panels. Macron scored nicely by sponsoring the participation of Zelensky at the Hiroshima G7; Sunak failed to centre political attention on China.
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Special ReportOutlook – Europe and the world: CIOs focus on bonds and quality stocks
With the prospect of weaker growth, volatility and higher inflation and rates, strategists argue for more selectivity in investments
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FeaturesFixed income, rates & currency: Strong labour markets surprise
Global purchasing managers’ index (PMI) data, which measures the state of the US economy, has been mostly strong, although manufacturing indices have been considerably weaker than services, perhaps reflecting their greater sensitivity to higher interest rates.
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NewsItaly roundup: Previndai ups exposure to corporate, government bonds
Plus: Eurofer pushes on with direct investments
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NewsIceland’s pension funds fear €1bn losses under housing bond plan
Pension fund group says on firm legal ground, and warns the government of years in court
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NewsSurvey shows 65% of European institutional investors eye social bonds
Investors are, however, not prepared to pay a ‘social premium’ on social bonds
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NewsGermany’s BVK looks to expand investment grade bonds portfolio
Investment grade bonds have become ‘significantly more attractive’ because of increasing interest rates
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NewsIcelandic pension funds decry government reneging on housing bond terms
Pension funds are collectively largest owner of HFF bonds, which Icelandic government plans to terminate
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NewsComPlan to look at UN SDGs in private equity, debt investments
The scheme included physical and transitional climate risks in an ALM analysis for the first time last year
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NewsItaly roundup: BCC-CRA pension fund divests from private markets
Plus: Fondo Priamo increases number of members and contributions; Enpaia cuts real estate investments
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NewsFINMA faces further legal action for AT1 bonds write down
Migros Pensionskasse expects court to recalibrate supervisory authority’s decision
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NewsItaly roundup: Enpam plans to build up global bond portfolio
Plus: Write downs hit Enasarco; Laborfonds sees sign of return to normality
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FeaturesIPE Quest Expectations Indicator May 2023
Russian air superiority over Ukraine is coming to an end due to lack of equipment. Destroying civilian targets is counterproductive and consumes ammunition. Bakhmut is eating into Russian resources, while Ukraine is being re-armed. History teaches that better technology, rather than numerical superiority, wins wars. But even a lopsided Ukrainian win would not automatically mean peace.
