Viewpoints

In this paper, we explore the physical barriers that could have important implications for inflation, corporate margins and infrastructure completion.

In this month’s Where Credit is Due, we examine how the high yield market has evolved. Improved credit quality, stronger income generation and a growing focus on issuer-specific fundamentals are reshaping today’s opportunity set.

Head of Global Sovereign Debt & Currencies, Cem Karacadag shares insight into the broad EM Debt universe and explains why spreads may be overcompensating for default risk.

Real estate fundamentals strengthened in the second quarter as resilient demand and lower levels of new supply outweighed headwinds from economic uncertainty, slower demographic growth and resource constraints.

Key macro risks from the last few years remain in focus, including U.S. policy volatility, energy prices, the ongoing impacts of higher long-term borrowing costs and the risk Europe’s labour market strength reverses. With risk-off sentiment continuing to dominate, investor uncertainty continues to heavily polarise the outlook for individual real estate assets.

CLOs remain supported by resilient fundamentals, strong demand and attractive carry, but compressed spreads and growing collateral dispersion are raising the bar for credit selection, manager discipline and portfolio construction.

Interest rate volatility is reshaping bond markets. We examine why geopolitical risks have become increasingly linked to bond market volatility since 2025, and discuss the implications for the term premium, fixed income positioning and investment opportunities.

Trevor Slaven joins the podcast to discuss the rationale for and conclusions of his recent piece, Replacing Equity Beta with High-Carry Credit.

High yield bonds and loans remain well supported by resilient fundamentals and strong demand, with attractive all-in yields continuing to drive investor interest even as spreads remain tight. At the same time, rising dispersion continues to reinforce the importance of disciplined credit selection and a focus on higher-quality opportunities.