Fixed Income

Global equities fell for a third consecutive month in October and gold rallied against a backdrop of geopolitical risks, an under-pressure earnings season and a rising rates environment.

After 2022, which covered the end of a decade of monetary policy loosening, 2023 has been the year of the repricing of the whole interest rate curve. The end of Central Banks’ "higher for longer" mantra supported a steepening of the yield curves and repriced real interest rates which are back now in positive territory, for the first time in close to ten years.

Erinnern Sie sich an Geldmarktstrategien? Sie sind wieder da!  Sobald die letzte Zinserhöhung berücksichtigt ist, können Geldmarktstrategien Renditen von über 4% bieten! 

September was another bruising month for investors in US and Euro rates. The US 10Y jumped higher than at any point in the past 16 years.

Das neue Schuljahr beginnt und es ist Zeit für Investitionsentscheidungen... Werden die USA in eine Rezession fallen?

Against a backdrop of volatile trading, August saw the return of a correlation between risk assets and rates...

Falls Sie unser Kommentar vom Juni über die Rückkehr der Money Markets interessiert hat (Money Markets...

June saw some weak performances in European risky assets and spread products, with European equities, high yield and IG corporates posting negative returns.

Da wir uns der Jahresmitte nähern, scheint es, dass die Rezession auf beiden Seiten des Atlantiks abgewendet werden kann, doch die Wachstumsprognosen bleiben schwach...

Nach mehr als einem Jahrzehnt gedrückter und oft negativer Renditen ist die Klasse der festverzinslichen Anlagen in ein Umfeld höherer Zinsen eingetreten.

Geldmarktstrategien sind wieder im Kommen. Der jahrzehntelange Aufschwung aufgrund niedrigerer Renditen und einer akkommodierenden Politik der Zentralbanken endete im vergangenen Jahr abrupt.

With equities performing the strongest over the month, the picture was rather mixed for fixed income asset classes, with no clear outperformance from any risky asset classes.

April saw positive performances for risky markets, with equities and convertible bonds outperforming, followed by high yield.

With the upcoming 2023 Turkish presidential election, scheduled to take place on 14 May, we are sharing our views and sentiments on the possible outcomes and their consequences.

In March, markets were driven by the strong performance of most asset classes, confirming a general trend year-to-date in which investors in most major asset classes have been rewarded with positive returns.

Anleiheinvestoren hatten es im Jahr 2022 nicht leicht. Doch mit dem Beginn der Zinserhöhungen durch die Zentralbanken begann eine neue Ära, die den Anlegern neue Chancen eröffnete.

Die von Candriam verwalteten Portfolios haben kein Exposure in Credit Suisse-Wertpapieren, Exposure in außerbörslichen Geschäften oder Aktienleihgeschäften.

In the weeks to mid-March, the dominating theme was perhaps the return of decorrelation between risky assets and rates.

Nach dem schlimm verlaufenen Jahr 2022 bietet die Neubewertung der Anleihen aktuell zahlreiche Chancen.

The beginning of the year provided some relief to global investors and allowed them to claw back some of the losses they suffered in the previous year.

Market exuberance continued in December and through the first days of January, as risky assets posted a strong performance, once again on the back of signs of weakening inflation and the hope that central banks would strike a less hawkish tone.

After a bruising first 10 months in 2022 that saw fixed income investors suffering near-record losses in most asset classes, November offered the first true relief of the year.

Das makroökonomische Umfeld dürfte 2023 für Emerging-Markets-Anleihen schwierig bleiben, insbesondere in der ersten Jahreshälfte.

October offered a mixed picture following a bruising first three quarters. The Bloomberg Global Aggregate Index was down 0.55%, driven primarily by losses in US Treasuries. However, investors in some segments of the credit markets, especially EUR HY, USD HY and to a lesser extent EUR IG did see positive performance. Most Inflation-Linked Bonds markets with the exception of the US also rallied on persistently high inflation.