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High yield markets are shrinking. Do you know that they have contracted by 25% over the past two years? The ICE BofA BB-B Global High Yield Index has lost $654 million in value. In the meanwhile, investor demand for credit and high yield has rebounded at the end of last year.

February was marked by a strong investor preference for risky assets, with equities on both sides of the Atlantic performing well.

With 2024 underway, many bond investors are still wondering how the environment for Emerging Markets debt will differ from that of 2023.. Indeed, it looks more benign for Emerging Market Debt ….

The major advantage of a convertible bond is its ability to gain exposure to the equity markets while benefiting from downside protection.

Has commercial real estate reached its inflection point? With little transaction activity, price and index data are generated with a lag. Market prices can change much more rapidly than they can be aggregated and reported. Investors must rely on fundamental analysis and experience more than data to time the recovery.

In recent years, new structural trends have emerged, such as the polarization of the world, the re-localisation of supply chains, and the fight against climate change. These new trends are leading to higher inflation and lower growth. This new paradigm is having a significant impact on the financial situation of companies, and therefore on investment in corporate bonds. This calls for strategic adaptation on the part of investors. Adopting a strategy that aims to deliver a performance independent of credit market trends would therefore appear to be an investment solution worth considering in this new environment.

After two months of heavy exuberance in November and December last year, January 2024 was marked by moderation. Returns across fixed-income asset classes were mostly muted as investors dialled back the prospect of rate cuts in Q1 while supply was huge at the beginning of the year.

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.