;
Nicolas Jullien
Global Head of Fixed Income
Risk analysis at the core of our credit process
In credit markets, risk is often revealed late — when liquidity tightens and fundamentals are repriced. Our process integrates downside and liquidity analysis at every stage, from idea generation to portfolio construction and ongoing monitoring, to help keep risk in its proper place while pursuing income.
;
”In credit, the key is to only take risks that are thoroughly analysed, sized and continuously monitored. Our discipline is designed to prioritise downside awareness and liquidity resilience throughout the investment process.
A collaborative team
Our credit platform is built around close collaboration between portfolio managers and analysts. Convictions are formed through daily interaction and challenged through regular investment committee discussions.
The team draws on broader fixed income, macroeconomic and ESG expertise across Candriam, supporting consistent decision-making across market cycles.
Research-led decision-making and risk discipline
Our credit decisions are grounded in fundamental issuer analysis, liquidity assessment and disciplined portfolio construction. ESG factors, particularly governance, are integrated as part of understanding issuer resilience and solvency.
This structured approach supports active management, allowing portfolios to adapt as risks evolve.
A flexible credit platform built around risk discipline
Our credit platform is designed to adapt to changing market conditions while remaining anchored in a consistent risk-first philosophy. Flexibility in implementation — across strategies, instruments and market environments — is supported by rigorous research, liquidity awareness and disciplined portfolio construction. This allows us to broaden opportunity sets without compromising on risk control.
Innovation across a broad credit spectrum
Candriam offers a diversified range of credit strategies spanning investment grade, high yield and specialist segments, implemented through both long-only and long–short approaches. Innovation is used to broaden the investment toolkit and adapt to evolving market conditions, while maintaining the same research depth and risk-first discipline across strategies.
Sustainable credit as a risk lens
Sustainability considerations are fully integrated into our credit analysis because they directly influence issuer resilience. Governance, environmental exposure and social factors are assessed as part of understanding cash-flow durability, access to capital and long-term solvency. Our sustainable credit strategies apply the same risk discipline as the broader credit platform, while aligning portfolios with defined ESG criteria and regulatory frameworks.
Figures are worth a thousand words.
- €16.5bn AuM as of 31/12/2025
- 40 Fixed income experts at Candriam
- 0 Issuer defaults
- +20 Years investing in credit markets
Tame Risk.
Don't run from it.
Credit can feel calm because returns are steady most of the time. But credit is asymmetric: the upside is limited to the coupon, while the downside can be permanent if fundamentals weaken or liquidity disappears.
Some Flagship Strategies
Designed to address different portfolio roles and market environments, anchored in a consistent, risk-first investment philosophy — emphasising disciplined construction, liquidity awareness and downside control.
Bonds Global High Yield
European & US corporate bonds, IG and HY (BB+ to B-), outside Financials
Sustainable Bond Euro Corporate
Euro Investment Grade credit with an ESG focus
Bonds Floating Rate Notes
Euro IG credit, 0-3yr segment: low duration, limited volatility
Bonds Capital Securities
Subordinated debt issued by high-quality financial institutions
Bonds Credit Alpha
Long-short directional credit strategy with volatility below 10%
Main risks on Credit Strategies
- Risk of loss of capital
- Interest rate risk
- Credit risk
- High Yield risk
- Currency risk
- Liquidity risk
- Derivative risk
- Counterparty Risk
- Arbitrage risk
- Emerging market risk
- Risk on Chinese debt through Bond Connect
-
Tame risk, Fixed Income, Credit, Charudatta ShendeEmbracing risk in credit: the Candriam approach
Explore Candriam’s disciplined approach to credit investing. Learn how issuer research, ESG integration and risk visibility help navigate volatility and construct resilient fixed income portfolios. -
Q&A, Fixed Income, Credit, Patrick Zeenni, Thomas MadesclaireUnlocking extra income in subordinated financial bonds
In a world where investors are constantly looking for more income opportunities and stability, subordinated bonds issued by banks and insurance companies constitute an interesting alternative. -
Charudatta Shende, Fixed Income, Credit, Economic OutlookNavigating the Selective Strength of Credit Markets
Yields remain elevated across both U.S. and European markets, offering attractive carry for investors in both Investment Grade (IG) and High Yield (HY). -
Charudatta Shende, Fixed Income, Credit, Economic OutlookCredit in the Crosshairs: Navigating the Balance Between Technical Momentum and Fundamental Fragility
In what can only be described as an event-packed May, financial markets navigated a minefield of global macro developments: escalating US–China trade tensions. -
Charudatta Shende, Fixed Income, Credit, Economic OutlookCredit: Go with the Flows
April unfolded as a month of intense turbulence in financial markets, driven by a barrage of political manoeuvrings, economic uncertainty, and shifting monetary policies. Markets were rattled by elevated tariffs, escalating rhetoric, and retaliatory measures that prompted investors to reassess growth prospects, price in heightened recession risks, and retreat from riskier assets. -
Fixed Income, Credit, Economic Outlook, Charudatta ShendeCredit Markets: Don’t get “Carry-ed” away
Navigating fixed income markets can be a daunting task for those unfamiliar with their intricacies. A multitude of factors – fundamentals, valuations and technicals – can impact a wide range of instruments – sovereigns (developed & emerging), corporates (investment grade and high yield) –, contributing to a highly complex financial landscape. -
US elections, Christopher Mey, Paulo Salazar, Emerging Markets, Equities, CreditChina’s economic outlook: Opportunities and threats as US elections loom
Chinese authorities have begun addressing deflationary pressures through a series of monetary and fiscal measures, signaling their growing urgency to stabilise the economy. -
Fabrice Sauzeau, Climate Action, ESG, SRI, Credit, Equities, Research PaperFrom Carbon to Strategy: Why Integrate Climate into Your Investments?
While investors are encouraged to consider climate change in their portfolios, to meet regulatory requirements and mitigate climate-related risks, a number of questions remain.