About this author

Philippe Noyard

Global Head of Credit & Deputy Global Head of Fixed Income

Philippe Noyard has been appointed as Global Head of Credit and the Deputy Global Head of Fixed Income in 2019.

Previously he was the Head of High Yield & Credit Arbitrage Management at Candriam since 2009. In 1987 he joined Neuflize Schlumberger Mallet in France as a portfolio manager and two years later moved to Candriam, also as a portfolio manager. He was appointed Head of High Yield management in 1999.

He holds a master’s degree in Economics and Finance and in Finance & Wealth Management from the University of Economics in Clermont-Ferrand in France.

Philippe Noyard

Outlook 2023, Philippe Noyard

The interest rate fugue: bond yields are back, but is anything the same?

Bond yields are back, but with a difference. In a fugue, the theme repeats itself. If rising rates are a theme markets have seen before, this time the rising tempo of that theme may completely change the sound. Listen carefully, selectivity will be everything.      

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