Fixed Income

Renta fija, Monthly Coffee Break

Signs of weakening inflation

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.
Renta fija, Monthly Coffee Break

First true relief of the year

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.
Renta fija, Monthly Coffee Break

Mixed picture

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.
Emerging Markets, Renta fija, Richard Briggs, Sovereign Sustainability

Lula’s Amazon stance appeals but will he deliver on the economy?

Luiz Inacio Lula da Silva narrowly won the second round of Brazil’s election, beating incumbent Jair Bolsonaro. Initial fears that Bolsonaro wouldn’t accept the result, particularly if it was tight, have receded. Bolsonaro said that he would follow the constitution and play by the rules, while his chief of staff, acknowledged the defeat.
Renta fija, Nicolas Forest

Medidas presupuestarias contra la acción monetaria

Es bastante inusual que un presidente de la República Francesa ataque frontalmente la política monetaria europea. Como guardián de la ortodoxia monetaria, el BCE tiene un mandato de sobra conocido: mantener la inflación en torno al 2 %, independientemente de cualquier política presupuestaria.
Renta fija, Monthly Coffee Break

UK gilts in the eye of the storm

After registering losses in August, there was no reprieve for fixed income investors in September. All major asset classes posted negative returns, with the biggest falls coming in UK gilts.
Renta fija, Monthly Coffee Break

Negative performance across the board

After a respite in July, August saw negative performances across the board for almost all asset classes. In G10 rates, investors in Japan suffered the least (-0.97%), whilst the UK posted the largest losses (-6.36%), followed by EMU peripherals at –5.34%. EMU core markets fared somewhat better at -4.71%, but with a sizeable distance away from US government bonds at -2.73%. Breakevens were positive across the board, although barely so in the eurozone.
ESG, Renta fija, Research Paper, Vincent Compiègne

Bonos sostenibles: énfasis en los resultados

Los bonos sostenibles se utilizan cada vez más para financiar proyectos medioambientales y sociales específicos, así como otras actividades sostenibles. El crecimiento del mercado de bonos sostenibles se ha visto impulsado por las emisiones de Gobiernos centrales y regionales, organizaciones supranacionales y empresas.
Renta fija, Nicolas Forest

Rendimientos deuda pública global - ¡Atrápalos mientras puedas!

Las recientes subidas de la inflación —hasta niveles que no se veían hace décadas— han afectado negativamente a los rendimientos de la mayoría de las clases de activos. Las subidas de tipos se han situado entre las más pronunciadas desde hace muchas décadas.
Renta fija, Nicolas Forest

Inflación: estrategias para no nos pille desprevenidos

La inflación es un fenómeno complejo. A menudo es inexorable y tiende a reforzarse cuando los agentes económicos creen que está presente. Esto dificulta las expectativas, así se han equivocado los bancos centrales en gran medida en los últimos años.
Renta fija, Monthly Coffee Break

Geopolitical tensions continue to weigh on investor sentiment

The performance of financial markets improved in May, with US markets posting a positive performance for the first time this year. Equities rebounded from their lows of May 19th and the greenback weakened while EUR/USD rebounded towards 1.07.
Renta fija, Nicolas Forest

ECB Hike

En julio de 2011, Jean-Claude Trichet elevó su tipo de interés de referencia al 1,50 % a pesar de la crisis de deuda de la eurozona. Había que combatir la inflación, que se acercaba peligrosamente al... 2,50 %. Lo que ocurrió después es bien conocido y ha traumatizado a muchos inversores en renta fija ante la crisis de deuda periférica y la deflación en Europa.
Renta fija, Monthly Coffee Break

High volatility

The performance of the fixed income asset class was impacted by geopolitics, the rise in inflation and the generally hawkish stance of central banks.
Video, ESG, Renta fija, ISR, Céline Deroux

Creating tangible change

Lucia Meloni y Céline Deroux comparten sus puntos de vista sobre los cambios que debemos hacer en las empresas y en la mentalidad para alcanzar un futuro sostenible
Renta fija, Monthly Coffee Break

Strong increase in volatility

Markets moved into a risk-off mode as a result of the ongoing geopolitical turmoil that culminated in Russia’s assault and invasion of Ukraine
Podcast, Renta fija, Asignación de activos, Macro

Act now, strongly and together

On the heels of Covid-19 and the oil shock, financial markets experienced a third blow yesterday (12 March) with a major confidence crisis. Speeches from US President Donald Trump and ECB President Christine Lagarde have shaken investor confidence in the ability to lead a timely and bold approach worldwide.
Renta fija, Monthly Coffee Break

Monetary Policy Normalisation

Policy normalisation has remained the focal point over the past several weeks, with the abandonment of negative rates across developed markets.
Renta fija, Monthly Coffee Break

Policy normalisation at the forefront

Policy normalisation has come to the forefront over the past few weeks, dominating the headlines and markets across the globe.

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