About this author

Philippe Noyard

Global Head of Fixed Income, Member of the Executive Committee

Philippe Noyard is Global Head of Fixed Income at Candriam. He is also a member of our Credit Risk Committee. He joined Candriam in 1989 and has over 35 years of experience in the bond and credit markets. Previously, he was a portfolio manager at Neuflize Schlumberger Mallet in France. 

He holds a Master’s degree in Economics and Finance, and received the Specialized Master in Finance and Wealth Management from the University of Economy in Clermont-Ferrand, 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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