Searching for Opportunities Among Fixed Income Markets

Central bank policy, inflation, wars—the risks for debt investors are growing in number

Explore the latest thinking on fixed income markets from leading asset managers and global institutions. This selection of papers brings together insights on publicly traded debt, as well as observations on the growing private debt sector. Make sure to check the UBS AM's presentation on private credit and MetLife IM's take on LDI schemes' changing fixed income needs.

PUBLIC DEBT MARKETS

From the LDI Playbook: A Shorter Long Credit (MetLife IM)

For the most part, issues of duration and curve exposure can be addressed via overlay management or custom blended benchmarks.

The Case for Rebalancing into Bonds, in Pictures (PGIM Fixed Income)

With yields up at levels not seen in more than a decade, bonds are definitely catching the eye of investors.

A Budget Deficit Special (Cerity Partners)

The U.S. has a debt clock. It is not totally accurate, but it is fun to look at because it tells something true about the U.S. economy: it is drowning in debt.

Power in Sovereign Debt Markets: The Uneven Debtor–Creditor Landscape (VoxEU)

Many developing countries are currently facing debt distress, and sovereign debt restructurings often occur with delays.

Why Everyone's Talking about… Active Duration (Natixis IM)

For compliance reasons, this paper is NOT accessible in the United States and Canada

Active management of the portfolio is crucial to the barbell approach which requires ongoing reinvestment as short-term bonds reach maturity.

Who Actually Holds the Ballooning $34.7tn U.S. National Debt? (Wolf Street)

The U.S. national debt is growing and growing still. Who actually owns this debt? This article aims to answer this timely question.

PRIVATE DEBT MARKETS

Public and Private Credit: Where Investors Should Focus (Mawer IM)

“Credit investments” are a broad and varied category. They span both public and private markets, investment grade and non-investment grade, offering a wide range of products.

Private Credit: Europe vs the U.S. (M&G Investments)

For compliance reasons, this paper is only accessible in certain geographies

The European private credit market is less developed than the U.S. one in terms of its size and degree of competitiveness in terms of number of participants.

The Compelling Case for Private Credit (UBS AM)

This highly engaging and detailed conversation is packed with charts and relevant information about the state of global private credit markets.

Risk-Adjusting the Returns to Private Debt Funds

Private debt is one of the largest and fastest-growing asset class of the private capital market, with about $1.5 trillion in assets under management as of 2023.

Can Private Credit Markets Offer Meaningful Benefits? (alterDomus)

Private credit markets have been growing for well over a decade post the Great Recession. That growth has been further highlighted since the U.S. bank crisis in early 2023.