News & Articles

Volatility on interest rates remained elevated during October. However, the market is starting to believe that we might have reached peak interest rates. Inflation remains too high but has been easing. Spreads on our securities widened during the month, despite the extremely strong credit fundamentals of our companies.

Volatility on interest rates remained elevated during October. However, the market is starting to believe that we might have reached peak interest rates. Inflation remains too high but has been easing. Spreads on our securities widened during the month, despite the extremely strong credit fundamentals of our companies.

Volatility on interest rates remained elevated during October. However, the market is starting to believe that we might have reached peak interest rates. Inflation remains too high but has been easing. Spreads on our securities widened during the month, despite the extremely strong credit fundamentals of our companies.

September was once again a month where we saw significant volatility on interest rates, as the higher for longer theme remains very much present. Inflation has been easing, but it remains too high for central banks and macroeconomic data remains resilient. Higher oil prices also contributed to higher interest rates. Spreads on our securities widened slightly during the month.

September was once again a month where we saw significant volatility on interest rates, as the higher for longer theme remains very much present. Inflation has been easing, but it remains too high for central banks and macroeconomic data remains resilient. Higher oil prices also contributed to higher interest rates. Spreads on our securities widened slightly during the month.

 September was once again a month where we saw significant volatility on interest rates, as the higher for longer theme remains very much present. Inflation has been easing, but it remains too high for central banks and macroeconomic data remains resilient. Higher oil prices also contributed to higher interest rates. Spreads on our securities widened slightly during the month.

The month of August was softer for our securities. Inflation continues going down but remains too high for the central banks. Spreads on the subordinated debt of financials widened during the month and remain at very wide levels.

The month of August was softer for our securities. Inflation continues going down but remains too high for the central banks. Spreads on the subordinated debt of financials widened during the month and remain at very wide levels.

The month of August was softer for our securities. Inflation continues going down but remains too high for the central banks. Spreads on the subordinated debt of financials widened during the month and remain at very wide levels.

Sentiment was somewhat weaker in August, with spreads on EUR investment grade (IG) corporates 8 bps wider on the month to 155 bps. Rates volatility weighed on IG spreads, as the 10-year German bund yield peaked at 2.71% in mid-August and then ended the month lower at 2.47%. Inflation and central banks remain in focus – as inflation continues to slow but remains too high for central banks.

Sentiment remained strong in July, as the theme of disinflation coupled with a soft landing made a comeback. Spreads on EUR IG corporates were c15 bps tighter on the month to 147 bps. EUR IG corporate total returns were positive on the month (1.05%) as tighter spreads were partially offset by higher rates.

Sentiment was strong in July. The theme of disinflation coupled with a soft landing made a comeback during the month. This was partially linked to the lower-than-expected inflation prints that we saw within the US and the UK. This meant that we saw spreads in general tighten, and more so within subordinated financial debt, to the benefit of securities we hold.

Sentiment was strong in July. The theme of disinflation coupled with a soft landing made a comeback during the month. This was partially linked to the lower-than-expected inflation prints that we saw within the US and the UK. This meant that we saw spreads in general tighten, and more so within subordinated financial debt, to the benefit of securities we hold.

Sentiment was strong in July. The theme of disinflation coupled with a soft landing made a comeback during the month. This was partially linked to the lower-than-expected inflation prints that we saw within the US and the UK. This meant that we saw spreads in general tighten, and more so within subordinated financial debt, to the benefit of securities we hold.

Market backdrop sentiment improved in June, particularly over the first half of the month following the US debt ceiling resolution. Spreads on EUR IG corporates were circa 8 bps tighter on the month to 162 bps. Away from the US debt ceiling story, the focus remained on central banks and inflation.

Markets in June were characterised by the higher interest rates for longer theme following a number of macroeconomic data releases. As such, we saw some strong moves upwards in government bond rates, most notably among short-dated rates as seen in the two-year rates moves.

Markets in June were characterised by the higher interest rates for longer theme following a number of macroeconomic data releases. As such, we saw some strong moves upwards in government bond rates, most notably among short-dated rates as seen in the two-year rates moves.

Markets in June were characterised by the higher interest rates for longer theme following a number of macroeconomic data releases. As such, we saw some strong moves upwards in government bond rates, most notably among short-dated rates as seen in the two-year rates moves.

We saw calmer markets in April, following the strong volatility we experienced in March. The direction of markets seems to be largely guided by the upcoming central bank meetings and future macroeconomic data.

We saw calmer markets in April, following the strong volatility we experienced in March. The direction of markets seems to be largely guided by the upcoming central bank meetings and future macroeconomic data.