Who stands to benefit from the yield-curve steepening in Treasuries and Bunds?
The BTP/Bund spread falls impressively
Should investors in U.S. government bonds be worried about what a Trump election win would mean for their asset class? We see good reasons to expect yields to rise.
After a historically long dry spell, 2024 could become a good year for bonds. A resurgence of inflation remains a risk, but the high carry provides some security cushion – especially for corporate bonds.
Next week the ECB's balance sheet will shrink by over 6%. Further reduction will take place much more slowly – with uncertain consequences for the markets.
Europe’s bank sector has proven resilient since the Credit Suisse rescue but AT1 bonds have still not fully recovered – making them all the more attractive, in our view.
Emerged as relative winners in the fixed-income segment – and we believe they can still deliver
