Investment Grade

Hyperscaler bond issuance has surged in 2026, with volumes already far exceeding previous years. Alphabet, Amazon, Meta, Microsoft, Oracle and SpaceX have issued over $180bn of USD-denominated bonds so far this year.

US investment grade (IG) borrowers printed close to $150bn in August, surpassing the $136bn record set in August 2020 and making this the third consecutive month to set an all-time high after June and July.

TwentyFour Asset Management’s Gordon Shannon reflects on a quarter shaped by geopolitical tensions, government bond volatility and shifting central bank expectations.

In this webinar, Gordon Shannon, Partner and Co-Head of Investment Grade (IG) discusses the outlook for global fixed income markets, including inflation expectations, interest rates and the policy direction of major central banks.

Fixed income markets have shown a degree of resilience this year, with credit spreads remaining tight and demand for income holding up, despite ongoing geopolitical tension, inflation uncertainty and growing fiscal concerns.

TwentyFour Asset Management’s Jack Daley reflects on a strong start to 2026 for investment grade credit, before geopolitical escalation in the Middle East drove increased volatility later in the quarter and shaped market conditions.

As fixed income investors, our focus is on how the shock ripples through the variables that matter most for bonds: inflation, growth, and how central banks respond.

2026 is already shaping up to be another volatile year for geopolitics, economies and markets. But one pocket stands out as a key beneficiary of the present backdrop.

Recent developments involving Federal Reserve (Fed) Chair Jerome Powell have raised fresh questions around central bank independence, the politicisation of monetary policy, and the future of Fed leadership, particularly with his term as Chair due to expire in May 2026.

After a constructive 2025 for fixed income markets, marked by falling interest rates and steady global growth, investors are looking ahead to what’s in store for 2026.

TwentyFour Asset Management’s Gordon Shannon explains how resilient US economic activity and evolving Federal Reserve dynamics shaped Q4 and why we remain focused on high-quality credit heading into 2026.

It is the nature of financial markets that the trends and risks investors have their eye on at the start of the year are seldom the trends and risks they have their eye on by the end. Below is a selection of charts depicting some key trends we have seen develop in 2025, all of which we believe will have implications for investors heading into 2026.