Multi-Sector Bond Q2 2021 Update
In TwentyFour's Multi-Sector Bond update on Thursday 13th May 2021, Partner & Portfolio Manager Eoin Walsh provided an update on investment themes and positioning in the fixed income market.
Insights Topic
Government Bonds
Negative ‘Bond’ Headlines Belie the Reality of Credit’s Strong Performance
With treasury yields moving aggressively higher this year, anyone reading or listening to the financial press will have become very accustomed to headlines highlighting the negative performance of “Bonds”.
Why We Are Now More Bearish on US Treasuries
The biggest mover so far this year in fixed income markets has been US Treasuries. The curve has bear steepened, with the short end remaining unchanged while longer maturities have sold off by anything between 10bp at the five-year point of the curve and just over 20bp in the 30-year.
Where Next for Treasuries and Rates
The gradual backup in yields since the onset of the pandemic has given Treasuries a little more potency to protect bond portfolios, though we don’t see the rise being anywhere near big enough for them to behave like they used to.
Expect Winners and Losers in Last Window of 2020
Unlike the past six months, where nearly all new deals performed well in the secondary market, from here on in that is far from guaranteed. Expect winners and losers.
Multi-Sector Bond Quarterly Update – October 2020
George Curtis discusses Q3 performance for credit markets and provides his outlook for the rest of the year.
Will The Latest Dip Be Bought?
Overall, in our view there may be some temporary volatility ahead which investors can try to sidestep or even take advantage of, but it’s probably not worth trying to be too cute as our medium term outlook is still constructive.
Government Debt Has Exploded. Does It Matter?
Given most countries are going through the same issues and their fiscal expansions are justified, the relative value has not changed that much.
Strategic Income – Quarterly update – July 2020
Partner and Portfolio Manager Eoin Walsh discusses Q2 performance for the Strategic Income strategy and provides his outlook for 2020.
Credit Markets Have More Room to Rally
Given the steep, uninterrupted rally we have witnessed since the end of March, we think it is a good time to reassess how much value is left in fixed income markets, if any.
Investors could face another decade of income scarcity
The coronavirus pandemic has brought about perhaps the greatest– and fastest – repricing of risk fixed income investors have ever witnessed.
Primary Bond Markets Escape Lockdown
It has been a positive sign for us that despite lockdowns being enforced in most of the major economies around the world, in the last two weeks several issuers have managed to successfully raise new debt via the primary market.