Investment Grade

Telefonica’s reopening of the corporate hybrid market is further evidence that large issuers with proven track records and strong financials will call their bonds even if it looks uneconomic to do so, says Johnathan Owen.

With well over €10bn of new bonds sold by European banks and corporates on Monday, Felipe Villarroel analyses the pricing and looks at the patterns that usually emerge when primary markets reopen.

With Rishi Sunak and Jeremy Hunt leading a more fiscally conservative UK government, Johnathan Owen checks in on sterling asset valuations and argues the UK premium is overcompensating for underlying risks.

TwentyFour Portfolio Manager, Johnathan Owen, explains how investment grade markets have performed in Q3 2022.

With rates volatility persisting and developed markets likely sliding toward recession, Jack Daley revisits our research on BBB defaults and returns and explains why we tend to maintain a significant allocation to BBB credit.

Johnathan Owen explains why bonds with high break-even yields can be attractive for investors, and looks at two examples of UK companies with high break-evens.

Chris Bowie runs through the four risks he says fixed income investors need to watch right now – inflation, unemployment, geopolitics and liquidity – and why he believes short dated bonds might offer some protection

Gordon Shannon reviews Q2 2022 in fixed income and breaks down the resulting risks and opportunities he sees in investment grade bonds.

US banks remain bullish about the health of the consumer, but credit spreads are still pricing in not only a recession, but a fairly severe one. Are the banks wrong? Or have credit markets just backed up too far on negative fund flows?

With corporate bond spreads having risen to not far short of crisis levels, Johnathan Owen argues the 4%-plus yields on offer in short dated investment grade are an attractive entry point for investors that might not be around for long.

With Heimstaden showing its commitment to corporate hybrids with a €600m tender offer, Pierre Beniguel looks at the complex decision issuers have to make and says more could follow suit with bonds trading at steep discounts.

After H1 2022 broke market records for all the wrong reasons, Gary Kirk says fixed income outflows could reverse quickly if investors see evidence that central banks are turning the tide on inflation.