Disclaimer: Views in this blog do not promote, and are not directly connected to any Legal & General Investment Management (LGIM) product or service. Views are from a range of LGIM investment professionals and do not necessarily reflect the views of LGIM. For investment professionals only.

Fixed income

Fixed income

Fixed income’s balancing act

Bond investors must weigh the current market interventions by central banks alongside the longer-term outlook for the economy.  
By Colin Reedie

Fixed income

Free Fallin’: credit ratings following the COVID-19 crisis

Over $230 billion of bonds has been downgraded from investment grade to high yield so far this year, smashing the previous record for so-called fallen angels. We think this is just the tip of the iceberg.  ;
By Madeleine King

Fixed income

The (w)ides of March

We answer your questions on credit markets  ;
By Mark Benstead

Fixed income

Emerging-market debt during and after the crisis

What is the outlook for emerging-market debt amid the global economic shutdown?  ;
By Raza Agha

Fixed income

Angel delight

It’s raining bonds, investment-grade bonds. We are seeing an increasing number of bonds falling out of the investment-grade heavens and being ‘junked’ due to the bleak economic fallout from COVID-19.;
By Aimee Bowkett

Fixed income

Corona curves: what next for short-dated credit?

The COVID-19 virus and its impact on global financial markets have been nothing short of exceptional, much like the unprecedented measures governments and central banks around the world have implemented in response.  ;
By Amélie Chowna

Fixed income

Credit check: why we have turned positive amid the crisis

…and I thought we’d seen it all in 2008. We have updated our views on global credit to a more positive outlook in recognition of both the meaningful change in valuations this month and the significant policy response that has been delivered to combat the economic fallout from COVID-19. The speed and magnitude of the move has been breath-taking.;
By Colin Reedie

Fixed income

Central bank bulletin: what, why and where

Within less than 24 hours of each other, the European Central Bank (ECB) and the Bank of England (BoE) have announced they will inject similar amounts of cash into the economy –around 9% of their respective GDPs. Hetal Mehta, Senior European Economist, looks at what it means when central banks go “all in”.
By Hetal Mehta

Fixed income

Could Australian rates go down under?

Australia is ready to cut its interest rates further, but the country’s central bank is adamantly opposed to making them negative. This matters at a time when other policymakers around the world are considering their options.
By Alex Mack

Fixed income

Markets are singing, but it’s not quite Christmas yet

A reduction in geopolitical risk has eased some of the pressures on the near-term investment outlook, but the economic party is not in full swing.;
By Ben Bennett

Fixed income

Could rating downgrades mean trouble in paradise?

Corporate bonds have benefited from extraordinary monetary policies. But as the probability of global recession rises, we worry that vulnerabilities within credit markets could disturb this relatively blissful environment for investors.;
By Madeleine King

Fixed income

Negative yields and the illusion of money

What was once a puddle of negative-yielding fixed income securities has now become an ocean, containing trillions of dollars of bonds. This phenomenon poses numerous challenges to investors – not least cognitive.;
By Sonja Laud

Fixed income

EMD: the missing piece of the cashflow-matching puzzle

We believe highly rated emerging-market debt (EMD) can help investors overcome the challenges of low yields in developed markets without taking on significantly more risk.;
By Karen Ng

Fixed income

The bond age and investor masochism

With bond yields continuing to fall, it’s been painful for investors who’ve bet against them. However, even with German sovereign yields below zero and far lower than in the US, there are still reasons to prefer them. We explain why in this vlog.;
By John Roe

Fixed income

Will the last bund trader please turn out the lights?

Roll up, roll up ... behold the amazing, disappearing bund market. ;
By Christopher Jeffery

Fixed income

Credit before credit is due: the role of rolldown in returns

The return investors expect for accepting credit risk is often thought of as the credit spread, minus the cost of downgrades and defaults. But that neglects the significant benefits that can come from credit spreads tightening as bonds get closer to maturity, also called credit rolldown.;
By John Roe

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