
Asset Class Return Forecasts - Q2 2022
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SurveyWhat matters to fixed income investors is the macro-financial environment that will prevail after the strong rebound in growth and inflation expected in H2.
More > 10 minutesMarch saw ECB increasing its PEPP purchases and injecting higher than expected liquidity through a successful TLTRO tender. In this piece, our analysis dives into QE recently published figures, demand/supply balance of Euro fixed-income markets and PEPP expected trends. ECB’s role is going to remain prominent in supporting both sovereign and corporate debt.
More 5 to 10 minutes2021 will be a pivotal year to curb climate change.
More > 10 minutesSince the start of the year, bond yields have surged in the economies of the G10 as markets anticipate a sharp acceleration in inflation and economic activity. This rebound is likely to be particularly strong in the US given its enormous fiscal stimulus plan. In the medium term, opinion is divided concerning the post-Covid crisis macroeconomic trajectory and a possible change in the inflation regime in the US.
More < 5 minutesExtraordinary policy intervention has made this HY default cycle unusually short-lived, helping to limit quite significantly the rise in defaults among mid- and high-rated speculative grade companies. A turn into a more benign falling trend over the next quarters looks likely, in light of improved macro perspectives, expected progress in vaccinations and encouraging signals from financial drivers.
More < 5 minutesUS fixed income can be a valuable source of diversification for European investors, but in the past the cost of hedging of the US Dollar exposure was high, neutralizing this benefit.
More < 5 minutesGlobal HY markets sold off aggressively between February and March in response to the COVID-19 outbreak, the oil price war and the liquidity freeze in some markets.
More > 10 minutesAs we enter the 2020s, a look back over the previous decade provides a key take-away for investors: a zero-rate environment does not lead to zero performance for bond investors.
More > 10 minutesLast year was a strong year for global bond markets, which were supported by the accommodative stance of the main central banks and strong investor demand. US, European and EM high yield (HY) bonds all returned more than 14% swapped into US dollars.
More > 10 minutesProfessional investors are Professional investors of the European Union, as defined as in European Directive 2004/39/EC dated 21 April 2004 on markets in financial instruments(MIFID) to investment services providers and any other professional of the financial industry,and as the case may be in each local regulation, and, as far as the offering in Switzerland is concerned, a Qualified Investor within the meaning of the provisions of the Swiss CollectiveInvestment Schemes Act of 23 June 2006 (CISA), the Swiss Collective Investment SchemesOrdinance of 22 November 2006 (CISO) and the FINMA’s Circular 08/8 on Public Advertising under the Collective Investment Schemes legislation of 20 November 2008
European Directive 2004/39/EC dated 21 April 2004 on markets in financial instruments (MIFID)
Private customers or retail investors, or to investors who do not comply with the definition of qualified investors as defined in the applicable legislation and regulation
as defined in the US Securities Act of 1933
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