The most common models to assess asset returns are a linear combination of risk factors.

Last year global sustainable debt issuance hit a record of over $1.4tn, with the overall sustainable debt universe expanding to near $3.4tn.

Valuations are now a little more attractive. However, the environment remains challenging, particularly in Europe.

The move in rates is just one factor of the macro backdrop that can drive spread trends, but one that worked quite well in past cycles and therefore worth focusing on in the current recovery phase.

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Heading into 2021, what do we think about credit markets?

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As 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.

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The excess of pessimism at the end of 2018 resulted in a sharp decline in financial markets and renewed volatility.

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