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Assessing European energy dependence

The global economic order is changing. Old assumptions no longer hold, and new risks and opportunities are emerging.
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Opportunities and misperceptions in fixed income

Peter Bentley, Global Head of Fixed Income, discusses current opportunities and misperceptions in fixed income.
Discover fixed income opportunities
Changing economic orders

Deglobalisation, fiscal dominance and demographic change point to a world of greater volatility, higher inflation risk, and wider cross‑country divergence.
Assess long-term market shifts

Global Perspectives

Fixed income

Le Déluge: On the brink of a French fiscal crisis?

We consider the investment implications of France heading for a fiscal crisis, and how it is on the verge of a dramatic political shift.

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02 Oct 2026 5-7 min read

Fixed income

Bottlenecks and chokepoints: the new global battleground

As geopolitical competition intensifies, control of critical trade routes, infrastructure, resources and financial systems is becoming increasingly important.

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30 Sep 2026 5-7 min read

Fixed income

Higher Treasury yields may present opportunities

Long-dated US Treasury yields have hit the headlines, as the Treasury intervened in the market.

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02 Sep 2026 5-7 min read

Fixed income

Can high yield compete with private credit?

For investors’ next marginal fixed income allocation, we believe high yield bonds could be worth considering against private credit in the current environment.

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31 Jul 2026 8-10 min read

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Market viewpoints

November 2026

AI is starting to create a credit market within a credit market

The financing requirements associated with the AI build-out are enormous, and that is beginning to produce very different market dynamics for hyperscalers relative to the rest of investment grade credit. New issuance is putting pressure on hyperscaler spreads, while investors appear willing to pay for diversification elsewhere in the market. For now, we view this more as a sector-specific technical challenge than a broader deterioration in credit fundamentals. But with the scale of capital required unprecedented in both size and duration, we believe it is a dynamic that investors cannot afford to ignore.

Adam Whiteley Head of Global Credit
In our view, European credit is beginning to look attractive again

Recent volatility has pushed European credit spreads to more attractive levels, while the underlying technical picture remains supportive. With corporate fundamentals still relatively strong, we think current valuations offer potential opportunities, although a likely heavy new-issuance calendar means selection should remain important.

Bonnie Abdul-Aziz Head of European Credit
We believe the fiscal tables are turning in favour of emerging markets

One of the most striking features of today's fixed income landscape is the contrast between emerging and developed markets. Many emerging-market sovereigns enter this period with stronger fiscal and external positions, while corporate leverage is also lower than in developed markets. At the same time, EM corporates benefit from shorter duration and a very different supply picture, with net supply remaining negative. These structural improvements help explain why the asset class has remained resilient despite considerable global volatility.

Rodica Glavan Head of EM Corporate Fixed Income