Fixed Income – Page 9
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Asset Class ReportsFixed income & credit – No turning back for alternative credit
Investor demand for alternative lending strategies remains strong as the opportunity set grows
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Country ReportItaly: Private markets allocations at a crossroads
Italian pensions funds are showing renewed interest in fixed income, as investment in private markets slows down – but long-term commitments are still in place
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Country ReportCountry report – Pensions in Italy (July/August 2023)
Italian second-pillar occupational pension funds continue on their path to diversification. Owing to the higher yields on offer in traditional fixed income markets, allocations to private markets may slow down temporarily, but funds have made long-term strategic commitments. A variety of industry initiatives is facilitating investment in private equity, private debt and infrastructure. Meanwhile, some pension funds are consolidating their private markets portfolios.
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FeaturesIPE Quest Expectations Indicator: July 2023
The war in Ukraine is starting to look like a stalemate. This would be in Russia’s favour. Delivery to Ukraine of more of the tanks promised or fighters to contest Russian air control might lead to a breakthrough, but is unlikely to happen in the summer. In the US, Trump looks like a leading but weak candidate for the Republicans, even against a Democrat as unpopular as Biden. Legal pushbacks against the fight to prevent permanent climate change, notably in Texas, have the potential to cause a trade war with the EU. They illustrate how European and North American values are slowly drifting apart.
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FeaturesIPE Quest Expectations Indicator: August 2023
Politics is on hold until September. Normally, markets do not care and analysts reduce their activity. A political crisis in the Netherlands shows the danger. There are warnings from all sides that climate measures are ever more urgently needed. Markets need a clearer view of which products govern- ments will support with market-shaping measures and when, especially in the face of a faltering pace towards climate goals. Early signs of problems include a lack of capital for innovative start-ups and the increasingly loud voices of climate change deniers.
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AnalysisAnalysis: German states realign €30bn pension fund assets to stricter ESG standards
Four German states have recently revised their sustainable investment strategies, sticking to stricter ESG rules
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NewsSwiss pension funds set to change SAA to reach bond investment targets
According to Swisscanto, 17% of pension funds surveyed adjusted their strategic asset allocation, and 35% changed allocations tactically.
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NewsMandate roundup: Swiss pension fund tenders investment grade mandate
Plus: Swedish Fund Selection Agency hands mandate to Style Analytics
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NewsGerman BVV allocates €1.5bn to high rating investment grade bonds
The fund will pursue an active risk management approach, especially in volatile asset classes
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FeaturesFixed income, rates & currency: Strong labour markets surprise
Global purchasing managers’ index (PMI) data, which measures the state of the US economy, has been mostly strong, although manufacturing indices have been considerably weaker than services, perhaps reflecting their greater sensitivity to higher interest rates.
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Special ReportOutlook – Europe and the world: CIOs focus on bonds and quality stocks
With the prospect of weaker growth, volatility and higher inflation and rates, strategists argue for more selectivity in investments
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FeaturesIPE Quest Expectations Indicator: June 2023
Continued loud bickering between the Wagner Group and the Russian army is protecting Putin from both, worsening the outlook for peace, while there are multiple signs that military supplies are approaching exhaustion. The coalition supporting Ukraine is stronger than ever, showing increasing willingness to provide military aircraft. Yet the offensive expected in February has not started. In the US, Florida governor Ron DeSantis is damaging his position with an unproductive row with Disney, while Trump has moved closer to a prison term. Gas consumption in the EU is falling faster than expected, due to efficiencies like heat pumps, changeover to electricity and solar panels. Macron scored nicely by sponsoring the participation of Zelensky at the Hiroshima G7; Sunak failed to centre political attention on China.
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NewsItaly roundup: Previndai ups exposure to corporate, government bonds
Plus: Eurofer pushes on with direct investments
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NewsIceland’s pension funds fear €1bn losses under housing bond plan
Pension fund group says on firm legal ground, and warns the government of years in court
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NewsSurvey shows 65% of European institutional investors eye social bonds
Investors are, however, not prepared to pay a ‘social premium’ on social bonds
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NewsGermany’s BVK looks to expand investment grade bonds portfolio
Investment grade bonds have become ‘significantly more attractive’ because of increasing interest rates
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NewsIcelandic pension funds decry government reneging on housing bond terms
Pension funds are collectively largest owner of HFF bonds, which Icelandic government plans to terminate
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NewsComPlan to look at UN SDGs in private equity, debt investments
The scheme included physical and transitional climate risks in an ALM analysis for the first time last year
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NewsItaly roundup: BCC-CRA pension fund divests from private markets
Plus: Fondo Priamo increases number of members and contributions; Enpaia cuts real estate investments
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NewsFINMA faces further legal action for AT1 bonds write down
Migros Pensionskasse expects court to recalibrate supervisory authority’s decision
