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Delta: what US-China tensions mean for credit investors, and volatility’s tale of two quarters

3 ^rd April 2019

With Chinese companies now accounting for almost one-third of emerging-markets corporate debt, what are the implications of the US-China trade war for credit investors?

Welcome to Delta, our monthly fixed-income podcast hosted by Andrew Jackson, who leads Hermes’ investment efforts in the asset class.

In this launch episode, ‘Jacko’ explores two topics that are front-of-mind for credit investors: the impact of US-China trade tensions on markets – particularly since Chinese corporate debt now comprises 27% of the relevant emerging-market benchmark – and how the steep rise and stunning decline of volatility in the last two quarters is influencing the options landscape.

To cover these subjects, he is joined by two colleagues in the Hermes Fixed Income team who focus on these matters day in, day out:

Nachu Chockalingam, Senior Portfolio Manager – Emerging Market Debt
Vincent Benguigui, Portfolio Manager – Index Options

And, in a regular feature of the podcast, he turns to the market to address a key concern among investors. This month, he provides an explanation of why strategic-bond funds are falling out of favour.

Tune in to Delta.

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Andrew Jackson

Head of Fixed Income and Lead Portfolio Manager

Andrew joined Hermes in April 2017 as Head of Fixed Income. He is responsible for leading the strategic development of Hermes’ credit and direct lending investment teams, and developing a multi-asset credit offering capable of accessing all areas of the global credit markets for pension funds and other long-term institutional investors.

Andrew joined from Cairn Capital, where he was Chief Investment Officer. In this role, Andrew was responsible for the development of the asset management business, which included designing new products and managing the investment teams, including strategy, portfolio management and research. He has managed assets across the spectrum of global credit and fixed income. He was previously vice president within the European credit structuring team at Bank of America and has held roles with Fitch Ratings and PricewaterhouseCoopers. Andrew holds a BSc degree in Mathematics & Theoretical Physics from Kings College London.

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