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360° - Fixed Income Report, Q3 2018

When I started writing this launch issue of 360°, I aimed to provide catchy, easy-to-understand predictions followed by non-consensus opinions that would grab your attention. Unfortunately, I can’t give you either: disappointingly, my core views are currently profoundly vanilla.

A summary of my core views is as follows:

  • Credit fundamentals and affordability are positive.
  •  Having been stretched, valuations are now more attractive and the relative value of credit against equities appears favourable.
  • Technicals are severely stretched in certain credit sectors, but are broadly neutral or positive.
  • The complexity and illiquidity premia of certain sectors and instruments still offer significant value for investors with the required access and tolerance for risk.

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