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Looking below the surface of fixed income markets: 360°, Q2 2021

What is our current view of fixed income markets? And where do we see the best relative value? In our latest edition of 360°, Andrew ‘Jacko’ Jackson, Head of Fixed Income, and our team of specialist investors consider the areas that have the potential to deliver superior risk-adjusted returns.

There remain many challenges ahead for credit markets

On the surface, fixed income markets has been pretty quiet but, below the surface, the currents have been violent.
Although many of us were focussed on the possibility of this, it has caught market participants off guard, particularly those for whom rates have been a permanent source of income: consistent, solid, one way and always positive.

Investment grade corporate credit spreads have barely moved over the quarter either in Europe or in the US. Yet, the asset class has had one of its most negative, and most volatile, quarters ever. The US Investment Grade Corporate Credit index lost 4.5% in the first quarter of 2021, making it the