Putting the ESG into real estate
Fast reading: ESG highlights: An overview of how our real estate investments performed on net zero, renewable energy, waste reduction, biodiversity and green certifications. How we do it: An overview of how the Real Estate team has developed its ESG integration, including governance and oversight, performance targets, due diligence and responsible management. Case studies: Fleet […]
The time is now: Creditors to negotiate stronger covenants in 2023
Conditions in global credit markets have materially changed over the course of 2022. Tightening policies by central banks to control inflation and investors’ fears of economic slowdown has resulted in a material jump in corporate borrowing costs, a significant reduction in primary issuance and a deterioration in the secondary market. However, we see a silver […]
Fiorino: Leverage will tear us apart, again
On November 8, the blood moon eclipse pushed more earthbound topics – such as war, inflation and near collapse of the UK financial system – momentarily to the sidelines as people around the world paused to marvel at the blushed red hues of our nearest celestial neighbour. Some may have gazed up and wondered how […]
ESG Materiality, Q4 2022
Key voting season trends in emerging markets
Emerging market debt: Darkest before dawn
Within the fixed income spectrum, EMD offers particularly compelling value on account of already having priced in much of the risk that other asset classes must negotiate in the year to come. Following the bruising sell-off in the first six months of the year, 20% of the EMD universe trades at over 1000bps in spread […]
Sustainable Global Equity Report, Q4 2022
The inflation game-changer
Will Brazil’s outperformance continue under Lula?
Brazil is at the end of its monetary tightening cycle; inflation is slowing down, and the country is richly endowed in energy and commodities. Since the start of the war in Ukraine, Brazil has seen inflows worth about US$9bn into local equities. For bond markets, Lula’s victory in the presidential election could mean a shift […]
Credit markets? They’re too cheap to ignore
Fast reading: Yields and prices are at levels we have not seen for more than a decade, indicating that a moderate recession and even some systemic stress are already in today’s prices. Investors in the investment grade market today are receiving a yield similar to one year ago from a CCC-rated index. How does credit […]
The art of going against the grain
Asia ex-Japan’s ten-year anniversary
‘Tis the season to be jolly? The retail outlook says otherwise
The economic outlook continues to weaken amid political and financial market turmoil. UK retail sales declined more than expected in September with volumes down by 1.4%, driven by rising prices and the cost of living crisis – and further exacerbated by the unplanned bank holiday heralded by the state funeral of Queen Elizabeth II. This […]
