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  • 03/04/2019
    Fixed Income
    Andrey Kuznetsov
    "Add a short extract from this post, that is 10-15 words."
  • 13/03/2019
    Fixed Income
    Nachu Chockalingam
    Opportunities to engage on ESG issues in EM credit are plentiful
  • 20/02/2019
    Fixed Income
    Andrey Kuznetsov
    Top-down and fundamental factors support robust performance by emerging-market credit instruments.
  • 25/10/2018
    Fixed Income
    Andrey Kuznetsov
    Latin American countries have been convulsed by political and economic tumult in recent months. On Sunday, Brazilian voters will go to the polls in the second-round runoff of a presidential election that has been dominated by three issues: economic weakness, corruption scandals and rising levels of violence.
  • 09/10/2018
    Fixed Income
    Eoin Murray
    In this podcast, Eoin Murray, Head of Investment, and Andrey Kuznetsov, Portfolio Manager in the Hermes Credit team, discuss the impressive growth of credit markets beyond the US and the compelling opportunities this presents for investors seeking greater diversification.
  • 18/09/2018
    Fixed Income
    Andrey Kuznetsov
    In this issue of Spectrum we discuss the impressive growth of credit markets beyond the US and the compelling opportunities this presents for investors seeking greater diversification. We also explore the potential for generating alpha through active engagement on environmental, social and governance (ESG) issues. The great European bond boom The eurozone crisis and Brexit have dominated headlines in recent years, but – behind the scenes – something of a mini-economic miracle has been taking place in the European credit markets: the rise of the European corporate bond. Before the launch of the euro in 1999, Europe’s corporate lending market was dominated by local banks operating at individual country level. However, in recent years, the powerful combination of the single currency’s growth, regulatory change and the development of a liquid corporate bond market has led to a boom in companies using the bond markets as a means of raising debt; the number of issuers coming to the high yield market has more than doubled in the last decade, from 139 in August 2008 to 283 as of August 2018. Source: ICE Data Indices LLC, Hermes Credit as at August 2018.
  • 28/08/2018
    Fixed Income
    Andrey Kuznetsov
    A currency crisis and a feud with the US has placed more pressure on the beleaguered Turkish economy in recent weeks. Andrey Kuznetsov, Portfolio Manager at Hermes Investment Management, assesses the country’s economic woes – and pockets of corporate strength and the opportunities they offer. The Turkish lira has lost more than a third of its value against the dollar so far this year as a rift with the US – over the continued detention of an American pastor in Turkey – added to concerns about President Recep Tayyip Erdogan’s influence over monetary policy. But cracks in the country’s economic foundation were already spreading before the spat with the US – and the Trump administration’s subsequent imposition of higher tariffs on imports of steel and aluminium from Turkey – accelerated the lira’s slide.
  • 21/06/2018
    Fixed Income
    Andrey Kuznetsov
    Turkish parliamentary and presidential elections will take place this Sunday amid a febrile political and economic climate. In recent months, the country has been grappling with double-digit inflation, a pressured lira and fears over the independence of its central bank. As voters prepare to go to the polls, we assess the investment landscape in Turkey. Turkey is no stranger to political instability. On Sunday, Turks will go to the polls for the sixth time in four years, and for the second time under emergency law after President Recep Tayyip Erdogan brought forward the election by 18 months. The move, Erdogan said, reflects the country’s need to “overcome uncertainty”, but critics argue he wants to push through the vote before the country’s economic woes get materially worse. In Turkey, polls are quite unreliable, but for now it looks like Erdogan will win the presidential race. However, it is likely that his victory will only be sealed in the second round run-off, which will take place on 8 July, should no candidate receive an outright majority this weekend. The parliamentary election, however, looks too close to call. There is a risk that Erdogan’s ruling AK Party and the nationalist MHP party will not retain a parliamentary majority after Sunday’s vote. But success for the opposition will probably make it more difficult to pass much-needed fiscal and structural reforms. Such an outcome would cause more uncertainty for the country and investors, and increase the likelihood of further elections.