Treasury yields reflect a curious equilibrium to start the year
As we begin the new year, actual and implied volatilities in the US Treasury market have fallen to four-year lows, returning to levels that were common before the pandemic. Of course, the last four years included a number of disruptors: the inflation surge to multi-decade highs; the Federal Reserve’s (Fed) rapid tightening to suppress inflation; the Silicon […]
Meet the Manager: Nick Tripodes
My name is Nick Tripodes, and I’m a Portfolio Manager and Head of the Low Duration Structured Products team. We are responsible for all portfolio management of active cash and low duration products, and investment research and structured products including asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS). How have you seen the firm evolve […]
Why our improved credit outlook explains tight spread levels
360°, Q4
The Bull, the Bear and the Bubble
The question of whether we are in an ‘AI bubble’ or not is one of great concern to many of our clients. Recently the phrase, “is the stock market a bubble,” has been searched more than any time in history on Google and, yes, ChatGPT. The word “bubble” alone seems designed to send chills up […]
Will EMD outperformance continue in 2026?
EMD Q4 report
Return to quality
Chartology
Glass box quant at MDT Advisers
Fast reading MDT’s model learns patterns from historical data and makes improvements over time, which gives an edge in both experience and refinement. The ‘glass box’ approach is one of the defining principles of MDT Advisers’ investment philosophy and is a commitment to transparency in its quantitative models. Large language models like ChatGPT are not […]
FHL co-sponsors research into insurers’ sustainability journey
Fast reading Insurance companies are broadly positioned as ‘responsible investors.’ Some firms are deploying capital intentionally to generate measurable impact. Underwriting and investment strategies, developed in isolation, are beginning to converge into organisation-wide climate approaches. UK insurers are increasingly embedding sustainability across their business and are now building out their strategies to finance the climate […]
Why tokenise money market funds?
Fast reading Federated Hermes is actively collaborating with financial institutions and technology providers to explore blockchain-based distribution channels. These efforts aim to improve flexibility and accessibility without changing the underlying structure of MMFs. These innovations are particularly relevant for investors seeking faster settlement, real-time reporting, and streamlined compliance. Read More Watch now Listen now Read […]
Fiorino: CoCo confusion – the new debt-equity duality
Contingent convertible (CoCo) bonds are the ultimate ‘quantum’ capital instrument, behaving as either debt or equity depending on circumstances. Until those circumstances are defined, CoCos hold a unique position on bank balance sheets as both debt and equity – able to occupy two states simultaneously – rather like the cat in the box in the […]
