by Global Investment Management | Apr 28, 2025 | Nicht kategorisiert
Steffen Ullmann Senior Portfolio Manager – Investment Grade Rethinking Credit: A New Market Regime Requires New Principles We are not living at the beginning of change, we are deep within it. April 2, 2025 will go down in history as a turning point. What was...
by Global Investment Management | Mar 24, 2025 | Nicht kategorisiert
Steffen Ullmann Senior Portfolio Manager – Investment Grade The EUR credit market has recovered significantly since the beginning of the year. Spreads have fallen from 95 basis points to 79 basis points in the meantime – even geopolitical uncertainties and...
by Global Investment Management | Mar 18, 2025 | Nicht kategorisiert
Steffen Ullmann Senior Portfolio Manager – Investment Grade Reverse Yankees – Euro bonds issued by US companies – started the year strongly, but the interest rate turnaround in Europe has put an abrupt end to the boom. The shrinking interest rate...
by Global Investment Management | Feb 27, 2025 | Nicht kategorisiert
Thomas Rentsch Senior Portfolio Manager High Yield Following a phase of issuance strikes due to higher interest rates, new issuance of European high-yield bonds is picking up again. However, issuers remain reluctant to commit to the current yield level in the long...
by Global Investment Management | Feb 25, 2025 | Nicht kategorisiert
Steffen Ullmann Senior Portfolio Manager – Investment Grade In recent years, the new issue premium has been a reliable source of returns for bond investors. In the current market environment, this advantage is increasingly disappearing. Especially in these...
by Global Investment Management | Feb 22, 2025 | Nicht kategorisiert
Thomas Rentsch Senior Portfolio Manager High Yield Despite the threat of a trade war, zero growth in Germany and political uncertainty in Europe, the market for high yield corporate bonds is showing remarkable resilience. Risk premiums have been on a downward trend...