Fixed Income and Treasury - Articles & White Papers
White papers and reports on fixed income portfolio management and treasury management, examining issues related to the management of bond portfolios (from cash management through to longer-dated fixed income portfolio management). The most common fixed income research in this section covers specific elements of fixed income investing such as managing... cash investment portfolios, unconstrained fixed income investing, absolute return fixed income investing or fixed income overlay strategies. Other interesting topics within this section include fixed income attribution, responsible investment for fixed income investors, and factor models / smart beta approaches to fixed income portfolio management. Other popular articles and papers assess the valuation of fixed income securities, the expected returns from bonds, and the valuation of UK index-linked gilts and TIPS. Other popular papers cover bond ETFs, integrating ESG into fixed income, and issues surrounding negative yields. Unsurprisingly, a salary survey which details the salaries of fixed income fund managers has also proved popular.
This detailed report (169 pages) is a collaborative effort between CFA Institute and Principles for Responsible Investment. It provides important global insights into the ESG integration techniques of leading portfolio managers and analysts around the world.
Climate change could be one of the defining problems of the 21st century. Financial markets form part of the solution, but fixed income markets lag in their response. The ‘green’ bond market remains modest, with some environmentally conscious investors deterred by its lack of standardisation and uncompetitive returns. We…
eVestment analyzed the actions that U.S. public plans are taking to mitigate the downside risk from shifting and rising rates. In U.S. markets, this has resulted in a flattening yield curve and heightened awareness and anticipation of a U.S. rising rate environment.
As the global investment landscape continues to evolve, iShares aims to provide solutions to help clients overcome investment challenges. Institutions are increasingly using ETFs as tools to overcome these challenges, and our 2018 iShares institutional Guide to ETFs is a resource to help them navigate the ever-evolving ETF…
Unconstrained investing strategies can provide a solution. From an investment perspective, successful frameworks generate material return above the risk-free rate and have built-in drawdown protection. Meanwhile, thanks to their unconstrained and dynamic nature, these strategies can also work as an efficient governance…
SPDR ETFs’ inaugural Bond Compass report provides unique insight for investors via a snapshot of both fixed income flows & holdings indicators, extracted from a wider data set that represents $10 trillion of assets, and PriceStats®, an innovative inflation tool tracking daily price changes of millions of online items.
SPDR ETFs’ inaugural Bond Compass report provides unique insight for investors via a snapshot of both fixed income flows & holdings indicators, extracted from a wider data set that represents $10 trillion of assets, and PriceStats®, an innovative inflation tool tracking daily price changes of millions of online items.
The 2019 edition of J.P. Morgan Asset Management's Long-Term Capital Market Assumptions draws on the best thinking of our experienced investment professionals worldwide. Refined and expanded over 23 years, our in-depth, proprietary process provides 10- to 15-year risk and return projections for more than 50 strategy and…
Fixed-income investing hasn’t kept up with the rapid pace of technological innovation in the rest of the financial industry. But that’s about to change. Machines will empower humans to achieve unique insights and act faster in a market where speed and alpha are inextricably linked.
To analyse credit risks with greater precision, we developed a pricing model last year to capture the influence of environmental, social and governance (ESG) factors on credit spreads. It showed a convincing relationship between ESG risk and credit spreads, manifesting as an ESG-risk curve. After expanding this research, we…
Fixed income markets have undergone significant structural change since the 2008 financial crisis. These seismic shifts are forcing investors to adapt to a new market paradigm that will challenge not only how they trade fixed income, but also what types of products they use to build bond portfolios and manage risk.
Greenwich Associates conducted interviews with 87 institutions in the United States and Europe that currently utilize bond ETFs in their portfolios. The study found that due in large part to market liquidity and trading cost issues, 60% of institutions have increased their use of bond ETFs in the past three years, with…
A decade after the worst of the Global Financial Crisis (GFC), Nathan Sheets, PhD, former director of the Division of International Finance for the Federal Reserve Board, looks back at the instability of the global financial system and details the role of the Federal Reserve as the international lender of last resort.…
The implementation of Europe's money market fund reform is imminent, with all existing MMFs required to comply with the new regulations by 21 January 2019. Are you prepared?
This Research Foundation brief explores various dimensions of the high-yield bond market. One contributor decomposes returns and relates risk and associated risk premiums via an econometric fair value model. Another illustrates principles of credit analysis via a case study involving a debt-financed merger. A third…
Institutional investors are increasingly recognizing the benefits of bond ETFs. In the three years since BlackRock first published the Guide to Bond ETFs, a diverse set of asset managers, insurers and pensions have adopted ETFs for the first time. Even active bond buyers are supplementing portfolios of individual issues with…
Most investors are familiar with equity index investing, but less so with indexing in fixed income. As a result of this lack of understanding, a growing number of publications are questioning the validity of bond indexing.
BlackRock would argue that fixed income indexing transforms a highly fragmented and…
The institutions participating in the Greenwich Associates 2017 U.S. ETF Study are preparing their investment portfolios for the return of volatility and the shift to a rising interest rate environment. As part of those efforts, they’re increasing their use of ETFs and integrating the funds into more sophisticated portfolio…
