The summer was characterised by limited volatility in risky assets, but a sharp rise in bond yields, particularly at the long end of global curves. Growth remains solid, especially in the US, while concerns around fiscal deficits and government funding costs are increasing.
Against this backdrop, duration is starting to offer attractive opportunities, while credit spreads remain very tight.
High interest rates are also becoming increasingly relevant for both economies and governments.
Overall, the environment calls for caution on credit and greater attention to opportunities in duration.
Watch the latest analysis by Gabriele Foà (Global Credit Portolio Manager, Algebris Investments).
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