Disclaimer: Views in this blog do not promote, and are not directly connected to any L&G product or service. Views are from a range of L&G investment professionals, may be specific to an author’s particular investment region or desk, and do not necessarily reflect the views of L&G. For investment professionals only.
Active fixed income
Are cashflows the new growth in global high yield? Why HALO assets matter again
As the global high yield market is increasingly defined by dispersion, investors may be rewarding certainty over potential. Businesses with scarce physical assets and resilient... 
Beyond nationalisation: A partnership model for UK water?
The debate around UK water is increasingly framed as a choice between private ownership and nationalisation. We explore whether a partnership model, combining private capital... 
AI enters its political phase: implications for US credit
As the AI buildout collides with US politics, we believe US credit investors will need to weigh supply pressure, infrastructure constraints and issuer dispersion against... 
Growth signals beneath the surface
While oil prices and government bond yields have dominated market attention, resilient economic growth, China’s policy response and the AI investment boom may offer more... 
France’s fiscal problem: chronic or acute? The debate driving European rates
As France's fiscal challenges deepen, investors face a crucial question: is this a lingering vulnerability or the start of a broader Eurozone stress event? 
Why this Fed hiking cycle may not matter
Our take: It may restore Fed credibility, but it is unlikely to materially change the inflation or economic backdrop, creating potential opportunities for investors. 
US Fed hike reinforces the case for dynamic duration management
The recent rise in front-end yields amid a shifting outlook for US rates has reinforced our belief in a dynamic approach to duration. 
Europe's political realignment: when politics matters for credit
Political change becomes consequential for credit when it alters borrowing needs, the cost of funding or the institutional support on which markets rely. 
Higher long-term Treasury yields in context
Framing the rise in long-term Treasury yields this as a uniquely US fiscal story misses the bigger picture. The forces influencing long-term rates are global,... 
Mind the cap(ex): why sterling credit may be less exposed to the AI debt wave
The race to build AI is reshaping corporate bond markets. Could the sterling market’s relative insulation offer some potential benefits? 
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