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 strategies
Navigating El Niño: the implications for EMD
We believe the extreme weather event will be a story of country specific outcomes, shaped by existing macro-economic factors. 
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... 
Navigating the AI financing cycle: When does capex become self-funding?
As hyperscalers invest heavily in infrastructure, debt markets are helping bridge the gap between today's spending and tomorrow's cash flows. 
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. 
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