For investment professionals only. Not for onward distribution. Issued by M&G Securities Limited and M&G International Investments Ltd. Both are authorised and regulated by the Financial Conduct Authority in the UK. Please see Bondvigilantes.com for further information.

 

 

After a rollercoaster week for equity markets, which saw the VIX volatility index spike to one of its highest ever levels, I’m joined this morning by Craig Moran, fund manager in M&G’s multi asset team. Tune in as we discuss what drove the correction, whether it’s likely to prove a short term risk-off event or a longer-term market reversal, and how much further equities can potentially rally, given government bond yield levels today.

For investment professionals only. Not for onward distribution. Issued by M&G Securities Limited and M&G International Investments Ltd. Both are authorised and regulated by the Financial Conduct Authority in the UK. Please see Bondvigilantes.com for further information.

 

 

Subordinated debt enjoyed an excellent year in 2017, AT1 (Additional Tier 1) bonds in particular. But what are the unique features of this sub-asset class and do AT1 bonds still offer value? M&G credit analyst Mark Robinson, who focuses on the banking sector, joined me this morning to explain the challenges that today’s tight spread levels potentially hold for investors.

 

For investment professionals only. Not for onward distribution. Issued by M&G Securities Limited and M&G International Investments Ltd. Both are authorised and regulated by the Financial Conduct Authority in the UK. Please see Bondvigilantes.com for further information.

 

 

Having eventually emerged from the shadow of its lost decades, Japan is currently enjoying its second-longest economic expansion since World War II, having grown for seven successive quarters. John Lothian, deputy fund manager on M&G’s Japanese equity portfolios, joined me this morning to discuss the outlook for the BoJ and what the positive macro-outlook means for Japanese asset prices.

For investment professionals only. Not for onward distribution. Issued by M&G Securities Limited and M&G International Investments Ltd. Both are authorised and regulated by the Financial Conduct Authority in the UK. Please see Bondvigilantes.com for further information.

 

While you’ve probably heard about President Trump’s success in pushing through a package of tax reforms – arguably his biggest achievement to date – did you know that its requirement for companies to repatriate cash is mandatory? Or, that in most cases this has already taken place? Tune in for this week’s edition of BVTV, where M&G credit analyst Simon Duff gives us the bigger picture of what the reforms mean for the telecoms sector and bond market issuance.

 

For investment professionals only. Not for onward distribution. Issued by M&G Securities Limited and M&G International Investments Ltd. Both are authorised and regulated by the Financial Conduct Authority in the UK. Please see Bondvigilantes.com for further information.

 

After such a good run for credit spreads in 2017, and a more challenging start to the New Year for government bonds in particular, are we right to be more cautious about prospects for markets in 2018? Fund manager Wolfgang Bauer joins me to discuss what’s behind the recent sell-off in bunds and Treasuries, and what we can read into primary market activity so far in January.

Plus, will the ECB still be buying bonds by the end of 2018 and – perhaps even more importantly – will Germany win football’s World Cup? Watch our first episode of the year for Wolfgang’s predictions.

For investment professionals only. Not for onward distribution. Issued by M&G Securities Limited and M&G International Investments Ltd. Both are authorised and regulated by the Financial Conduct Authority in the UK. Please see Bondvigilantes.com for further information.

 

It’s Christmas jumper time! In our final BVTV of 2017, fund manager Ben Lord joined me to assess bond market returns this year and share his thoughts on the outlook for growth and UK monetary policy.

Tune in to hear Ben’s credit views, and what’s on his wish-list for markets in 2018.

For investment professionals only. Not for onward distribution. Issued by M&G Securities Limited and M&G International Investments Ltd. Both are authorised and regulated by the Financial Conduct Authority in the UK. Please see Bondvigilantes.com for further information.

 

This week Stefan Isaacs joins me to review the year that was. Sitting on a bond desk in the City of London, it appeared to be a solid but pretty dull year for fixed income markets. Fortunately, we had the drama of Brexit negotiations and Donald Trump to keep us occupied over the course of the year.

I also question Stefan about his 2018 outlook for bond markets, and whether Liverpool can actually go all the way and win the UEFA Champions League. Spoiler alert: no.

For investment professionals only. Not for onward distribution. Issued by M&G Securities Limited and M&G International Investments Ltd. Both are authorised and regulated by the Financial Conduct Authority in the UK. Please see Bondvigilantes.com for further information.

 

Following on from last Friday’s suspenseful draw for next summer’s World Cup in Russia, we thought it would be a good moment to take a closer look at some of the 32 qualifying nations, and see how they stack up from the perspective of our bond market experts. I am joined in the studio by Fund manager Wolfgang Bauer, and we discuss some of the pressing macro issues facing this eclectic mix of DM and EM countries, and consider what lies ahead in 2018.

For investment professionals only. Not for onward distribution. Issued by M&G Securities Limited and M&G International Investments Ltd. Both are authorised and regulated by the Financial Conduct Authority in the UK. Please see Bondvigilantes.com for further information.

 

A number of asset classes, including listed infrastructure assets, have benefited from the global search for yield that has taken place following a collapse in short and long-term government bond yields. But what if the positive tailwinds of low interest rates and inflation start to reverse? Whilst the current consensus is that monetary policy stimulus will be removed at a very gradual pace, it is important to acknowledge that a sharp rise in inflation may see a policy response in the form of much higher interest rates. Listed infrastructure companies are generally viewed as being highly sensitive to interest rate rises given they generally carry more debt than other companies.

To discuss the impact of higher interest rates, this week on BVTV I’m joined by Fund Manager Alex Araujo for a quick-fire round of questions on listed infrastructure assets.

For investment professionals only. Not for onward distribution. Issued by M&G Securities Limited and M&G International Investments Ltd. Both are authorised and regulated by the Financial Conduct Authority in the UK. Please see Bondvigilantes.com for further information.

 

Jim Leaviss, Eric Lonergan and Tristan Hanson, three fund managers from M&G’s retail fixed interest and multi-asset teams, debated some of the most pressing macroeconomic questions of the day over a pint during a recent visit to Ireland. In the fourth of a series of four podcasts, listen to M&G’s Jim Leaviss, Eric Lonergan and Tristan Hanson share their thoughts on Western economies’ debt levels.