The Weekly Fix

It’s one of the riskiest trades hiding in plain sight: the Treasury basis trade.

In today’s episode of The Weekly Fix, Neil Sun, Portfolio Manager on the BlueBay US Fixed Income team, unpacks the Treasury basis trade and how it works, why it’s grown to a $600B+ behemoth, and what could go wrong. In a market built on leverage, even small cracks can cause big waves.

Neil explains why regulators are watching closely, and what investors should monitor going forward.

After a volatile start to April, High Yield markets are regaining momentum. Peter Keenan, Senior Trader on the BlueBay US Fixed Income team, discusses the rally off post-Liberation Day lows, what new issue performance tells us about investor demand, and why liquidity in the secondary market remains strong.

With earnings season in full swing and Treasury yields swinging, Peter shares why patience and a sharp eye for quality remain key for credit investors right now.

Tim Leary, Senior Portfolio Manager on the BlueBay US Fixed Income team, puts it plainly: the market expected a tariff hammer and got a bulldozer.

President Trump’s aggressive trade measures are shaking global markets, driving volatility in commodities, pressuring corporate margins, and prompting boardrooms to reassess guidance. But amid the noise, Tim highlights a resilient U.S. economy and a liquid, high-quality high yield market that’s presenting new opportunities for investors willing to adapt. The playbook from 2024 won’t work in 2025. It’s time for a new approach

In a high-rate, high-volatility environment, floating rate loans still offer opportunity—if you know where to look. Madison Pozzi, Assistant Portfolio Manager & Trader on the BlueBay US Fixed Income team, explains how tariffs, supply chain surprises, and ETF selling are reshaping market dynamics—and why active management matters more than ever.

A global selloff, a weaker dollar, and rising inflation fears. President Trump’s April 2nd tariff announcement has triggered one of the most volatile market weeks in recent memory. Laurie Mount explains how the sweeping trade policy shift is shaping investor behavior and why short-duration and cash strategies are in high demand.

As tariff speculation peaks ahead of President Trump’s announcement on Liberation Day, market volatility continues to rise. Matthew Maggio dives into how tariff uncertainty, inflation fears, and shifting consumer sentiment are affecting credit markets—especially in sectors like autos and building products.

Tariff talk continues to rattle markets. And with declining sentiment, cautious retail spending, and the Fed’s inflation concerns mounting, the U.S. economy is showing signs of a slowdown.

Mindy Gudmundson, Institutional Portfolio Manager on the BlueBay U.S. Fixed Income team, breaks down the economic uncertainty created by the Trump administration’s tariff threats—and what it means for markets, consumer behavior, and Fed policy.

Asset-Backed Securities (ABS) have evolved far beyond their origins in auto loans and credit cards—now spanning from music royalties to fiber networks. How can investors use this market to manage risk while maintaining yield?

Eric Hathaway, Portfolio Manager on the BlueBay U.S. Fixed Income team, explains why ABS remains a defensive favorite, offering built-in structural protections, shorter duration, and yields that compete with riskier assets

The tides are shifting between the U.S. and Europe. Neil Sun, Portfolio Manager on the BlueBay U.S. Fixed Income team, explores how Germany’s bold €500 billion infrastructure plan is reshaping European markets, while U.S. growth fears resurface, triggering a reversal in the “American exceptionalism” trade. Are we nearing a fixed income buying opportunity?

Spreads are tight, inflows are steady, and private markets continue to evolve. Tim Leary, Senior Portfolio Manager on the BlueBay U.S. Fixed Income team, explores why U.S. High Yield and Investment Grade bonds have delivered solid returns early in 2025, despite slight spread widening.