Morningstar: Candriam versus AXA in global high yield bonds
During the first quarter of 2025, the European Central Bank and the Bank of England cut rates as inflation fell, and markets reacted positively to an announced 1 trillion euro package for defense and infrastructure spending in Germany. Shorter-duration bonds outperformed longer-duration bonds—paving the way for high-yield fare, which typically has a shorter duration than investment-grade fare.
Morningstar: Pimco versus Invesco in global investment-grade corporate bonds
Yields on 10-year US treasury bonds and government bonds in Europe remained high coming into 2025, and continued with 2024’s historically tight spread levels versus corporate credit. Still, some investors appear reluctant to take large directional macro bets as uncertainty around the possibility of policy changes in the US remains high.
Morningstar: Barings versus T. Rowe Price in global high yield bond
Bond markets struggled in the fourth quarter of 2024. Inflation proved sticky in the US, dampening hopes of larger interest-rate cuts and sending long-term bond yields higher. In Europe, political volatility in France and Germany, along with a more moderate outlook for ECB rate cuts in the coming year, dragged bond returns lower.