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新兴市场债务并非单一投资品种；它涵盖以主要货币（如美元）发行的政府债券和公司债券，以及本币债券、货币和前沿市场。这些领域对全球经济增长、通胀、市场波动以及地缘政治局势的变化所作出的反应各不相同。

2026年，五大超大规模科技公司（微软、亚马逊、Alphabet、Meta和甲骨文）的资本支出将达到约8200亿美元，而其经营现金流仅为7500亿美元。这意味着它们的投资额超过了可用的现金流，这一资金缺口必须通过举债来填补。

This year, fixed income markets have exhibited elevated levels of interest rate volatility, whereas credit spread volatility has been more contained.

Convertible bonds allow investors to capture AI-driven growth while diversifying the risk associated with hyperscalers in equity indices.

Nicolas Faller, Co-CEO of UBP Asset Management, which oversees EUR 34 billion in AUM, expresses confidence in a swift resolution to the conflict with Iran.

Solid – but not overheated – growth could create fertile ground for carry-focused fixed income strategies in 2026.

The fund will invest in fixed-income strategies; a second fund to be launched next year will invest in a hedge fund of funds.

US labour market data indicates that the Federal Reserve is likely to maintain its monetary easing policy, a move that could have implications for bond markets.

The euro investment-grade (IG) credit market has historically delivered an average annual return of +2.8% since 2005. However, the past five years have proven particularly challenging, with returns stagnating at around 0.0%. This period was marked by a sharp 15% drawdown in 2022, driven by the energy crisis and surging inflation.

Despite headlines of fiscal risks and political unrest, Colombia, Chile, and Peru are defying expectations with their appreciating currencies, credible policies, and strong economic fundamentals.