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Fixed-Income
Firm
Type
Fixed-Income
August 2026
MidYear Credit Outlook: Adoption, Financing, and Investing in the Age of AI
Apollo
Research
23 Pages
Apollo explores the shifting credit landscape as persistent inflation forces a structural repricing of risk assets.
Fixed-Income
July 2026
Fixed income markets now demand a mix of tactical offense and resilient defense
Schroders
Research
17 Pages
Schroders argues fixed income now requires both tactical flexibility and resilient portfolio defense as rate paths, credit spreads, and regional cycles diverge.
Fixed-Income
July 2026
Old-Fashioned Bond Math for a New-Fashioned Fed
PIMCO
Research
5 Pages
In the Warsh Fed's new era of two-way risk, bonds offer something rare: potential downside risk mitigation that investors get paid to hold.
Fixed-Income
July 2026
Global Bond Diversification: Higher Yields and New Opportunities for Alpha
PIMCO
Research
8 Pages
PIMCO explains why higher starting yields and widening economic divergence may make global bonds more useful than domestic-only fixed income portfolios.
Fixed-Income
June 2026
H2 2026 Credit Outlook: The AI Buildout – Boom or Bubble?
Man Group
Research
16 Pages
Man Group examines how the AI infrastructure buildout is reshaping credit markets, with a focus on whether today’s surge in financing resembles a durable opportunity or a familiar bubble.
Market Outlooks
June 2026
2026 Mid Year Outlook: Taxable Fixed Income
Charles Schwab
Research
16 Pages
Schwab Asset Management says bond investors should still care about income, but avoid reaching too far out on duration.
Active Management
June 2026
Active versus Passive Management of Bonds (and why passive bond management is an oxymoron)
Research
66 Pages
The authors challenge the usual active versus passive investing story by focusing on bond funds.
Alternative Assets
May 2026
The Credit Market Lens: Differing Signals in BDCs, and Orderly Defaults in High Yield
PIMCO
Research
7 Pages
PIMCO analyzes how equity and credit investors are reassessing BDC valuations differently, and why high yield defaults continue to play out primarily through distressed exchanges.
Market Outlooks
April 2026
2026 credit market outlook: This side of paradise
Carlyle
Research
10 Pages
Carlyle argues that Q1’s funding liquidity shock may signal a turn in the credit cycle, not a crisis. BDC discounts, software loan stress, and weaker fund flows could shift bargaining power back toward creditors.
Financial History
April 2026
Reconstructing a Century of U.S. Corporate Bonds: Credit Risk in Historical Perspective
Research
65 Pages
The authors construct a new historical corporate bond database spanning 128 years, from 1895 to 2022, allowing them to estimate a corporate bond counterpart to the equity risk premium.
Fixed-Income
March 2026
When the Upside is Thin, Upgrade the Carry
GMO
Research
6 Pages
With investment grade spreads near historic tights, upside is limited and downside risk is rising. GMO explains why a shift toward high quality structured credit can improve carry, raise the spread break-even versus U.S. IG, and help limit mark-to-market downside when spreads widen.
Fixed-Income
February 2026
CTRL + ALT + CREDIT: Q4 2025 Market Review & 2026 Outlook
KKR
Research
22 Pages
While we are in a more mature stage of the cycle with public equity valuations broadly feeling rich and anticipated credit losses continuing to normalize, KKR believes this environment calls for selectivity rather than retreat.
Fixed-Income
January 2026
2026 Credit Outlook: Growing Divergence Amid AI’s Big Build-Out
AllianceBernstein
Research
11 Pages
AllianceBernstein expects a more uneven credit landscape in 2026, with dispersion rising as AI infrastructure spending reshapes winners and losers.
Fixed-Income
January 2026
Sovereign Bonds since Waterloo
Research
128 Pages
NBER studies foreign currency sovereign bonds as a long run asset class using a newly assembled price history stretching from 1815 to 2016.
Market Outlooks
January 2026
2026 Credit Outlook: From Scarcity to Selection—The Return of a Buyer’s Market
Apollo
Research
20 Pages
While economic growth in the US remains sufficient to support most corporate and consumer fundamentals, the balance of power in credit is changing.
Markets
January 2026
Investment Outlook
Loomis Sayles
Research
17 Pages
Loomis, Sayles and Company outlines a 2026 base case of healthy growth with moderating inflation, where earnings do more of the heavy lifting than valuation.
Fixed-Income
December 2025
Bond Market Focus: Yield Curves and Mean Reverting Rate Expectations
AQR
Research
14 Pages
Antti Ilmanen explores how yield curve shape reflects mean reverting interest rate expectations more than shifting term premia.
Fixed-Income
December 2025
Bond Market Focus Understanding Treasury Yields with Survey Data
AQR
Research
9 Pages
Antti Ilmanen uses survey data to break the United States 10 year Treasury yield into inflation expectations, real rate expectations, and bond risk premia.
Markets
August 2025
A Historic Dislocation: Opportunity at the Long End of the Municipal Curve
Morgan Stanley
Research
8 Pages
Morgan Stanley highlights the rare steepness in the municipal yield curve, with long-dated bonds underperforming short maturities by nearly 800 bps.
Markets
August 2025
The Calculus of Value
Oaktree
Article
1 Pages
Oaktree explains how investment success depends on understanding the relationship between price and intrinsic value rather than price alone.
Fixed-Income
July 2025
Fixed Income Outlook
BlackRock
Research
16 Pages
BlackRock emphasizes that today’s fixed-income landscape offers a generational opportunity, with historically high yields—particularly at the front end of the curve—making income more attractive than duration amid macro uncertainty.
Markets
May 2025
T-Bills and Chill…Most of the Time
Cambria Investments
Research
8 Pages
Cambria explores when investors should move beyond Treasury bills by using historical yield spreads to guide fixed income allocations.
Markets
May 2025
Credit market outlook
Apollo
Research
188 Pages
Apollo’s 2025 outlook highlights the resilience of global credit markets following a strong 2024, with spreads at or near multi-year tights.
Markets
April 2025
Why own bonds?
Wells Fargo
Research
16 Pages
Wells Fargo Investment Institute outlines five key reasons why bonds remain a vital component of diversified portfolios, even amid elevated interest rates and recent market volatility.
Markets
March 2025
When the Market Outgrows the Index
TCW
Research
3 Pages
TCW’s report examines the limitations of the Bloomberg U.S. Aggregate Bond Index (the "Agg") in representing the full spectrum of fixed income opportunities.
Markets
November 2024
Pricing of Corporate Bonds: Evidence From a Century-Long Cross-Section
Research
48 Pages
This study presents a comprehensive corporate bond return database covering 128 years of U.S. financial history, offering insights into pricing patterns and risk factors that were previously obscured by shorter data samples.
Markets
October 2024
Emerging Markets: The Biggest, Fastest Growing, and Arguably Least Understood Pool of Credit in the World
PIMCO
Research
11 Pages
Pimco published an overview of emerging market debt, which has surpassed U.S. corporate debt to become the world’s largest credit pool.
Markets
January 2024
Emerging Market Debt: A Once-in-a-Generation Opportunity
GMO
Research
6 Pages
GMO believes EM local currency debt deserves a prominent place in portfolios today due to relative value, diversification and potential alpha.
Markets
November 2023
Prime Time for Bonds
PIMCO
Research
8 Pages
PIMCO lays out its twenty twenty four asset allocation outlook arguing that bonds now deserve center stage in multi asset portfolios.
Global Macroeconomics
December 2022
Sea Change
Oaktree
Article
1 Pages
Oaktree Capital examines whether investors are experiencing only the third true structural shift in more than 50 years, driven by inflation and higher interest rates.
Global Macroeconomics
November 2022
Risk Off, Yield On
PIMCO
Research
6 Pages
PIMCO makes the case that higher yields have changed the playbook, bringing bonds back as a serious portfolio option.
Markets
September 2021
Navigating The Lowest-Yielding Bond Market In History
Man Group
Research
6 Pages
Man Group explores how investors can navigate what it calls the lowest-yielding bond market in history, where returns are structurally capped by yield levels.
Markets
March 2021
Why in the World Would You Own Bonds When…
Bridgewater
Article
1 Pages
Bridgewater Associates examines why ultra low bond yields, heavy debt issuance, and aggressive monetary stimulus may challenge bonds’ traditional role as a store of wealth.
Markets
March 2021
What To Do With The 40
Northern Trust
Research
9 Pages
Northern Trust examines the role of fixed income in portfolios, questioning what investors should do with the “40” in a traditional 60/40 framework as yields remain historically low.
Markets
January 2021
It’s Not a Bound; It’s an Opinion
AQR
Research
12 Pages
AQR examines how today’s low interest rate environment shapes expected returns across asset classes, arguing that rates are a dominant driver of long-term investment outcomes.
Markets
April 2020
Status Update: Coronavirus And EM Fixed Income In 2020 And Beyond
Ashmore
Research
11 Pages
Ashmore examines the rapid evolution of emerging markets fixed income, highlighting how the asset class has scaled into a meaningful share of global bond markets while remaining underrepresented in indices.
Markets
April 2020
Rebuttal To Carmen Reinhart And Kenneth Rogoff’s Proposal That Emerging Markets Suspend Debt Payments
Ashmore
Research
4 Pages
Ashmore examines whether emerging market sovereigns can sustain external debt payments amid the COVID shock, arguing solvency concerns are overstated despite sharp spread widening.
Markets
February 2020
The Passive Aggressive Agg, Revisited
GMO
Research
8 Pages
GMO explores whether the rise of passive investing has meaningfully altered market behavior, focusing on efficiency, valuation distortions, and opportunities for active managers.
Markets
August 2019
Credit Versus Equities: Investing Across The Capital Structure
PIMCO
Research
12 Pages
PIMCO explores how diverging corporate fundamentals are shaping outcomes across credit and equities, arguing that investors should think less in broad asset class terms and more in issuer-specific opportunities.
Portfolio Management
June 2019
Junk or Jewel? Assessing The Role of High-Yield Bonds in a Diversified Portfolio
Vanguard
Research
17 Pages
Vanguard examines whether high-yield bonds deserve a place in diversified portfolios, framing them as a hybrid between equities and traditional fixed income.
Markets
May 2019
High Profits at Low Rates : The Benefits of Bond Convexity
Portfolio Charts
Research
16 Pages
Portfolio Charts explores how bond convexity can drive strong returns even in low or falling rate environments, challenging the idea that low yields limit upside.
Markets
January 2019
False Alarm: The Case for Corporate Credit
Goldman Sachs
Research
8 Pages
Goldman Sachs Asset Management argues recent corporate credit spread widening is more noise than signal, suggesting markets may be overpricing recession risk.
Markets
October 2018
A Smarter Solution To Municipal Investing
Columbia Threadneedle Investments
Research
8 Pages
Columbia Threadneedle Investments outlines structural flaws in traditional municipal bond indices and presents a more flexible, active approach to navigating interest rate and credit risk in a fragmented market.
Markets
August 2018
Emerging-Market Bonds: A Fixed Income Asset With Equity-Like Returns (And Risks)
Vanguard
Research
16 Pages
Vanguard outlines the case for actively managed emerging market bonds, focusing on how disciplined security selection and risk control can potentially deliver consistent returns in a volatile asset class.
Markets
April 2018
Going Global With Bonds: The Benefits of A More Global Fixed Income Allocation
Vanguard
Research
16 Pages
Vanguard examines how hedged global bonds can reduce portfolio volatility without sacrificing returns, arguing fixed income diversification matters more than many investors assume.
Portfolio Management
April 2018
Common Factors in Corporate Bond Returns
AQR
Research
30 Pages
Ronen Israel, Diogo Palhares, and Scott Richardson examine whether familiar equity style factors can also explain corporate bond returns.
Markets
March 2017
The What-Why-When-How Guide to Owning Emerging Country Debt: 2017 Edition
GMO
Research
23 Pages
GMO explores how investors can approach emerging market debt across sovereign, local currency, and corporate bonds, emphasizing diversification, valuation, and active management.
Markets
December 2016
Century City
The Daily Dirtnap
Research
3 Pages
Daily Dirtnap examines how Steven Mnuchin’s Treasury ambitions, particularly ultra long bond issuance and tax reform, could reshape rates, yield curves, and risk sentiment.
Markets
September 2016
Closed-End Bond Funds
Morgan Stanley
Research
78 Pages
Morgan Stanley Wealth Management examines opportunities and risks across taxable and municipal closed end bond funds as investors chase yield in a low rate environment.
Markets
January 2016
Finding Yield in a 2% World
Cambria Investments
Research
7 Pages
Cambria examines how investors can improve global bond allocations by looking beyond traditional market capitalization weighted indexes and focusing on higher yielding sovereign bonds.
Markets
January 2016
The Global Income Investor Slide Pack
Societe Generale
Research
110 Pages
Societe Generale examines how the global hunt for income has reshaped equity investing, arguing that high quality dividend stocks may offer stronger long term risk adjusted outcomes than bonds or traditional yield strategies.
Markets
June 2015
The Case for International Fixed Income
Wells Capital Management
Research
7 Pages
Wells Capital Management argues international fixed income remains materially underowned despite representing 56% of the global bond market.
Markets
April 2013
High Yield and Bank Loan Outlook April 2013 (Guggenheim Partners)
BMO Global Asset Management
Research
1 Pages
Guggenheim Investments examines whether high yield bonds and bank loans remained attractive after a multi year rally despite growing bubble concerns.
Markets
January 2013
Expanding Horizons: The Most Difficult Environment for Generating Income in 140 Years
O’Shaughnessy Asset Management
Article
1 Pages
O'Shaughnessy Asset Management examines why the post crisis investing landscape created the toughest income generating environment in 140 years.
Markets
October 2012
The New World of Credit
The Credit Strategist
Research
10 Pages
The Credit Strategist examines how modern financial markets have become increasingly dependent on credit creation rather than capital formation.
Miscellaneous
December 2008
Volatility + Leverage = Dynamite
Oaktree
Research
13 Pages
Oaktree examines how excessive leverage combined with misunderstood risk turned a housing downturn into a financial crisis.
Miscellaneous
February 2007
The Race to the Bottom
Oaktree
Research
10 Pages
Oaktree Capital Management examines how abundant liquidity and intense competition can push investors and lenders toward weaker underwriting standards and greater risk.