Fixed-Income

Alternative Assets
May 2026

The Credit Market Lens: Differing Signals in BDCs, and Orderly Defaults in High Yield

PIMCO

Lotfi Karoui

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.

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Market Outlooks
April 2026

2026 credit market outlook: This side of paradise

Carlyle

Jason Thomas, Mark Jenkins

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.

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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.

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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.

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Fixed-Income
February 2026

CTRL + ALT + CREDIT: Q4 2025 Market Review & 2026 Outlook

KKR

Christopher Sheldon, Tal Reback

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.

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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.

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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.

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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.

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Markets
January 2026

Investment Outlook

Loomis Sayles

Craig Burelle

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.

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Fixed-Income
December 2025

Bond Market Focus: Yield Curves and Mean Reverting Rate Expectations

AQR

Antti Ilmanen

Research

14 Pages

Antti Ilmanen explores how yield curve shape reflects mean reverting interest rate expectations more than shifting term premia.

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Fixed-Income
December 2025

Bond Market Focus Understanding Treasury Yields with Survey Data

AQR

Antti Ilmanen

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.

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Markets
August 2025

A Historic Dislocation: Opportunity at the Long End of the Municipal Curve

Morgan Stanley

Craig Brandon

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.

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Fixed-Income
July 2025

Fixed Income Outlook

BlackRock

Rick Rieder

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.

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Markets
May 2025

Credit market outlook

Apollo

Torsten Slok

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.

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Markets
April 2025

Why own bonds?

Wells Fargo

Brian Rehling, Luis Alvarado, Tony Miano

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.

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Markets
March 2025

When the Market Outgrows the Index

TCW

David Vick

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.

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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.

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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. 

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Markets
January 2024

Emerging Market Debt: A Once-in-a-Generation Opportunity

GMO

Victoria Courmes

Research

6 Pages

GMO believes EM local currency debt deserves a prominent place in portfolios today due to relative value, diversification and potential alpha.

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Markets
November 2023

Prime Time for Bonds

PIMCO

Erin Browne, Emmanuel Sharef

Research

8 Pages

PIMCO lays out its twenty twenty four asset allocation outlook arguing that bonds now deserve center stage in multi asset portfolios.

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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.

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Markets
September 2021

Navigating The Lowest-Yielding Bond Market In History

Man Group

Jonathan Golan

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.

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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.

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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.

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Markets
April 2020

Status Update: Coronavirus And EM Fixed Income In 2020 And Beyond

Ashmore

Jan Dehn

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.

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Markets
April 2020

Rebuttal To Carmen Reinhart And Kenneth Rogoff’s Proposal That Emerging Markets Suspend Debt Payments

Ashmore

Jan Dehn

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.

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Markets
February 2020

The Passive Aggressive Agg, Revisited

GMO

Peter Chiappinelli

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.

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Markets
August 2019

Credit Versus Equities: Investing Across The Capital Structure

PIMCO

Mukundan Devarajan

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.

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Portfolio Management
June 2019

Junk or Jewel? Assessing The Role of High-Yield Bonds in a Diversified Portfolio

Vanguard

Kimberly Stockton

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.

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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.

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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.

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Markets
October 2018

A Smarter Solution To Municipal Investing

Columbia Threadneedle Investments

Catherine Stienstra

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.

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Markets
August 2018

Emerging-Market Bonds: A Fixed Income Asset With Equity-Like Returns (And Risks)

Vanguard

Daren Roberts

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.

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Markets
April 2018

Going Global With Bonds: The Benefits of A More Global Fixed Income Allocation

Vanguard

Todd Schlanger

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.

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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.

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Markets
January 2016

Finding Yield in a 2% World

Cambria Quantitative Research

Mebane Faber

Research

7 Pages

Cambria Investments explores whether investors searching for income in a low yield world should rethink global bond allocation and traditional debt benchmarks.

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Markets
June 2015

The Case for International Fixed Income

Wells Capital Management

Tony Norris

Research

7 Pages

Wells Capital Management argues international fixed income remains materially underowned despite representing 56% of the global bond market.

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