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Through our various publications, our portfolio managers and product specialists take a close look at current developments and market trends.

Investment Grade

October 9, 2026

Automotive Sector: The Clock Is Ticking

German automakers have not yet been able to stabilize their profitability. For now, most are offsetting the rising business risk with robust balance sheets—but they must use this time to make structural adjustments.

Multi Asset Credit

July 3, 2026

The New Divergence in Credit

Rather than geopolitical risks or growth concerns, another trend is currently shaping the credit markets: the growing divergence between government and corporate balance sheets. While many governments continue to increase their debt, companies are responding to higher financing costs with balance-sheet discipline and debt reduction.

Where oil price risk is actually priced in credit

Investment Grade

March 9, 2026

Where oil price risk is actually priced in credit

The recent escalation in the Middle East, particularly around Iran, has once again put the oil market in the spotlight – but for credit investors the really relevant question is a different one: Where is oil price risk even compensated for in credit? The answer is neither trivial nor intuitive – and has direct consequences for portfolio construction.

Investment Grade

October 9, 2026

Automotive Sector: The Clock Is Ticking

Multi Asset Credit

July 3, 2026

The New Divergence in Credit

Investment Grade

March 9, 2026

Where oil price risk is actually priced in credit

High Yield

February 25, 2026

The best high yield we’ve ever had!

Credit default rates in high yield are falling and is the market underestimating this development?

High Yield

February 13, 2026

Optional morality: The cool calculation in the high yield market

Die Vorgaben zur CO2-Einsparung aus Sustainability-Linked Bonds (SLBs) umsetzen oder doch lieber eine Strafe zahlen?

When market leaders stumble – dynamics in the advertising industry

Investment Grade

January 23, 2026

When market leaders stumble – dynamics in the advertising industry

Market leadership is not a sure-fire success – even in supposedly stable sectors such as the advertising industry. What was considered a solid position for years can be eroded by operational weaknesses and strategic mistakes. The latest shifts in the sector show this: Competitive position and credit quality are directly linked. For active credit investors, this results in both risks and opportunities.

High Yield

January 12, 2026

Senior secured high-yield bonds: More appearance than substance?

Senior secured high-yield bonds suggest security, but without genuine subordinated debt they often bear the full burden of losses in the event of insolvency. In the European high-yield market, the proportion of secured issues has risen sharply in recent years, which has diluted the economic value of seniority.

Multi Asset Credit

November 6, 2025

Divergence in the chemicals sector

Since the middle of the year, the spread difference between EUR investment grade and high yield chemicals has widened significantly. This divergence can be explained fundamentally and opens up selective opportunities.

Defensive sectors face challenges: Growing dispersion among utilities

Investment Grade

November 4, 2025

Defensive sectors face challenges: Growing dispersion among utilities

Utility bonds have always been regarded as the epitome of defensive investments. However, this sector is increasingly exposed to a field of tension between regulation, politics and demand. At first glance, this development is hardly visible, but there is growing heterogeneity within the sector.

High Yield

October 8, 2025

Rising Stars vs. Fallen Angels: New dynamics in the European high-yield market

The European high-yield-market has long experienced a dominant phase of “Rising Stars”. This trend will reverse in 2025: Higher refinancing costs and geopolitical risks will lead to more downgrades of “Fallen Angels”. Investors must now manage risks more closely.

Emerging Markets

August 6, 2025

Emerging Markets Bonds: Hidden Opportunities for Investors

The risk premiums of emerging market bonds are approaching their historic lows, making the market segment appear relatively expensive at first glance. However, those who only look at the surface overlook the fact that the credit quality and resilience of the market have improved noticeably in recent years. At the same time, local growth momentum remains positive.

Recap: Comparison of the credit markets – 2024 vs. 2025

Investment Grade

July 18, 2025

Recap: Comparison of the credit markets – 2024 vs. 2025

How reliable were our analyses and forecasts in last year’s dynamic market environment? In the following review, our Senior Portfolio Manager Steffen Ullmann takes stock of our assessments in the investment grade market in 2024 in an open and well-founded manner.

Energy service providers in transition – consolidation should strengthen credit quality

Investment Grade

June 11, 2025

Energy service providers in transition – consolidation should strengthen credit quality

The current weakness in oil is leading to higher risk premiums – but beneath the surface, the sector is changing fundamentally. The ongoing consolidation in the oil service segment is structurally strengthening business models, improving cash flow quality and creating new investment opportunities. Why selective credit investors should now take a particularly close look.

Gold miners in credit focus: operational strength meets structural limits

Investment Grade

May 27, 2025

Gold miners in credit focus: operational strength meets structural limits

Gold price at record levels – but what does this mean for credit quality? While the operating figures of many gold miners are improving in the short term, structural limitations remain.

Investment Grade

May 5, 2025

25 years of the Euro Investment Grade Market: a European success story with question marks

It was a time of great hopes and bold visions: When the euro saw the light of day a quarter of a century ago, its architects dreamed of a currency that would stand up to the dollar. Today, 25 years later, the evolution of the euro investment grade market tells a fascinating story – albeit one with surprising twists and turns and a thoroughly ambivalent finale.

Rethinking credit: A new market regime requires new principles

Multi Asset Credit

April 28, 2025

Rethinking credit: A new market regime requires new principles

We are not living at the beginning of change, we are deep within it.

EUR Credit bucking the trend – but how long will the resilience last?

Investment Grade

March 24, 2025

EUR Credit bucking the trend – but how long will the resilience last?

The EUR credit market has recovered significantly since the beginning of the year. Spreads have fallen from 95 basis points to 79 basis points in the meantime – even geopolitical uncertainties and structural fiscal changes in Germany have not slowed this trend. At the same time, the spread to USD credit markets has narrowed to a historically low level. But is this a sign of strength – or a warning signal?

End of the Reverse Yankee boom? Interest rate turnaround in Europe changes the market for Euro US bonds

Investment Grade

March 18, 2025

End of the Reverse Yankee boom? Interest rate turnaround in Europe changes the market for Euro US bonds

Reverse Yankees – Euro bonds issued by US companies – started the year strongly, but the interest rate turnaround in Europe has put an abrupt end to the boom. The shrinking interest rate differential is making EUR bonds increasingly unattractive as a source of refinancing – is there now a threat of a lasting market shift?

Preference for short and medium-term financing – Will companies’ bet on low yields pay off?

High Yield

February 27, 2025

Preference for short and medium-term financing – Will companies’ bet on low yields pay off?

Following a phase of issuance strikes due to higher interest rates, new issuance of European high-yield bonds is picking up again. However, issuers remain reluctant to commit to the current yield level in the long term and prefer short and medium maturities. Will the bet on further falling yields pay off?

New issue premiums under pressure – credit selection is becoming a decisive success factor

Investment Grade

February 25, 2025

New issue premiums under pressure – credit selection is becoming a decisive success factor

In recent years, the new issue premium has been a reliable source of returns for bond investors. In the current market environment, this advantage is increasingly disappearing. Especially in these challenging times, active management must demonstrate its added value.

High Yield

February 22, 2025

European high yield bonds – Unstoppable despite global uncertainties

Despite the threat of a trade war, zero growth in Germany and political uncertainty in Europe, the market for high yield corporate bonds is showing remarkable resilience. Risk premiums have been on a downward trend since mid-2022 and spreads for euro high yield bonds have reached their lowest level since mid-2017. But what does this mean for investors?

High Yield

November 25, 2024

Euro High Yield – An alternative to the 60/40 portfolio

Can high yield corporate bonds keep up with a traditional 60/40 portfolio? Our analysis shows: since 2003, European high yield bonds have achieved a similar performance to a traditional 60/40 allocation and with less volatility. A differentiated look at the facts and implications for institutional investors.

Macroeconomic pressures and corporate stability: BBB bonds under scrutiny

Investment Grade

October 28, 2024

Macroeconomic pressures and corporate stability: BBB bonds under scrutiny

The upcoming reporting season is an important indicator of whether current company valuations are still justified in the context of a disappointing European economy.

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