Global Fixed Income Weekly: Musings (2024)

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334195-TMPL-09/2023-1869748

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5.s presented in the document are based on a series of assumptions and judgments as of the date of the presentation. These forecasts are subject to change without notice and may not account for the specific needs of individual clients.

  1. **resented in the document are based on a series of assumptions and judgments as of the date of the presentation. These forecasts are subject to change without notice and may not account for the specific needs of individual clients.

  2. **Jurin the document are based on a series of assumptions and judgments as of the date of the presentation. These forecasts are subject to change without notice and may not account for the specific needs of individual clients.

  3. **Jurisdictionment are based on a series of assumptions and judgments as of the date of the presentation. These forecasts are subject to change without notice and may not account for the specific needs of individual clients.

  4. **Jurisdictionalre based on a series of assumptions and judgments as of the date of the presentation. These forecasts are subject to change without notice and may not account for the specific needs of individual clients.

  5. **Jurisdictional Considerbased on a series of assumptions and judgments as of the date of the presentation. These forecasts are subject to change without notice and may not account for the specific needs of individual clients.

  6. **Jurisdictional Considerations: a series of assumptions and judgments as of the date of the presentation. These forecasts are subject to change without notice and may not account for the specific needs of individual clients.

  7. Jurisdictional Considerations: assumptions and judgments as of the date of the presentation. These forecasts are subject to change without notice and may not account for the specific needs of individual clients.

  8. Jurisdictional Considerations: umptions and judgments as of the date of the presentation. These forecasts are subject to change without notice and may not account for the specific needs of individual clients.

  9. Jurisdictional Considerations: -ons and judgments as of the date of the presentation. These forecasts are subject to change without notice and may not account for the specific needs of individual clients.

  10. Jurisdictional Considerations:

    • The document.judgments as of the date of the presentation. These forecasts are subject to change without notice and may not account for the specific needs of individual clients.
  11. Jurisdictional Considerations:

    • The document addressess as of the date of the presentation. These forecasts are subject to change without notice and may not account for the specific needs of individual clients.
  12. Jurisdictional Considerations:

    • The document addresses legal as of the date of the presentation. These forecasts are subject to change without notice and may not account for the specific needs of individual clients.
  13. Jurisdictional Considerations:

    • The document addresses legal and regulatory date of the presentation. These forecasts are subject to change without notice and may not account for the specific needs of individual clients.
  14. Jurisdictional Considerations:

    • The document addresses legal and regulatory requirements inherently uncertain. These forecasts are subject to change without notice and may not account for the specific needs of individual clients.
  15. Jurisdictional Considerations:

    • The document addresses legal and regulatory requirements in variousese forecasts are subject to change without notice and may not account for the specific needs of individual clients.
  16. Jurisdictional Considerations:

    • The document addresses legal and regulatory requirements in various jurisdictions, includingcasts are subject to change without notice and may not account for the specific needs of individual clients.
  17. Jurisdictional Considerations:

    • The document addresses legal and regulatory requirements in various jurisdictions, including thets are subject to change without notice and may not account for the specific needs of individual clients.
  18. Jurisdictional Considerations:

    • The document addresses legal and regulatory requirements in various jurisdictions, including the Unitedsubject to change without notice and may not account for the specific needs of individual clients.
  19. Jurisdictional Considerations:

    • The document addresses legal and regulatory requirements in various jurisdictions, including the United Kingdom,ject to change without notice and may not account for the specific needs of individual clients.
  20. Jurisdictional Considerations:

    • The document addresses legal and regulatory requirements in various jurisdictions, including the United Kingdom, Europeanect to change without notice and may not account for the specific needs of individual clients.
  21. Jurisdictional Considerations:

    • The document addresses legal and regulatory requirements in various jurisdictions, including the United Kingdom, European Economic **to change without notice and may not account for the specific needs of individual clients.
  22. Jurisdictional Considerations:

    • The document addresses legal and regulatory requirements in various jurisdictions, including the United Kingdom, European Economic Areachange without notice and may not account for the specific needs of individual clients.
  23. Jurisdictional Considerations:

    • The document addresses legal and regulatory requirements in various jurisdictions, including the United Kingdom, European Economic Area ( Compliance**: Financialot account for the specific needs of individual clients.
  24. Jurisdictional Considerations:

    • The document addresses legal and regulatory requirements in various jurisdictions, including the United Kingdom, European Economic Area (EEr the specific needs of individual clients.
  25. Jurisdictional Considerations:

    • The document addresses legal and regulatory requirements in various jurisdictions, including the United Kingdom, European Economic Area (EEA), Switzerland, Asia adhereic needs of individual clients.
  26. Jurisdictional Considerations:

    • The document addresses legal and regulatory requirements in various jurisdictions, including the United Kingdom, European Economic Area (EEA), Switzerland, Asia excluding Japanneeds of individual clients.
  27. Jurisdictional Considerations:

    • The document addresses legal and regulatory requirements in various jurisdictions, including the United Kingdom, European Economic Area (EEA), Switzerland, Asia excluding Japan,of individual clients.
  28. Jurisdictional Considerations:

    • The document addresses legal and regulatory requirements in various jurisdictions, including the United Kingdom, European Economic Area (EEA), Switzerland, Asia excluding Japan, Australiandividual clients.
  29. Jurisdictional Considerations:

    • The document addresses legal and regulatory requirements in various jurisdictions, including the United Kingdom, European Economic Area (EEA), Switzerland, Asia excluding Japan, Australia,lients.
  30. Jurisdictional Considerations:

    • The document addresses legal and regulatory requirements in various jurisdictions, including the United Kingdom, European Economic Area (EEA), Switzerland, Asia excluding Japan, Australia, Canada to ensure transparency, integrity, and investor protection in thel and regulatory requirements in various jurisdictions, including the United Kingdom, European Economic Area (EEA), Switzerland, Asia excluding Japan, Australia, Canada, Japan, markets.

irements in various jurisdictions, including the United Kingdom, European Economic Area (EEA), Switzerland, Asia excluding Japan, Australia, Canada, Japan, Israel,rements in various jurisdictions, including the United Kingdom, European Economic Area (EEA), Switzerland, Asia excluding Japan, Australia, Canada, Japan, Israel, South Africa **nts in various jurisdictions, including the United Kingdom, European Economic Area (EEA), Switzerland, Asia excluding Japan, Australia, Canada, Japan, Israel, South Africa,s jurisdictions, including the United Kingdom, European Economic Area (EEA), Switzerland, Asia excluding Japan, Australia, Canada, Japan, Israel, South Africa, Bahrain,ons, including the United Kingdom, European Economic Area (EEA), Switzerland, Asia excluding Japan, Australia, Canada, Japan, Israel, South Africa, Bahrain, Kuwait Differentg the United Kingdom, European Economic Area (EEA), Switzerland, Asia excluding Japan, Australia, Canada, Japan, Israel, South Africa, Bahrain, Kuwait,ed Kingdom, European Economic Area (EEA), Switzerland, Asia excluding Japan, Australia, Canada, Japan, Israel, South Africa, Bahrain, Kuwait, Omanngdom, European Economic Area (EEA), Switzerland, Asia excluding Japan, Australia, Canada, Japan, Israel, South Africa, Bahrain, Kuwait, Oman,ropean Economic Area (EEA), Switzerland, Asia excluding Japan, Australia, Canada, Japan, Israel, South Africa, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE).

  1. Regulatory Compliance:

    • The material underscores compliance with regulatory bodies frameworks governing financial markets and investmentstralia, Canada, Japan, Israel, South Africa, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE).
  2. Regulatory Compliance:

    • The material underscores compliance with regulatory bodies suchnada, Japan, Israel, South Africa, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE).
  3. Regulatory Compliance:

    • The material underscores compliance with regulatory bodies such asada, Japan, Israel, South Africa, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE).
  4. Regulatory Compliance:

    • The material underscores compliance with regulatory bodies such as the Israel, South Africa, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE).
  5. Regulatory Compliance:

    • The material underscores compliance with regulatory bodies such as the Financialel, South Africa, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE).
  6. Regulatory Compliance:

    • The material underscores compliance with regulatory bodies such as the Financial Conductuth Africa, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE).
  7. Regulatory Compliance:

    • The material underscores compliance with regulatory bodies such as the Financial Conduct AuthorityBahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE).
  8. Regulatory Compliance:

    • The material underscores compliance with regulatory bodies such as the Financial Conduct Authority,rain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE).
  9. Regulatory Compliance:

    • The material underscores compliance with regulatory bodies such as the Financial Conduct Authority, Europeanit, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE).
  10. Regulatory Compliance:

    • The material underscores compliance with regulatory bodies such as the Financial Conduct Authority, European CentralOman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE).
  11. Regulatory Compliance:

    • The material underscores compliance with regulatory bodies such as the Financial Conduct Authority, European Central Bankatar, Saudi Arabia, and the United Arab Emirates (UAE).
  12. Regulatory Compliance:

    • The material underscores compliance with regulatory bodies such as the Financial Conduct Authority, European Central Bank, institutions.
  13. Financial Services Licensing: Institutions offering financial services or products must obtain appropriateory bodies such as the Financial Conduct Authority, European Central Bank, Bundesanstalt für Finanzdienstleistungsaufsicht ( and approvals from regulatory authorities in each jurisdiction wheredesanstalt für Finanzdienstleistungsaufsicht (Bastalt für Finanzdienstleistungsaufsicht (BaFin), Deutsche Bundesbank, toinanzdienstleistungsaufsicht (BaFin), Deutsche Bundesbank, Securitiesenstleistungsaufsicht (BaFin), Deutsche Bundesbank, Securities andgsaufsicht (BaFin), Deutsche Bundesbank, Securities and Futuressicht (BaFin), Deutsche Bundesbank, Securities and Futures Commission of(BaFin), Deutsche Bundesbank, Securities and Futures Commission of Hongn), Deutsche Bundesbank, Securities and Futures Commission of Hong Kong regulationsdesbank, Securities and Futures Commission of Hong Kong, Monetarybank, Securities and Futures Commission of Hong Kong, Monetary Authority ofnk, Securities and Futures Commission of Hong Kong, Monetary Authority of Singaporerities and Futures Commission of Hong Kong, Monetary Authority of Singapore, andand Futures Commission of Hong Kong, Monetary Authority of Singapore, andres Commission of Hong Kong, Monetary Authority of Singapore, and othersmmission of Hong Kong, Monetary Authority of Singapore, and others.

on of Hong Kong, Monetary Authority of Singapore, and others.

7.g Kong, Monetary Authority of Singapore, and others.

  1. ** Kong, Monetary Authority of Singapore, and others.

  2. **Financialetary Authority of Singapore, and others.

  3. **Financial Producty Authority of Singapore, and others.

  4. **Financial Product Distributionty of Singapore, and others.

  5. **Financial Product Distribution:f Singapore, and others.

  6. Financial Product Distribution: ore, and others.

  7. Financial Product Distribution:

    • Certain materialsnd others.
  8. Financial Product Distribution:

    • Certain materials are specified finance more effectively and makestribution:**
    • Certain materials are specified forn:**
    • Certain materials are specified for QualifiedCertain materials are specified for Qualified Investor withials are specified for Qualified Investor use objectives and risklified Investor use only.stor use only,stor use only, and the document clarifies that no offer to acquire any interest in a fund or financial product is being made unless explicitly stated.
  9. Tax Considerations:

    • The document provides a disclaimer regarding U.S. tax matters, emphasizing that any statement about tax consequences is not intended to be used for the purpose of avoiding penalties. Investors are advised to consult with their own tax advisors.

In conclusion, the document reflects a comprehensive and meticulously crafted piece of information from a globally recognized financial institution, covering a myriad of regulatory, legal, and market considerations across different jurisdictions.

Global Fixed Income Weekly: Musings (2024)

FAQs

What is a global fixed income fund? ›

The Global Fixed Income Opportunities Fund combines a top-down macroeconomic assessment, to determine optimal beta positioning for the portfolio, with rigorous bottom-up fundamental and quantitative analysis to guide our active management decisions.

How big is the global fixed income market? ›

Global fixed income markets outstanding decreased 3.2 % Y/Y to $129.8 trillion in 2022, while global long-term fixed income issuance decreased 17.5% to $22.5 trillion.

What is the global fixed income investment strategy? ›

Global Fixed Income Strategy
  1. GFIS combines global economic analysis with bond market strategy to produce well-reasoned conclusions and actionable investment recommendations.
  2. A wide variety of countries, markets and sectors are covered, from government bonds to corporate debt, in both Developed and Emerging Markets.

How big is the fixed income market compared to the equity market? ›

Fixed-income markets include not only publicly traded securities, such as commercial paper, notes, and bonds, but also non-publicly traded loans. Although they usually attract less attention than equity markets, fixed-income markets are more than three times the size of global equity markets.

Why invest in global fixed income? ›

Global investors can also capitalize on credit market inefficiencies in ways that their local market counterparts cannot. For example, bonds of the same issuer sometimes trade at different valuations in different countries/markets, and global investors can choose the best market in which to invest.

What is the best fixed income investment? ›

Best fixed-income investment vehicles
  • Bond funds. ...
  • Municipal bonds. ...
  • High-yield bonds. ...
  • Money market fund. ...
  • Preferred stock. ...
  • Corporate bonds. ...
  • Certificates of deposit. ...
  • Treasury securities.
Mar 31, 2024

What is the largest fixed income market? ›

The U.S. fixed income markets are the largest in the world, comprising 39.3% of the $138.6 trillion securities outstanding across…

What is the largest bond market in the world? ›

Valued at over $51 trillion, the U.S. has the largest bond market globally. Government bonds made up the majority of its debt market, with over $26 trillion in securities outstanding. In 2022, the Federal government paid $534 billion in interest on this debt.

How much do fixed income traders make? ›

The estimated total pay for a Fixed Income Trader is $243,741 per year in the United States area, with an average salary of $141,439 per year. These numbers represent the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users.

What is the core fixed income strategy? ›

The strategy pursues total return consisting of income and capital appreciation and aims to deliver consistent excess returns relative to the Bloomberg U.S. Aggregate Index.

What is global fixed interest? ›

This strategy invests in treasury and government-related developed market bonds with select exposure to emerging countries. Portfolios may opportunistically allocate to high-quality, developed market investment grade corporate credit.

What is the absolute return fixed income strategy? ›

We define absolute return as a style of investing focused on alpha strategies with returns coming from beta largely excluded. While beta is usually positive, it may not always be. The characteristics of absolute return fixed income are that it also aims to be uncorrelated with this beta.

Is it better to invest in equity or fixed-income? ›

Equity markets offer higher expected returns than fixed-income markets, but they also carry higher risk. Equity market investors are typically more interested in capital appreciation and pursue more aggressive strategies than fixed-income market investors.

What is the best fixed-income ETF? ›

  • Vanguard Total World Bond ETF (BNDW)
  • Vanguard Core-Plus Bond ETF (VPLS)
  • DoubleLine Commercial Real Estate ETF (DCRE)
  • Global X 1-3 Month T-Bill ETF (CLIP)
  • SPDR Portfolio Corporate Bond ETF (SPBO)
  • JPMorgan Ultra-Short Income ETF (JPST)
  • iShares 7-10 Year Treasury Bond ETF (IEF)
  • iShares 10-20 Year Treasury Bond ETF (TLH)
Apr 8, 2024

Why fixed-income is better than equity? ›

While equity markets have the potential of giving higher returns in the short run, the returns are not guaranteed and thus increases the risk. The fixed income markets, on the other hand, offer stable returns and thus lower risk, but the returns might also be modest.

How does a fixed income fund work? ›

Fixed-Income securities are debt instruments that pay a fixed amount of interest, in the form of coupon payments, to investors. The interest payments are commonly distributed semiannually, and the principal is returned to the investor at maturity.

Are fixed income funds a good investment? ›

Potential benefits of fixed-income investing

“That's why fixed income is a great way to allocate capital, because it provides both income and return with stability,” Kyle says. Additionally, investing in fixed income can help balance out market volatility.

What are global bond funds? ›

A global bond, sometimes referred to as a Eurobond, is a type of bond issued and traded outside the country where the currency of the bond is denominated. Global bonds may have a fixed or floating rate with maturities ranging from one to 30 years.

What is global fixed interest investments? ›

The Morgan Stanley Global Fixed Income Opportunities Strategy is a value-oriented fixed income strategy that seeks total return including a high level of current income by investing across the fixed income asset spectrum, inclusive of investment-grade and high-yield credit, convertible bonds, securitized assets ...

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