Bond Top List

A comprehensive guide and curated list of global bond recommendations by UBS Chief Investment Office, covering hold-to-maturity and relative value trades across 15+ currencies.

Key Takeaways

• 1.The document provides curated lists of bond recommendations bifurcated into 'Hold-to-Maturity' for long-term private investors and 'Relative Value' for short-term trading.
• 2.UBS CIO emphasizes the specific risks of subordinated debt, including structural deferral, extension risk, and potential write-downs for Tier 2 and hybrid bonds.
• 3.The selection includes a significant focus on sustainable and thematic fixed income, including Green, Social, and Sustainability-Linked Bonds (SLBs).

Table of Contents

• Guidance on list sections and subordinated bonds
• Analyst contacts
• Publications
• Issuer views
• Additions to hold-to-maturity list
• Removals from hold-to-maturity list
• USD Non-financial corporates
• USD Financials (senior bonds)
• USD High yield bonds
• USD Government, agency and covered bonds
• EUR Non-financial corporates
• EUR Financials (senior bonds)
• EUR High yield bonds
• EUR Government, agency and covered bonds
• Corporate hybrid bonds (subordinated)
• Financial subordinated bonds
• CHF Bonds
• GBP Bonds
• AUD Bonds
• CAD Bonds
• JPY Bonds
• Other recommendations
• USD Sustainable bonds
• EUR Sustainable bonds
• Floating rate notes
• Inflation-linked bonds
• Relative value recommendations: changes
• Attractive investment grade bonds
• Expensive and Sell recommendations
• UBS CIO risk views
• UBS CIO valuation views

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