Bonds

UBS maintains an Attractive stance on high grade, investment grade, and emerging market bonds, citing appealing yields and subsiding inflation concerns. Tactical positioning favors longer European maturities over shorter-dated US and UK bonds.

Key Takeaways

• 1.Maintain Attractive recommendations on high grade, investment grade, and emerging market bonds, while keeping high yield credit at Neutral.
• 2.Bond markets have recovered as inflation expectations drop and confidence grows regarding the reopening of the Strait of Hormuz.
• 3.Tactical preference for longer maturities in Europe versus shorter maturities in the US and UK due to diverging central bank and fiscal responses.

Table of Contents

• Bonds
• High grade bonds
• Investment grade bonds
• High yield bonds
• Emerging market bonds
• Global asset class preferences definitions
• Appendix

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