Global

Fixed income strategy: 2024 outlook – pick your battles

  • Commencement of Fed cutting cycle should support EM assets but with risk that path is more hawkish than markets expect

  • Frontiers remain vulnerable but default wave is unlikely; risks from China slowdown, busy election cycle and geopolitics

  • BBB and CCC-rated EM credit likely to outperform B and BB-rated peers; local currency offers idiosyncratic opportunities

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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").

The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.

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