📸 A brief look back in pictures at this year’s FONDS professionell KONGRESS in Mannheim, where we engaged in substantive discussions with investors on the current state of corporate credit markets, together with Thibault Destrés and Jean-Georges Nguyen.
During our presentation, “Corporate bonds, better than government bonds?”, we outlined several market dynamics that continue to shape fixed-income allocation decisions:
➡️ Sovereign debt remains under structural pressure
– Persistently rising budget deficits across Europe and the US
– Increasing refinancing needs leading to higher expected issuance volumes
– Steepening of the German yield curve and negative real yields at the short end
– Heightened duration sensitivity in higher-grade segments (IG, sovereigns)
➡️ Corporate high-yield credit offer more attractive carry conditions
– Higher coupon for shorter duration
– Better yield-to-risk characteristics in BB/B segments
– Lower exposure to repricing from interest-rate shifts relative to sovereign curves
➡️ Bond selection remains the decisive performance driver
Our process continues to rely on granular bond-picking supported by:
– Business, financial, and legal due diligence
– Detailed cash-flow and leverage analysis
– Market-technical assessment (issue size, investor base, liquidity profile)
This approach aims to mitigate default risk while capturing structurally elevated carry.
➡️ Anaxis product range
Our Short Duration, Income Advantage and fixed-maturity strategies (2027–2030) are designed to provide diversified exposure with controlled rate sensitivity.
