global bonds

Fourth quartile

Quantitative tightening a risk

Concern over central bank actions

Unconventional monetary policy

Suitable for $ investors

Rising inflation a risk

Markets have benefitted from a co-ordinated global recovery, led by central banks operating in a synchronised manner.

Pockets of value

Fixed income investors should be paying close attention to 'Fallen Angels' - these are bonds that are downgraded from BBB- and, as a result, come tumbling out of the investment grade credit market.

The global financial crisis, and the related policy response, is drawing to a close. We are currently enjoying a short period of synchronised global growth and improving trade.