Global Credit
The health of corporate balance sheets and anticipation of resilient earnings are among factors potentially benefiting global credit this year.
Many investors are questioning how rising interest rates will affect corporate borrowers. Will their financing costs rise significantly and, from a credit investors’ perspective, do higher rates elevate default risk?
Global Credit leistet einen positiven Beitrag im Kampf gegen den Klimawandel.
Die AlbaCore Capital Group ist einer der führenden Spezialisten für Alternative Credit in Europa und investiert in Private Debt, opportunistic and dislocated Credit, CLOs und strukturierte Produkte.
Our on-the-ground teams of fixed income specialists systematically share investment ideas uncovered across developed and emerging markets
Check the latest First Sentier Investors fund price and fund performance, keep track of funds performance and trends to help investment selections.
Investing in Asian Fixed Income offers the potential for strong returns, an attractive income stream and diversification benefits versus developed markets.
We crossed six US states meeting over 70 infrastructure management teams as well as customers and suppliers at three conferences. We visited three corporate head offices, several regulators and toured the country’s largest nuclear power plant.
Head of Asian Fixed Income, Nigel Foo provides an outlook into 2025 for the strategy.
There were a number of structural trends leading up to the Covid pandemic that were all very well understood. And the pandemic has given rise to some newer emerging trends. And what is central to the majority of these trends is the rapid advancement and continued adoption of technology which is driving societal change.
Credit portfolios with genuine Environmental Social and Governance (ESG) integration could be a canary in the coal mine for potentially difficult-to-quantify risks and opportunities, including those likely to stem from climate change and the energy transition. While governments globally move at different speeds to put in place net zero policies, ESG-focused credit investors are taking decisive, early action to reflect these factors in their portfolio allocations.
Mergers and acquisitions activity within the global listed infrastructure asset class has been strong in 2025 and looks set to continue.
The energy crisis in Europe has boosted global demand for LNG. Global listed infrastructure companies pioneered the US LNG industry, investing US$50 billion since 2010. The energy crisis is providing an opportunity for LNG to secure its role as a transition fuel. With reliability and security of supply increasingly front of mind, US LNG exporters stand to gain market share, underpinning a further US$50 billion of investment over the next decade. An increased need for natural gas infrastructure will also benefit the broader North American midstream sector.
We recently spent a couple of weeks in the US and Canada, meeting with management teams from the railroads, utilities and energy midstream sectors, as well as with regulators. Below are some of our findings. We hope you find them interesting.
2024 was a good year for global listed infrastructure. Strong earnings for energy midstream and a step-change in the earnings growth outlook for utilities helped the asset class to shrug off rising bond yields and political uncertainty.
Recently I attended the largest US utility conference, the 2024 Edison Electric Institute (EEI) Financial Conference, in Hollywood, Florida. I met with management teams from 26 regulated electric and gas utility companies.
Global listed infrastructure underperformed in 2023 owing to rising interest rates and a shift away from defensive assets. Relative valuations are now at compelling levels. Infrastructure assets are expected to see earnings growth in 2024 and beyond, aided by structural growth drivers.
After decades of flat electricity demand for US utilities, the industry is now seeing unprecedented demand as growth in data centers / AI, electrification, onshoring and electric vehicles outweighs energy efficiency gains. One utility executive stated: “Seeing all these customers wanting 24/7 load and willing to pay for it – it is every utility’s dream”.
Over the last decade the electricity sector has been at the forefront of decarbonisation, ahead of transport, industry and agriculture.
Achieving net-neutral carbon development within the listed real estate sector requires comprehensive measurement of embodied carbon emissions, the implementation of embodied carbon reduction targets within development programmes and carbon offsets.
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