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Investment Grade Credits Financials

Investment Grade Credits Financials

Diversified exposure to the bonds of banks and insurers in different parts of the capital structure

Key points:

  • Banking and insurance sector investment case is strongly supported by improving capital ratios 
  • Dedicated team of portfolio managers and analysts selects the most attractive issuers 
  • ESG research is integrated into the investment process to help assess the downside risk

Philosophy

The case for financial bonds is highly compelling as a result of the Basel III capital adequacy regulations for banks and Solvency II rules for insurers. Traditional subordinated bonds and new types of capital – particularly hybrid instruments – offer attractive investment opportunities as these instruments tend to have significantly higher spreads than senior debt.

Process

In our research process we combine a top-down market view to assess credit attractiveness and factors that drive credit markets in the short term with skillful issuer selection to create a broadly diversified portfolio. In this respect, avoiding losers is more important than picking winners. The portfolio manager takes country risks actively into consideration in choosing where to invest.

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Team

Portfolio managers make investment decisions based on in-depth issuer analysis carried out by a highly experienced team of career credit analysts.

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