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Fixed Income Insights

Monthly Fixed Income Credit Sector Views

January 2025 / From the Field

Three important insights from 2024

Three important insights from 2024

Three important insights from 2024

Three investment trends from 2024 could continue to influence capital market behavior in 2025.

January 2025 / Fixed Income

Ahead of the Curve: Consensus is totally consensus—a contrarian’s strategic scenarios

Ahead of the Curve: Consensus is totally consensus—a contrarian’s strategic...

Ahead of the Curve: Consensus is totally...

Discover contrarian strategies that active fixed income managers can apply.

December 2024 / Fixed Income

A deeper look at flexible credit strategies and the critical role of manager selection

A deeper look at flexible credit strategies and the critical role of manager...

A deeper look at flexible credit strategies...

Multi-asset credit strategies leverage flexibility to different degrees. Learn how that affects results and risk management.

November 2024 / Fixed Income

Perspectives on securitized credit

Perspectives on securitized credit

Perspectives on securitized credit

Securitized credit market performance remained solid in the third quarter amid heavy supply.

November 2024 / On the Horizon

Finding income in high yield bonds, bank loans, and emerging markets

Finding income in high yield bonds, bank loans, and emerging markets

Finding income in high yield bonds, bank...

The non-investment-grade sectors of the bond market look the most attractive.

By T. Rowe Price

T. Rowe Price

Could the U.S. election unplug or charge up the energy transition?

Could the U.S. election unplug or charge up the energy transition?

Could the U.S. election unplug or charge...

Join Host Ritu Vohora and guests Gil Fortgang and Rick de los Reyes, as they explore how the election could impact the push for clean energy.

Inside the U.S. Election Maze: Unraveling Fiscal, Trade, and Energy Plans

Inside the U.S. Election Maze: Unraveling Fiscal, Trade, and Energy Plans

Inside the U.S. Election Maze: Unraveling...

Explore U.S. fiscal policy and election impacts with our experts on "The Angle." Tune in for insights on taxation and spending priorities.

October 2024 / FIXED INCOME

Looking under the hood at the rise of liability management exercises

Looking under the hood at the rise of liability management exercises

Looking under the hood at the rise of liability...

Credit investors must consider potential impacts of liability management exercises

By Adam Trusley

Adam Trusley Credit Analyst

October 2024 / MULTI-ASSET

Cutting cycles and learning to love bonds again

Cutting cycles and learning to love bonds again

Cutting cycles and learning to love bonds...

History provides some clues about which asset classes are likely to outperform

By Sébastien Page

Sébastien Page Head of Global Multi-Asset and CIO

September 2024 / FIXED INCOME

Ahead of the Curve: The San Andreas fault of finance shakes the markets

Ahead of the Curve: The San Andreas fault of finance shakes the markets

Ahead of the Curve: The San Andreas fault...

Monetary tightening in Japan is rearranging global capital flows.

By Arif Husain

Arif Husain Head of Global Fixed Income and CIO

August 2024 / FIXED INCOME

Growing government debt has raised concerns. Should it?

Growing government debt has raised concerns. Should it?

Growing government debt has raised concerns....

We believe governments have time and options to address historically high debt-to-gross...

By Thomas Kasanin & Ivan Morozov

By Thomas Kasanin & Ivan Morozov

August 2024 / FIXED INCOME

Q2 perspectives on securitized credit

Q2 perspectives on securitized credit

Q2 perspectives on securitized credit

Although the rally lost some momentum in Q2, securitized credit markets still performed...

By Christopher P. Brown, Ramon de Castro & Jean-Marc Breaux

By Christopher P. Brown, Ramon de Castro & Jean-Marc Breaux

July 2024 / MARKETS & ECONOMY

How the U.S. election could impact the financials sector

How the U.S. election could impact the financials sector

How the U.S. election could impact the financials...

Next president will determine whether financial regulators will mount up or stand...

By Gilad Fortgang

Gilad Fortgang Associate Analyst

July 2024 / MARKETS & ECONOMY

Stabilizing China’s housing market is a work in progress

Stabilizing China’s housing market is a work in progress

Stabilizing China’s housing market is a work...

We view China’s latest housing market support plan as a step in the right direction.

By Sheldon Chan, Christopher J. Kushlis & Leonard Kwan

By Sheldon Chan, Christopher J. Kushlis & Leonard Kwan

May 2024 / FIXED INCOME

No green without blue: How blue bonds could support climate goals

No green without blue: How blue bonds could support climate goals

No green without blue: How blue bonds could...

Earth’s oceans capture the majority of the global CO2 produced by humans.

By Willem Visser & Tongai Kunorubwe

By Willem Visser & Tongai Kunorubwe

May 2024 / FIXED INCOME

Perspectives on securitized credit

Perspectives on securitized credit

Perspectives on securitized credit

Following an extended rally, T. Rowe Price's securitized credit team discusses the...

By Christopher P. Brown, Ramon de Castro & Jean-Marc Breaux

By Christopher P. Brown, Ramon de Castro & Jean-Marc Breaux

April 2024 / FIXED INCOME

Adding emerging market debt exposure? Look to local bonds.

Adding emerging market debt exposure? Look to local bonds.

Adding emerging market debt exposure? Look...

By Arif Husain

Arif Husain Head of Global Fixed Income and CIO

April 2024 / FIXED INCOME

Why is it important to measure the impact of a blue bond?

Why is it important to measure the impact of a blue bond?

Why is it important to measure the impact...

Blue bonds need to be evaluated with additional rigor to mitigate against bluewashing...

By Tongai Kunorubwe

Tongai Kunorubwe Head of ESG, Fixed Income

Can Innovations in Finance Really Support the Blue Economy?

Can Innovations in Finance Really Support the Blue Economy?

Can Innovations in Finance Really Support...

The economic potential of the world’s oceans and water resources is immense, including areas such as transportation, renewable energy, aquaculture ...

Water Stress—The Hidden Risk in Latin America

Water Stress—The Hidden Risk in Latin America

Water Stress—The Hidden Risk in Latin America

Water security is vital for sustainable development. South America has seemingly abundant supplies of the world’s clean water resources.

March 2024 / FIXED INCOME

How Impact Credit’s Financial and Sustainability Aims Go Hand In Hand

How Impact Credit’s Financial and Sustainability Aims Go Hand In Hand

How Impact Credit’s Financial and Sustainability...

Fundamentals and return potential are as important as impact to an investment case.

By Matthew Lawton & Ellen O'Doherty

By Matthew Lawton & Ellen O'Doherty

February 2024 / FIXED INCOME

Perspectives on Securitized Credit

Perspectives on Securitized Credit

Perspectives on Securitized Credit

Following a strong finish to 2023, securitized credit markets entered 2024 with a...

By Christopher P. Brown, Ramon de Castro & Jean-Marc Breaux

By Christopher P. Brown, Ramon de Castro & Jean-Marc Breaux

February 2024 / FIXED INCOME

Corporate Bonds—A Compelling Long-Term Income Profile

Corporate Bonds—A Compelling Long-Term Income Profile

Corporate Bonds—A Compelling Long-Term Income...

Fundamental research is imperative in credit markets as headwinds rise.

By Saurabh Sud

Saurabh Sud Portfolio Manager

How are Emerging Markets Confronting El Niño and Climate Risks?

How are Emerging Markets Confronting El Niño and Climate Risks?

How are Emerging Markets Confronting El Niño...

The blue economy faces many challenges, particularly as water resources come under pressure from overuse, pollution, or climate-related risks.

Discovering the Potential of the Blue Economy Through Sustainable Development

Discovering the Potential of the Blue Economy Through Sustainable Development

Discovering the Potential of the Blue Economy...

Dive into the world of the blue economy.

Ahead of the Curve

January 2025 / Fixed Income

Highlights from T. Rowe Price’s annual technology tour

Highlights from T. Rowe Price’s annual technology tour

Highlights from T. Rowe Price’s annual technology...

T. Rowe Price investment professionals met with U.S. technology companies in Silicon Valley.

Why U.S. trade policy matters this election both domestically and abroad

Why U.S. trade policy matters this election both domestically and abroad

Why U.S. trade policy matters this election...

We delve into the key issues surrounding trade and how each candidates policies may impact on companies, countries, and the global economy

December 2024 / From the Field

Ahead of the Curve: The calm before the storm — The outlook for Treasury yields

Ahead of the Curve: The calm before the storm — The outlook for Treasury...

Ahead of the Curve: The calm before the storm...

Expect higher Treasury yields as fiscal policies evolve.

November 2024 / MARKETS & ECONOMY

What Trump’s win means for policy, the economy, and markets

What Trump’s win means for policy, the economy, and markets

What Trump’s win means for policy, the economy,...

Extending tax cuts and an assertive approach on trade policy likely to be areas of...

By Gilad Fortgang, Blerina Uruçi & Timothy C. Murray

By Gilad Fortgang, Blerina Uruçi & Timothy C. Murray

11 November 2024 / FIXED INCOME

Why it’s time to consider moving out of cash and into fixed income

Why it’s time to consider moving out of cash and into fixed income

Why it’s time to consider moving out of cash...

Income and growth attributes support the case for redeploying cash into bond markets.

By Kenneth A. Orchard

Kenneth A. Orchard Head of International Fixed Income

October 2024 / FIXED INCOME

Could a 5% 10-year Treasury yield be around the corner?

Could a 5% 10-year Treasury yield be around the corner?

Could a 5% 10-year Treasury yield be around...

Higher Treasury yields expected due to fiscal spending and Fed quantitative tightening.

By Arif Husain

Arif Husain Head of Global Fixed Income and CIO

October 2024 / VIDEO

The Fed’s big cut may favor high yield bonds

The Fed’s big cut may favor high yield bonds

The Fed’s big cut may favor high yield bonds

The Fed’s September rate cut reduced the risk of a recession. High yield bonds may...

By Ross Abaya

Ross Abaya Relationship Manager

October 2024 / FIXED INCOME

AI and fixed income: Booming demand for data center ABS and CMBS

AI and fixed income: Booming demand for data center ABS and CMBS

AI and fixed income: Booming demand for data...

Artificial intelligence drives demand for data center ABS and CMBS investments.

By David Xu & Adam Haya

By David Xu & Adam Haya

September 2024 / FIXED INCOME

How AI’s impact is reaching into areas that might surprise you

How AI’s impact is reaching into areas that might surprise you

How AI’s impact is reaching into areas that...

Discover how rising AI energy demands are reshaping independent power producer credit...

By David Yatzeck

David Yatzeck Associate Portfolio Manager

August 2024 / EQUITY

On global impact short duration bond

On global impact short duration bond

On global impact short duration bond

Our fundamental research platform and dedicated responsible investing (RI) team

By Matthew Lawton

Matthew Lawton Portfolio Manager

August 2024 / FIXED INCOME

Why passive flows and inelastic markets don’t mix

Why passive flows and inelastic markets don’t mix

Why passive flows and inelastic markets don’t...

The rise of passive fixed income investing has caused market structure to deteriorate

By Steve Boothe & Pranay Subedi

By Steve Boothe & Pranay Subedi

3 July 2024 / FIXED INCOME

The value of a multi-sector diversified income approach for fixed income

The value of a multi-sector diversified income approach for fixed income

The value of a multi-sector diversified income...

Diversified Income Bond Strategy seeks to provide high yield-like returns with investment-...

By Kenneth A. Orchard & Vincent Chung

By Kenneth A. Orchard & Vincent Chung

June 2024 / FIXED INCOME

Credit investing for today’s evolving markets

Credit investing for today’s evolving markets

Credit investing for today’s evolving markets

Headwinds call for choosing credit solutions with rigorous research

By Kenneth A. Orchard

Kenneth A. Orchard Head of International Fixed Income

May 2024 / FIXED INCOME

Opportunities in fixed income for investors moving out of cash

Opportunities in fixed income for investors moving out of cash

Opportunities in fixed income for investors...

Income and growth attributes can help investors put cash to work.

By Kenneth A. Orchard

Kenneth A. Orchard Head of International Fixed Income

May 2024 / ASSET ALLOCATION

Let’s get real (about interest rates)

Let’s get real (about interest rates)

Let’s get real (about interest rates)

Higher real rates in the coming years might favor value stocks

By Sébastien Page

Sébastien Page Head of Global Multi-Asset and CIO

April 2024 / FIXED INCOME

A decade-long adventure navigating treacherous markets successfully

A decade-long adventure navigating treacherous markets successfully

A decade-long adventure navigating treacherous...

The Dynamic Global Bond Strategy celebrated its 10-year anniversary in February since...

By Scott Solomon

Scott Solomon Portfolio Manager

April 2024 / EQUITIES & FIXED INCOME

Blue bonds: The key to unlocking the blue economy’s potential

Blue bonds: The key to unlocking the blue economy’s potential

Blue bonds: The key to unlocking the blue...

Blue bonds provide financing for ocean-friendly or clean water projects in support...

April 2024 / FIXED INCOME

With Rising Headwinds-Uncover the Power of Quality Credit Research

With Rising Headwinds-Uncover the Power of Quality Credit Research

With Rising Headwinds-Uncover the Power of...

Corporate bonds offer attractive income, but security selection is imperative amid...

By Justin Gerbereux

Justin Gerbereux Head of Global Fixed Income Research

Sustainable Investing – Can Impact be Feasibly Measured?

Sustainable Investing – Can Impact be Feasibly Measured?

Sustainable Investing – Can Impact be Feasibly...

Innovations in finance are working to support more sustainable development efforts in the blue economy.

March 2024 / FIXED INCOME

Dynamic Credit Investing: A Q&A With Saurabh Sud

Dynamic Credit Investing: A Q&A With Saurabh Sud

Dynamic Credit Investing: A Q&A With Saurabh...

Dynamic Credit’s flexible approach has been pivotal over different market conditions.

By Saurabh Sud

Saurabh Sud Portfolio Manager

February 2024 / FIXED INCOME

Could Energy Productivity Cycles Lead to Credit Opportunities

Could Energy Productivity Cycles Lead to Credit Opportunities

Could Energy Productivity Cycles Lead to...

Why we believe the energy productivity cycle is turning and the opportunities this...

By Steve Boothe & Elliot Shue

By Steve Boothe & Elliot Shue

February 2024 / MARKETS & ECONOMY

Emerging Markets Poised for a Year of Interest Rate Cuts

Emerging Markets Poised for a Year of Interest Rate Cuts

Emerging Markets Poised for a Year of Interest...

Inflation continues to fall, paving the way for more interest rate cuts from emerging...

By Christopher J. Kushlis

Christopher J. Kushlis Asia Sovereign Analyst, London

9 February 2024 / FIXED INCOME

Will New Long-Term Debt Holders Effectively Discipline Banks?

Will New Long-Term Debt Holders Effectively Discipline Banks?

Will New Long-Term Debt Holders Effectively...

New U.S. regional bank debt can lower the odds of a default and help reduce the cost...

By Steve Boothe & Pranay Subedi

By Steve Boothe & Pranay Subedi

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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the 27-year period ended June 30, 2023, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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