The demand for high-quality, income-generating assets has never been greater, especially as the world faces an aging #demographic that is approaching #retirement.
Yet, supply is failing to keep up with demand - outside of the U.S., developed #market fixed #income issuance is still nearly non-existent.
And within the U.S., corporate bond issuance is flirting with decade lows....
In fact, while volumes are going to decline, coupons have and are declining as well, creating a double whammy for #income seeking investors and further challenging the search for #yield.
It’s no wonder then that capital #flows have returned sharply to fixed #income, a trend we expect to continue and intensify.
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