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After the weakness in November, the credit market recovered again in December. The year 2021 was relatively unspectacular but not adverse for corporate bonds overall. The fund return was slightly negative, but the running yield is higher than at the beginning of the year.
Attractive new issues from Orange, NTT, and Rabobank were bought at the beginning of the month. There were no material changes in the yield positioning. The investment focus is on five- to ten-year maturities.
Along with the epidemiological developments, the prospect of normalisation steps in the ECB’s monetary policy is increasingly becoming a focus of attention. We anticipate that the ECB will not begin tightening its interest rates until after the Fed, which should continue to be positive for corporate bonds. (16.12.2021)
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