Seven questions for investors

https://www.apolloacademy.com/wp-content/uploads/2025/02/021925_Chart.pdf

German corporate bankruptcies trending higher

https://www.apolloacademy.com/wp-content/uploads/2025/02/021725-Charts.pdf

Almost all the variation in returns in the 60/40 portfolio comes from the equity market

https://www.apolloacademy.com/wp-content/uploads/2025/02/021425-Chart.pdf

When interest rates are higher for longer, relative value moves up the capital structure

https://www.apolloacademy.com/wp-content/uploads/2025/02/021125-Chart_v2.pdf

Months from final Fed cut to first Fed hike

https://www.apolloacademy.com/wp-content/uploads/2025/02/020725_Chart.pdf

U.S. | Nonfinancial Issuance Took A Breather In Q4 2024

https://www.spglobal.com/_assets/documents/ratings/research/101612950.pdf

Review of 2024 capital markets performance

https://pages.mckinsey.com/rs/473-ZYE-522/images/Review%20of%202024%20capital%20markets%20performance.pdf

Total government pension spending as % of GDP

https://www.apolloacademy.com/wp-content/uploads/2025/01/013025_Chart.pdf

Very unusual behavior in long rates after the Fed started cutting in September 2024

https://www.apolloacademy.com/wp-content/uploads/2025/01/010725_Charts.pdf

Corporate net interest payments near record-low levels

https://www.apolloacademy.com/wp-content/uploads/2024/12/010225_Charts_v2.pdf

10-year Treasury term premium rising

https://www.apolloacademy.com/wp-content/uploads/2024/12/123124-chart.pdf

2025 FIXED INCOME MARKET OUTLOOK

https://www.virtus.com/assets/files/2u9/newfleet_2025_fixed_income_market_outlook_5507.pdf

Private credit presents a ~$40 trillion market opportunity, most of which is IG

https://www.apollo.com/content/dam/apolloaem/documents/insights/apollo-global-demystifying-private-ig-wp.pdf

Private credit outperforming other types of fixed income

https://www.apolloacademy.com/wp-content/uploads/2024/12/121124_Chart.pdf

Corporate Bond Market Update

https://www.morganstanley.com/im/publication/insights/articles/article_thebeatdec2024.pdf

Annuity sales have doubled since the Fed raised interest rates

https://www.apolloacademy.com/wp-content/uploads/2024/12/120824-Chart.pdf

Debt funds by sector

https://cdn.securities.cib.bnpparibas/app/uploads/sites/3/2024/11/private-debt-fund.pdf

Interest coverage ratio for leveraged loans

https://www.apolloacademy.com/wp-content/uploads/2024/11/112024-Chart.pdf

HY: Higher for longer hitting Europe harder than the US

https://www.apolloacademy.com/wp-content/uploads/2024/11/11182024-Chart.pdf

High yield more vulnerable to rates higher for longer

https://www.apolloacademy.com/wp-content/uploads/2024/11/11172024-Charts.pdf

10 facts about retirement savings

https://www.apolloacademy.com/wp-content/uploads/2024/11/111424_Retirement_v2.pdf

Public credit spreads continue to tighten

https://www.apolloacademy.com/wp-content/uploads/2024/11/111224_Charts.pdf

HY index duration continues to decline

https://www.apolloacademy.com/wp-content/uploads/2024/11/111324-Charts.pdf

Market forecasts are almost always wrong about the future path of the Fed funds rate

https://www.apolloacademy.com/wp-content/uploads/2024/11/111024-Chart-1.pdf

10-year Treasury term premium rising

https://www.apolloacademy.com/wp-content/uploads/2024/10/103024-chart_v4.pdf

The number of funded TreasuryDirect accounts moved up when the Fed started raising interest rates

https://www.apolloacademy.com/wp-content/uploads/2024/10/102724-Chart.pdf

Nonfinancial corporate business net interest payments near record low levels

https://www.apolloacademy.com/wp-content/uploads/2024/10/102324-Chart.pdf

Private credit share of US corporate debt outstanding

https://www.apolloacademy.com/wp-content/uploads/2024/10/102224-Chart.pdf

Global high yield market composition by currency

https://media.licdn.com/dms/document/media/D4E10AQHdWKeYZkIM_Q/ads-document-pdf-analyzed/0/1729055525109?e=1730332800&v=beta&t=mDcMXZo-R31WofcrVdZvQJx3ufEYIFI4y8T26IghngI

Russell 2000 more vulnerable when rates stay higher for longer

https://www.apolloacademy.com/wp-content/uploads/2024/10/102124-Chart_v2.pdf

Foreigners hold a significant amount of US stocks and fixed income

https://www.apolloacademy.com/wp-content/uploads/2024/10/101724-Chart_v3.pdf

Bank lending share of total nonfinancial corporate debt

https://www.apolloacademy.com/wp-content/uploads/2024/09/092224-Chart-1.pdf

Asset-class performance

https://www.dws.com/AssetDownload/Index?assetGuid=c9b118bf-aac0-48f3-9d0e-80836a7ff594&consumer=E-Library

Foreign net purchases of US credit at record high levels

https://www.apolloacademy.com/wp-content/uploads/2024/09/091324_Chart.pdf

Key Themes for September

https://www.morganstanley.com/im/publication/insights/articles/article_thebeatsept2024.pdf

US Fixed Income: Healthy demand across asset classes

https://www.citigold.citibank.com.hk/global_docs/mobile/investment/pdf/invest_insight_e.pdf

Yield alternatives

https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/insights/market-insights/guide-to-alternatives/mi-guide-to-alternatives.pdf

Earnings/coupon yield and the 60/40

https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/insights/market-insights/guide-to-alternatives/mi-guide-to-alternatives.pdf

At current yield levels we believe that selective government bonds are attractively priced

https://www.wtwco.com/-/media/wtw/insights/2024/08/global-markets-overview-august-2024.pdf

Central banks buying more gold

https://www.apolloacademy.com/wp-content/uploads/2024/08/081524_ChartsV3.pdf

10-year bond auction tail

https://www.apolloacademy.com/wp-content/uploads/2024/08/081224_Chart-1.pdf

Default rates declining

https://www.apolloacademy.com/wp-content/uploads/2024/08/080624-Chart.pdf

At current yield levels we believe that selective government bonds are attractively priced

https://www.wtwco.com/-/media/wtw/insights/2024/07/global-markets-overview-july-2024.pdf?modified=20240716152914

High yield is not that scary

https://www.bnymellonim.com/content/dam/ukadviser/pdf/presentation-bnym-uk-investment-conference-cathy-braganza.pdf

Moving Back to an Overweight on High Yield Bonds

https://www.morganstanley.com/im/publication/insights/articles/article_thebeatjuly2024.pdf

Public IG market has grown from $3 trillion in 2010 to $9 trillion today

https://www.apolloacademy.com/wp-content/uploads/2024/07/070224_Charts.pdf

Global private markets AUM totaled $13.1 trillion in 2023

https://inbest.cl/chileday_ny_toronto_2024/en/ppt/ChileDay%20-%20Private%20Market_Trends.pdf

Global Fixed Income

https://www.morganstanley.com/im/publication/insights/articles/article_thebeatjune2024.pdf?1717738440940

IG yield has been 5.5% for the past 12 months and HY yield has been 8%

https://www.apolloacademy.com/wp-content/uploads/2024/06/060524-Chart.pdf

Standard Bond Emission Framework

https://www2.deloitte.com/content/dam/Deloitte/fr/Documents/services-financiers/publications/deloitte_dlt-capital-markets-24.pdf