Market insights

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Convertible bonds enter 2026 from a position of strength. With record issuance fuelled by AI-driven growth and a broadening rally across the global stock markets, the ingredients are in place for another strong year.

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Emerging markets are at the cusp of a new era. Persistently strong demand for bonds in the asset class, solid fundamentals and a weaker US dollar are creating attractive opportunities. At the same time, security selection and timing remain key.

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Immediate reactions in Latin American financial markets to the recent developments in Venezuela have been largely muted. Nevertheless, two potential consequences have come into focus: possible effects on the global oil market and the geopolitical signalling implications for other left-leaning governments in Latin America.

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Our CIO and our portfolio management teams present their macro environment and asset class outlooks for 2026.