After a favourable year for the financial markets in 2023 despite a troubled international context, 2024 should see a change of era, according to the experts at Ostrum AM, an affiliate of Natixis Investment Managers. Investors will have to adapt to a new market environment now in the hands of lenders, with interest rates permanently above 2%.

2024 should be a year rich in investment opportunities, served by active management of risks that are a priori contained but growing: duration risks, default risks for governments and companies alike, and volatility risks, not to mention the growing risks associated with climate change.

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Reading time : 5 min.
INSIGHTS MARKETS
The high level of rate volatility raises two key questions. Firstly, volatility normalised gradually as rate policy took over from quantitative easing. Over a long period, the central banks’ grip on bond markets through asset purchase programmes suspended the usual market mechanism determining asset prices.
05/02/2024
Reserved for pros
Podcast
Reading time : 30 min.
NEWS MARKETS
Read our market review and find out all about our theme of the week in MyStratWeekly and its podcast with our experts Axel Botte, Aline Goupil-Raguénès and Zouhoure Bousbih.
04/30/2024
Reserved for pros
Reading time : 15 min.
INSIGHTS MARKETS
Covered bonds are an essential financing instrument for banks in the euro area. ECB monetary tightening affects the covered bond market directly with the unwinding of CBPP3  holdings and indirectly with the TLTRO  repayment (freeing covered bond collateral). Mortgage loans are the main collateral for covered bonds. Housing has been hit by higher rates so that bank lending to households for house purchase shrunk. Covered bond supply should slow reflecting declining lending flows. Covered bond spreads tend to compare favorably to other similarly low-risk asset classes.
04/26/2024
Reserved for pros