Bonds

Bond funds

Bond market outlook

Corporate bonds remain underweighted in the short term

Given the sharp rise in yields and the associated price declines in Eurozone government bonds, we are now also overweighting German government bonds. As a result, we are overall overweight in European government bonds (Italy, France, Germany).

In contrast, we remain underweight in what we consider to be the most vulnerable corporate bond category, namely USD high-yield bonds. As a result, we are underweight in the corporate bond segment overall, where yield spreads have already significantly narrowed following the strong outperformance of the past two years.

The picture is similar for hard-currency bonds from Emerging Markets, where we also remain underweight in the short term given that risk premiums are now at historically low levels.

Find here more information on current market developments!

As of April 2025

Bond markets in detail

Are high-yield bonds still attractive?

Are the prospects still rosy for corporate bonds?

Investing in Emerging Market bonds (now)?

Bond funds

Bond management is one of Raiffeisen Capital Management's longest established core competencies.

Raiffeisen-ESG-Global-Rent: Invest sustainably across the world

How a sustainable bond fund seeks opportunities in turbulent times

Promote the ESG improvement of the EM bond markets

The Fund Regulations of the Raiffeisen ESG Global Bonds have been approved by the FMA. The Raiffeisen ESG Global Bonds may invest more than 35 % of the fund's volume in securities/money market instruments of the following issuers: United States, Japan, Germany, France, United Kingdom.

As of March 2025