How Private Credit Excess Spread Strengthens Income and Risk-Adjusted Returns
The past decade has reshaped fixed income investing. Quantitative easing, regulatory change, and concentrated ownership of public bonds have compressed yields and altered liquidity dynamics. What once appeared to be a deep and stable market now reveals structural fragility during periods of stress. In this environment, investors seeking durable income must look beyond traditional public […]
We Did Not See This Happening
By Marco Kemper “I did not see this coming.” Over the past few years, this sentence has echoed through boardrooms, investment committees, and policy circles across Europe. First came COVID-19, shutting down economies and disrupting global trade. Then war returned to the European continent. Sanctions reshaped financial flows. Energy markets convulsed. Inflation surged to levels […]
The Attractiveness of Asset-Based Lending
A Safer Choice in Alternative Fixed Income? By Marco Kemper In an environment marked by geopolitical instability, inflation volatility, supply chain fragmentation, and tightening financial conditions, investors are reassessing what “defensive” truly means in fixed income. Traditional bonds, once considered safe havens, have demonstrated meaningful duration risk and liquidity fragility during recent market shocks. Against […]