Rubicon Associates is headed by a Chartered Financial Analyst charter holder with over 20 years of experience in the investment management industry focused on the analysis, investment and management of fixed income and preferred stock portfolios as well as asset allocation and macro portfolios. Over the years, he has analyzed and invested in both public and private companies around the world as well as advised institutional clients on fixed income strategies, manager selection, and asset allocation. The pri ...

Bond Markets: The journal was introduced today at a joint S&P Global-Vanguard event at the New York Stock Exchange, where insights from the research were highlighted through panel discussions exploring structural trends across indexing, fixed income and private markets. The event was informational in nature and did not include any discussion of S&P Global's business performance or disclose any material non-public information. Research highlights: Indexing: NEW YORK, Feb. 5, 2026 /PRNewswire/ -- S&P Global ( ...

AllianceBernstein (NYSE:AB) Q4 2025 Earnings call February 05, 2026 08:30 AM ET Company ParticipantsIoanis Jorgali - Head of Investor RelationsOnur Erzan - PresidentSeth Bernstein - CEOTom Simeone - CFOConference Call ParticipantsBenjamin Budish - Senior Equity AnalystJohn Dunn - Managing Director and Senior Equity Research AnalystNone - AnalystOperatorThank you for standing by, and welcome to the AllianceBernstein Fourth Quarter 2025 Earnings Review. At this time, all participants are in a listen-only mode ...

Trading desk comments 交易台市场观点 Yesterday, we saw balanced two-way flows in FRN space across AU/JP financial names and MAYMK, as well as 2-3yr Korean quasi-sovereign issues and HYNMTR, which closed 1-2bps tighter. The market opened with all-in sellers took profits on front-end to belly Chinese AMC papers (ORIEAS/CCAMCL), POE/TMTs (KUAISH/TENCNT), and belly financial papers (DAESEC/OCBCSP/BBLTB), driving spreads 1-3bps wider. However, selling flows gradually vanished and credit spreads closed largely unchanged ...

Core Viewpoint - The PIMCO Active Bond ETF (BOND) is an actively managed fixed income fund that aims to provide diversified bond exposure with a strong annualized yield of 5.09% and a one-year total return of 8.65% [1][7]. Fund Overview - The fund has $6.85 billion in assets under management (AUM) and reported a dividend yield of 5.09% as of January 23, 2026 [4][6]. - As of January 22, 2026, the share price was $93.46, reflecting an 8.6% increase over the past year, although it underperformed the S&P 500 by 4.94 percentage points [3][4]. Investment Activity - Bouvel Investment Partners purchased an additional 85,742 shares of BOND during Q4 2025, increasing its total holdings to 237,842 shares, which now represent 6.38% of its reportable U.S. equity AUM [2][10]. - The estimated transaction value for this purchase was $8.02 million, contributing to a quarter-end position value increase of $7.94 million [2]. Investment Strategy - The investment strategy focuses on diversified exposure to fixed income instruments, primarily investment-grade bonds, with up to 30% allocation to high-yield securities [9]. - The portfolio includes a mix of U.S. Treasuries, agency, corporate, and mortgage-backed securities, with the flexibility to use derivatives for risk management and yield enhancement [9]. Competitive Advantages - BOND's active management allows for adjustments in response to changing interest rates, providing a competitive edge in navigating various market conditions [11]. - The fund offers monthly dividend payments, making it an attractive option for investors seeking fixed income [12].

Core Insights - Emerging market (EM) bonds outperformed the broader fixed income market in 2025, with typical funds in the EM bond category gaining 2.88% and local-currency counterparts gaining 3.38% [1] - A weakening dollar and potential U.S. Federal Reserve rate cuts in 2026 may continue to make EM bonds an attractive investment option for fixed income investors seeking higher yields [1] - Exchange-traded funds (ETFs) provide a cost-effective and flexible way to gain exposure to EM bonds, with notable options including the Vanguard Emerging Markets Government Bond ETF (VWOB), VanEck Vectors Emerging Markets Local Currency Bond ETF (EMLC), and iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) [1] Investment Strategies - Active management of EM bond ETFs can help navigate the complexities of the market, allowing for adjustments based on current conditions and potentially mitigating downside risks [1] - The SPDR DoubleLine Emerging Markets Fixed Income ETF (EMTL) employs a five-step approach to identify opportunities through bottom-up research and macro overlays [1] - Cost-conscious investors may consider the Global X Emerging Markets Bond ETF (EMBD), which leverages the expertise of portfolio managers experienced in EM debt strategies [1]

Core Insights - The fixed income ETF market experienced significant growth in 2025, with major players like BlackRock and Vanguard leading the charge, while Northern Trust emerged as a top contender [1] - A total of 953 active ETF launches occurred, resulting in $476 billion in flows, with 418 of these focused on discretionary and systematic fixed income [1] - The U.S. Federal Reserve's three consecutive rate cuts at the end of 2025 prompted fixed income investors to seek additional yield through diversification [1] Company Highlights - BlackRock, through its iShares brand, topped the fixed income launch leaderboard in 2025, introducing new actively managed funds such as the iShares Mortgage-Backed Securities Active ETF (MBBA) and iShares Securitized Income Active ETF (SECU) [1] - Northern Trust launched 11 fixed income ETFs in August 2025, including the Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS), Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI), and Northern Trust Tax-Exempt Bond ETF (TAXT), catering to various segments of the yield curve [1] - Vanguard introduced the Vanguard Multi-Sector Income Bond ETF (VGMS), which provides diversified exposure to corporate and international bonds, enhancing yield opportunities for investors [1] Market Trends - Multi-sector income strategies saw substantial growth, doubling in size to surpass $50 billion in assets under management (AUM) [1] - The iShares Flexible Income Active ETF (BINC) became a significant player in the multi-income market, offering flexibility in a changing macro environment with a net expense ratio of 40 basis points [1] - The active/passive barbell approach adopted by advisors has contributed to the success of multi-sector income funds [1]

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The market shows mixed trends across different regions and sectors in the fixed - income market. Some bonds tightened, while others widened or had price changes due to various factors such as demand, profit - taking, and company - specific news [2]. - The analysts maintain a buy rating on BBLTB's subordinated bonds, expecting the bank to call its subordinated bonds on the first call dates due to sufficient capital buffer and past redemption records [7]. 3. Summary by Relevant Catalogs Trading Desk Comments - **Chinese IG Space**: CCAMCL/ORIEAS 2 - 5yr bonds tightened 3 - 5bps due to onshore demand, AMs/prop desks bought FRESHK/ZHOSHK which tightened 1 - 3bps, LIFUNGs gained 0.1 - 0.4pt, EHICAR 26 - 27 were 0.4pt higher [2]. - **Chinese/HK Properties**: ROADKG bonds and perps rose 0.7 - 1.5pts, SHUION 29 gained 0.3pt, FUTLAN 28/LNGFOR 27 - 32s closed 0.5 - 1.2pts higher, VDNWDL/NWDEVL complex were 0.2pt lower to 0.3pt higher, VNKRLE 27 - 29 were 0.3pt higher [2]. - **KR Space**: HYNMTR FRNs tightened 3 - 5bps as onshore/offshore buyers sought loose bonds and dealer inventory dried up [2]. - **JP Space**: NTT 35/MUFG 35s/SOBKCO 35/SMBCAC 35 tightened 1 - 4bps, NOMURA 7 Perp traded 0.1pt lower, RESLIF 6.875 Perp closed 0.1pt higher [2]. - **SE Asia Space**: OCBCSP 32/35s tightened 1 - 3bps, light selling on OCBCSP 34s, KBANK 31/UOBSP 31 - 32s/BBLTB T2s were 1bp tighter to 2bp wider, ReNew Energy complex edged 0.1 - 0.3pt higher, SMCGL Perps/INDYIJ 29s/MEDCIJ 26 - 30s were unchanged to 0.2pt higher, TOPTB 6.1 Perp lost 0.1pt [2]. - **Middle East**: BSFR 35s and long - end KSAs softened 0.1 - 0.3pt lower, SECO 29 - 36s traded active two - way and closed 1 - 2bps wider, ARAMCO 30 - 31s were 1 - 2bps wider, LGFV edged a touch tighter overall [2]. - **Morning Price Movements**: JP AT1s and insurance subs had two - way flows but stable prices, HUXJDP 26 rose 0.9pt, CRNAU 29/HYSAN 4.85 Perp were 0.6 - 0.7pt higher, LNGFOR 28/FTLNHD 27/SOFTBK 31 were 0.5 - 0.8pt lower [3]. Top Performers and Underperformers - **Top Performers**: ROADKG bonds had significant price increases, with ROADKG 6.7 03/30/28 rising 1.5 to 22.9, ROADKG 5 1/8 01/26/30 rising 1.4 to 22.8, etc [4]. - **Top Underperformers**: GARUDA 6 1/2 12/28/31 fell 1.9 to 90.0, ADSEZ 5 08/02/41 fell 1.5 to 87.3, etc [4]. Macro News Recap - Last Friday, S&P was up 0.03%, Dow was down 0.58%, and Nasdaq was up 0.28%. US Jan'26 S&P Global Services PMI was 52.5 (lower than expected), Manufacturing PMI was 51.9 (as expected). UST yield was lower, with 2/5/10/30 - year yields at 3.60%/3.84%/4.24%/4.82% [6]. Desk Analyst Comments on BBLTB - FY25 investment gains offset lower NII and net fee income. Analysts maintain a buy on BBLTB 3.466 09/23/36 and BBLTB 6.056 03/25/40, expecting first - call redemptions [7]. - FY25 results softened: operating profit before tax lowered by 1% to THB56.0bn, net interest income decreased 8% to THB123.6bn, NIM dropped to 2.8% from 3.1% in FY24, net fee income decreased 2% to THB27.2bn, total operating income rose 2% to THB178.5bn, cost - to - income ratio rose slightly to 48.4% [8][9]. - Asset quality deteriorated slightly: NPL ratio increased to 3.0% as of Dec'25 from 2.7% as of Dec'24, NPL coverage ratio decreased to 324% from 334%. However, capital adequacy is solid, with standalone/consolidated CET 1 and Tier 1 ratios increasing [10]. Offshore Asia New Issues - **Priced**: Ma'aden Sukuk Ltd issued USD1000mn 10 - yr bonds with a 5.25% coupon at T + 105, rated Baa1/ - /BBB+ [12]. - **Pipeline**: The Link Finance (Cayman) 2009 plans to issue 10 - yr USD bonds at T + 105, with an issue rating of - /A/ - [13]. News and Market Color - **Onshore Primary Issuances**: 110 credit bonds were issued last Friday with an amount of RMB95bn. Month - to - date, 1,485 credit bonds were issued with a total amount of RMB1,279bn, an 11.1% yoy decrease [17]. - **Company - Specific News**: Adani Energy Solutions plans a USD500mn bond issue, Greenko Energy raised INR48bn (cUSD524mn), Road King sold property interests, Sun Hung Kai settled a tender offer, China Vanke withdrew a REIT listing application and got a loan extension, Yuexiu Property expected FY25 profit to fall 90 - 95% yoy [17].

Group 1: Industry Consolidation - The industry is expected to see consolidation, highlighted by Goldman Sachs' acquisition of Innovator ETFs, with over 400 unique ETF brands and 4,000 products in the market [1] - Raymond James' acquisition of Clark Capital Management Group indicates a trend, with expectations of three to five meaningful deals in the current year [2] Group 2: Smart Beta ETFs - Predictions suggest inflows for smart beta ETFs will double from $37 billion to $75 billion, with the Invesco S&P 500 Equal Weight ETF (RSP) being the fourth-largest fund by flows this year [3] - The record for smart beta inflows was set at $103 billion in 2022 [3] Group 3: Crypto Index ETFs - Skepticism exists regarding the prediction that crypto index ETFs will triple assets from $1.7 billion to $5 billion, as year-to-date flows have primarily gone to bitcoin and ethereum funds [4] - A survey indicated that 42% of advisors prefer crypto index ETFs over individual tokens [4] Group 4: International Equity and Fixed Income ETFs - Predictions on international equity and fixed income ETFs breaking records are endorsed, with bond ETFs capturing 32% of total flows this year, up from 29% last year [5] - Flows are shifting from short duration to the belly of the curve, approximately six years duration [5] Group 5: Active ETFs - Active ETFs experienced record inflows of $580 billion in 2025, contrasting with active mutual funds that had $640 billion in outflows [6]

Core Insights - Guggenheim Investments has re-entered the ETF market by filing for new products after selling its $37 billion ETF business to Invesco in 2017, including an Ultrashort Bond ETF and five other actively managed ETFs [2] - DoubleLine, led by bond investor Jeffrey Gundlach, has also filed for a new Ultrashort Income ETF, indicating a trend towards actively managed ultrashort income products [2][3] - The ultrashort income category is gaining popularity, with significant inflows into US Ultrashort bond ETFs, which attracted $90 billion last year, up from $57 billion in 2022, raising total assets in the category to $313 billion [4] Company Developments - DoubleLine currently manages about $2 billion across eight ETFs, while its mutual funds hold $51 billion, experiencing nearly $2 billion in net outflows in 2025 [6] - Guggenheim manages approximately $50 billion in mutual fund assets and saw over $400 million in net inflows last year, with eight US fixed income mutual funds that do not significantly overlap with its new ETF filings [6] Market Trends - The timing of new ETF launches is notable, as potential rate cuts by the Federal Reserve could lead to declining yields, prompting investors to shift assets from money markets and Treasurys [4][5] - The active management of fixed income ETFs has been a key area of development, with increasing investor interest in ultrashort income products, suggesting strong client demand [5]