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Articles
- The future of AT1s: “If it ain’t broke, don’t fix it”
- EMD’s Gravity Shift: Why investors are pulling ‘satellite’ emerging market debt into the core of portfolios
- Methane under Fire: How the EU’s bold regulations aim to confront supercharged emissions
- From outflows to opportunity: China equity today
- The Asia ex-Japan rally has further to run
- European financial green bonds: yield and impact go hand in hand
- Seeking more nuance in our thematic exposure
- Capitalising on global divergence, structural shifts and technical tailwinds
- Can the new administration drive Japan’s economic growth?
- Rotation from financial assets to solid, tangible assets
- News & Media
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GAM and Gramercy enter into Strategic Partnership for Emerging Market Debt Strategies.
Find out moreOur Thinking
Investment Opinions
The future of AT1s: “If it ain’t broke, don’t fix it”
05 January 2026 | Romain Miginiac
The European Central Bank’s latest recommendations have rekindled debate over Additional Tier 1 (AT1) bonds. While authorities may question AT1s’ effectiveness in absorbing losses in times of market stress, legislative practicalities and the need to maintain AT1s’ market viability could limit the scope for change. With significant reforms unlikely, investors may instead focus on managing volatility, risk and opportunity in an environment of historically tight spreads in AT1 Contingent Convertible Bonds.
Investment Opinions
EMD’s Gravity Shift: Why investors are pulling ‘satellite’ emerging market debt into the core of portfolios
19 December 2025 | Philip Meier
A return to inflows and strong performance in 2025 reflect how emerging market debt has refined its role, moving from a niche satellite allocation to become a core portfolio component. While developed market government bonds labour amid fiscal strain and supply pressures, strong fundamentals, central bank credibility and attractive real yields are opening investors’ eyes to the long-term opportunities in emerging market bonds.
Investment Opinions
Methane under Fire: How the EU’s bold regulations aim to confront supercharged emissions
16 December 2025 | Joel Gubb
Four years after the European Commission’s initial communication on the matter, the EU Methane Regulation finally came into force on 4 August 2024. It is the world’s first legally binding standard aimed at reducing methane emissions, with its primary focus being the energy sector (crude oil, natural gas and coal).
