Nick Hayes is a fixed income fund manager at AXA Investment Managers based in London having joined the company in June 2010. Prior to joining AXA, Hayes worked at New Star as senior portfolio manager in the New Star Fixed Income team. Hayes graduated from Trinity College, Dublin with a BA Honours degree in French and Spanish. He runs the AXA Sterling Corporate Bond, Sterling Strategic Bond and the AXA WF Global Strategic Bond funds, all with a top down investment style.
We could see people selling off their high yield bonds and buying the sovereign bonds, despite the macroeconomic outlook.12 January 2022
On one hand, the macro picture should be massively negative for bonds, and we did see a fairly short-lived downturn earlier this year. But the market rallied back over Q2 and Q3 because central banks have been tolerant of inflation, believing it to be transitory despite the ambiguous associated timeframe, and because there have been huge price insensitive buyers in the government bond market driving yields down.12 January 2022