Insights & News - EFGAM New Capital

Understanding the 5 Cs of Credit in the High-Yield Bond Market

In the ever-shifting landscape of fixed income investing, few sectors capture the tension between risk and reward quite like high yield bonds. These debt instruments are issued by companies with below-investment grade credit ratings, offering yields higher than investment grade in compensation. One of the most time-tested frameworks used to assess a borrower’s creditworthiness remains the “5 Cs of Credit”: Character, Capacity, Capital, Collateral, and Conditions.

18 Juli 2025
Read time: 3 minutes

Macro

Could the second half of 2025 be better for the US consumer?

Amidst a backdrop of extreme headline volatility and a seemingly never-ending tremulant macroeconomic and turbulent geopolitical environment, it is no surprise that recent basement-level readings of US consumer sentiment paint a picture of heightened caution. While on the surface this is potentially significant cause for concern for the world’s most important consuming group, the hard data has yet to demonstrate any true fissure in behaviour. Retail sales have been surprisingly resilient (even after adjusting for a pull-forward in spending in March due to looming tariffs), consumer credit has remained on solid footing, and perhaps most telling is that first-quarter earnings commentary for many companies indicated a willingness to spend.

17 Juli 2025
Read time: 3 mins

Macro

Public debt and government revenues

Public debt levels vary sharply across countries and are a growing concern in many advanced economies. Less often noted is that governments’ ability to raise revenue also differs widely, shaped by political, economic, and institutional factors. In this Macro Flash Note, EFG Chief Economist Stefan Gerlach examines the relationship between public debt and government revenues.

11 Juli 2025
Read time: 2 mins

Performing under pressure with professional golfer Shannon Tan

Shannon Tan, EFG Sports Ambassador and professional golfer on the Ladies European Tour joins Moz on the podcast this week. The 21 year old Singaporean golfer shares the story of her journey to professional golf, along with her strategies for maintaining focus and discipline while on tour, and how she copes with the pressure of playing against some of the best in the world.

09 Juli 2025

Macro

India's encouraging economic outlook

India’s economy faced a tough Q3 2024 but has since bounced back strongly, supported by rate cuts from the Reserve Bank of India. In this Macro Flash Note, Economist Sam Jochim assesses the recent data and the outlook for the Indian economy over the next year.

08 Juli 2025
Read time: 2 mins

Macro

A calmer second half?

Welcome to the July edition of InView: Monthly Global House View. In this publication we consider significant developments in the world’s markets, and discuss our key convictions and themes for the coming months.

07 Juli 2025
Read time: 10 mins

Outlook 2026