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In Parts I and II of our Investing in Global Bonds series, we showed how a global perspective presents investors with a richer opportunity set and diversification advantages, as well as how this has historically translated into a superior risk-adjusted return profile within the sovereign bond space. In Part III of our series, we examine the historical risk and return characteristics of the remaining component of the global fixed income landscape: global credit. Our first objective is to examine the investment grade corporate bond segment on a standalone basis, and in contrast to domestic markets. Our second objective is to analyze all components of the credit landscape (including emerging market and high yield debt) in relation to one another and in relation to global sovereign bonds. In forthcoming papers, we will address the role of global bonds in an objective-oriented investor’s portfolio, as well as active management and implementation considerations.
