Nick Tune

In the last Bond Voyage edition of 2025, we examine the vast amounts of capital being deployed to build new high-capacity data centres and how the expenditure is being funded in the bond markets.

Market and economic trends are challenging the idea that emerging market (EM) bonds should trade at a discount to developed economy debt.

Financial flows shall be “consistent with low greenhouse-gas emissions and climate-resilient development”, according to Article 2.1.c of the Paris Agreement. Yet most finance continues to flow to business as usual. How can this change?

In this month’s Bond Voyage, we introduce SHIELD – the downside protection framework used by our fixed income division. SHIELD is designed to ensure our portfolios remain resilient in challenging market conditions while maintaining capital efficiency.

Asset-based finance is capturing the attention of institutional investors – from pension schemes to insurers – thanks to its diverse risk-return drivers and its growing role as a strategic building block in investors’ portfolios.

Holistic stewardship across corporates, value chains, and sovereigns is essential to shaping viable, investable climate transitions. But its focus must now move beyond targets to the real-world delivery needed to make those targets achievable.

While fewer shareholder resolutions were tabled at company AGMs, we continued to encourage high standards of corporate governance practice, recognising individual company context and the importance of long-term value creation.

While opportunities in European high yield real estate debt remain, growing competition underscores the need for deep market expertise, a robust underwriting framework, and disciplined deal selection to identify and capture resilient value.

A set of megatrends is reshaping the world, creating new opportunities and risks for investments in private markets.

Emerging-market debt has proved a rare bright spot so far this year as investors struggle to assess the impact of US political upheaval. In this article, Carmen Altenkirch and Nafez Zouk advance reasons why the market is well placed to weather ongoing market turbulence.

In our latest private markets deep dive, our research team crunches the data to see how evolving macro conditions are reflected in private debt returns. 

Investor engagement with governments on their climate commitments can be a powerful complement to other forms of stewardship. It can also help investors identify opportunities and mitigate risks, says Thomas Dillon.

In May, our EMD team discusses the most effective way to manage fixed income through episodes of heightened uncertainty.

Designed to support our holistic stewardship approach, Aviva Investors adopted its Climate Stewardship 2030 programme (CS30) in 2024.

Advances in data analytics and AI-driven insights are changing the landscape in fixed income investing, and the pace of change in innovation and technological adoption is remarkable.

In the second of our global equity sector hub discussions, Josep Bori, technology sector hub lead, explains where the team is finding its strongest investment convictions in artificial intelligence and beyond.