FIXED INCOME
Sectoral dispersion has started to take place
Cyclical corporates still do not offer enough spread relative to the volatility they bring
Spread difference between cyclical and non-cyclical corporates (in bps)
Sector spread percentile over 20 years
Spread between Cyclicals and Non Cyclicals
Capital Goods Transportation Chemicals Other Industrial
58%
70
50%
60
46%
46%
50
Automotive Technology Basic Industry Consommation cyclique Energy Food/Beverage Health Care Consumer Non-Cyclical Utilities Telecommunications Communications
45%
40%
40
33%
19% 19%
30
76%
20
55%
40%
10
32%
0
29%
23%
-10
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
2019
2020
2021
2022
2023
2024
Public Sources : Rothschild & Co Asset Management, Bloomberg – 31/12/2024 This presentation contains historical market data. Historical market trends are not a reliable indicator of future market behavior. This data is provided for illustrative purposes only. Depending on the date of issue, the information presented may differ from the updated data
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