Fixed Income

Fixed Income

Explore our strategy focused on the front end of the yield curve
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Why BlackRock for fixed income?

BlackRock offers a comprehensive fixed income platform, managing more than US$1.9 trillion in active and index mandates across a variety of vehicles and strategies around the globe1. Our platform features proprietary tools, expert and efficient trading, and the infrastructure necessary to meet the operational requirements our clients expect.

Comprehensive investment capabilities
Comprehensive investment capabilities
Extensive platform of fixed income capabilities spanning index to alpha seeking to alternatives, across public and private markets
Autonomous teams supported by BlackRock platform
Autonomous teams supported by BlackRock platform
Dedicated investment professionals with autonomy and accountability for portfolio objectives and performance
Distinct culture of risk management
Distinct culture of risk management
Aladdin’s robust risk management and analytics system can help build portfolios that weather all market environments
Vast scale, access and expertise
Vast scale, access and expertise
Deep resources, investment expertise across regions, sectors and styles, and exceptional access to fixed income capital markets

Learn more about fixed income investing at BlackRock

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Nine key investment themes for 2019

Here are the nine themes we believe will have the most important influence on markets and investing in 2019 - some with their impact felt well beyond this year.

  1. 2019’s investment regime will likely be influenced early on by two major factors coming from policy circles.
  2. Reduced global liquidity raises left tail risk potential and market volatility.
  3. Return potential will be there, but with lower upside and overshoots to the downside, along with potentially elevated volatility.
  4. Investing in carry, higher in the capital stack, may make sense.
  5. In 2019, investors should re-think their hedging toolkit.
  6. The paradox of portfolio construction: Higher yields than in recent years can allow for return with reduced risk.
  7. 2018’s global growth dispersion will likely give way to growth convergence in 2019…at lower levels.
  8. Emerging markets may bring positive performance to portfolios again.
  9. Keep in mind the longer-term negative structural factors (debt, demographics and deficits).

Thirty years of innovation, anticipating changing client needs

    • BlackRock founded as a mortgage manager
    • Introduced first fixed income index funds
    • Awarded first Insurance company mandate, the first step in building the Financial Institutions Group (FIG)
    • Began managing a fundamental relative value fixed income hedge fund
    • Created the first EMEA fixed income index fund
    • Won first external Aladdin client
    • Created the industry’s first fixed income ETFs
    • MLIM/BlackRock merger expanded Fundamental non-dollar and municipal capabilities
    • Introduced first global credit-screened fund
    • Launched Financial Markets Advisory business in response to global financial crisis; partnered with government agencies in work out situations and capital raises
    • BGI/BlackRock merger added index and systematic fixed income capabilities
    • Introduced synthetic long duration funds for liability-driven investing clients
    • Pioneered strategic income opportunities, one of the industry’s first unconstrained fixed income strategies
    • Initiated the first smart beta fixed income strategy
    • Partnered with JP Morgan to launch emerging markets ESG indices

People, process & platform focused on solving client challenges

The BlackRock platform enables a comprehensive and collaborative medium for solving client challenges.

    • 500+ fixed income professionals across 8 global investment centers4
    • Portfolios reflect local knowledge, experience, and global insights from across the firm
    • Daily global meeting with equity, cash, and alternative teams led by the BlackRock Investment Institute
    • Risk & Quantitative Analytics (RQA) professionals embedded with investors to provide independent oversight
    • Leverage Aladdin capabilities to continuously develop and refine risk analytics
    • Autonomous investment teams have full accountability for delivering results – leveraging resources from the broader firm
    • 24-hour global trading platform ($10.5T USD of annual FI trading volume5) leverages local knowledge and sector expertise
    • $64 trillion USD in transactions across global capital markets in all asset classes last year5, giving us unique market data and insights
    • Shared research platform, leveraging investment insights across the broader firm

The industry leader for innovative fixed income solutions6

BlackRock Global Fixed Income combines diverse investment styles, comprehensive investment capabilities and a robust talent and technology platform.

This graphic depicts BlackRock fixed income platform.

Source: BlackRock; as of December 31, 2018. $ represented in USD. 1. Systematic alpha seeking includes alternatives and portfolios managed as part of multi-asset strategies.

What does ESG integration mean for fixed income?

BlackRock is committed to sustainable outcomes and long-term value for our firm and our clients. We evaluate companies based on their environmental, social and governance (ESG) business practices and incorporate that into our investment decisions to help determine the risk and opportunities.

ESG integration is the practice of incorporating ESG information into fixed income investment decisions to help enhance risk-adjusted returns, regardless of whether a strategy has a sustainable mandate. There is no one-size-fits-all approach but at BlackRock, we see it as being about bringing research, data and insights available to our fixed income portfolio managers

This graphic explains ESG integration in fixed income.
Sustainable investing at BlackRock
We believe sustainability-related issues – ranging from board composition to human capital management to climate change – have real impacts.
Learn more Learn more
Sustainable investing at BlackRock

BlackRock's latest fixed income insights

  • Fixed income style factors: Moving from theory to practice

    Oct 15, 2020
    The fundamental investment concepts underlying style factor investing can be applied in fixed income.
    Read now Read now
  • Assessing liquidity and finding opportunity in fixed income

    Mar 27, 2020 | By Rick Rieder

    Rick Rieder offers insights on how fixed income markets are functioning and where he sees opportunity.

    Read now Read now
  • Insights from Larry Fink and Rick Rieder

    Mar 19, 2020 | By BlackRock

    Larry and Rick will provide their latest insights on what is happening with financial markets and what may lie ahead.

    Watch on-demand Watch on-demand
  • Sustainability: The bond that endures

    Nov 19, 2019 | By BlackRock Investment Institute

    Sustainable investing is going mainstream. Evidence is building that a focus on sustainability-related factors — ranging from carbon efficiency to quality of governance — can help investors build more resilient portfolios.

    Read more Read more
  • Assessing risks in the BBB-rated corporate bond market

    Oct 14, 2019 | By Susan Harrison, CFA | Tom Parker, CFA

    As the global economy shows signs of late-cycle behavior, we believe it is important to assess the risks that exist in the BBB-rated corporate bond market.

    Read article Read article
  • Bonds as ballast

    Building portfolio resilience is crucial at a time of elevated macro uncertainty.

    Read article Read article
  • Webcast: What's next for fixed income investors?

    Sep 26, 2019 | By BlackRock

    Fixed income markets have staged a strong rally this year, leaving yields on many assets at all-time lows—and creating major challenges for investors.

    Watch on-demand Watch on-demand
  • Sourcing resilience in fixed income

    Sep 23, 2019 | By Peter Gailliot

    We identify six themes that we believe are critical in helping to build those more resilient portfolios.

    Read article Read article
  • The case for unconstrained fixed income

    Jul 26, 2019 | By Bob Miller | David Rogal | Rick Rieder

    Fixed income investors are faced with mounting headwinds. An unconstrained approach may help.

    Read article Read article
  • Webcast: Building portfolio resilience

    Jun 27, 2019 | By BlackRock

    An aging cycle, rising geopolitical risks and heightened market volatility are impelling many investors to make their portfolios more resilient.

    Watch on-demand Watch on-demand
  • In search of portfolio resilience

    We asked four senior investors from our multi-asset and fixed income platforms to share different approaches to a common goal: building truly resilient portfolios.

    Read article Read article
  • Fixed income factors

    Jun 12, 2019 | By Jeffrey Rosenberg | Tom Parker, CFA

    Fixed income factors can help investors differentiate between return sources and seek the efficiencies they now experience in the equity portion of their portfolios.

    Read article Read article
  • Why systematic fixed income investing

    Feb 12, 2019 | By Matt Tucker, CFA | Tom Parker, CFA

    As interest in quantitative investing has grown in the market, we have seen the emergence of a true systematic category in fixed income.

    Read article Read article

Leadership

Richard Kushel
Senior Managing Director, Global Head of Fixed Income
Rich Kushel is head of the Multi-Asset Strategies and Global Fixed Income groups and oversees the Client Portfolio Solutions group. He is a member of the Global
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Peter Hayes
Managing Director, Chief Investment Officer and Head of the Municipal Bond Group
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James Keenan
Managing Director, Chief Investment Officer and Global Co-Head of Credit
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Tom Parker
Managing Director, Chief Investment Officer of Systematic Fixed Income
Read biography
Rick Rieder
Managing Director, Chief Investment Officer of Global Fixed Income
Read biography

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