{"id":23679,"date":"2026-03-06T14:15:00","date_gmt":"2026-03-06T13:15:00","guid":{"rendered":"https:\/\/latribune.lazardfreresgestion.fr\/?p=23679"},"modified":"2026-04-22T15:29:55","modified_gmt":"2026-04-22T14:29:55","slug":"bond-markets-a-moderate-shock","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/bond-markets-a-moderate-shock\/","title":{"rendered":"Bond Markets: A Moderate Shock"},"content":{"rendered":"<h2>Chart of the Week<\/h2>\n<p>The military intervention in Iran had a significant impact on markets this week, including fixed income. All segments of the European bond market saw a simultaneous decline early in the week, driven by rising rates and widening spreads.<\/p>\n<p>That said, the pullback has remained relatively contained compared with the strong performance of recent months. As of the close on March 3, every segment of the euro\u2011denominated market was still posting positive year\u2011to\u2011date returns for 2026: +1.0% for government bonds, +0.6% for investment grade credit, +0.2% for high yield, and +0.6% for AT1 bonds (financial subordinated debt).<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-23680 size-full\" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2026\/04\/gds-06032026-EN-scaled.png\" alt=\"\" width=\"2560\" height=\"1165\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2026\/04\/gds-06032026-EN-scaled.png 2560w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2026\/04\/gds-06032026-EN-300x136.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2026\/04\/gds-06032026-EN-1024x466.png 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2026\/04\/gds-06032026-EN-768x349.png 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2026\/04\/gds-06032026-EN-1536x699.png 1536w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2026\/04\/gds-06032026-EN-2048x932.png 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><\/p>\n<h3><b>OUR <\/b><b>ANALYSIS<\/b><\/h3>\n<p>Unlike in past episodes of market stress, sovereign bonds didn\u2019t get the usual \u201cflight\u2011to\u2011quality\u201d support this week. Concerns about inflation, driven by rising oil and gas prices, kept investors from seeking refuge in government debt. As a result, sovereign bonds fell broadly in line with AT1s, and even German debt saw yield increases similar to those of peripheral issuers.<\/p>\n<p>Although this might make it feel as though investors had nowhere to hide during the sell\u2011off, it\u2019s worth remembering that some strategies are built to step outside the market\u2019s directional swings. By actively managing duration and credit exposure with an absolute return approach, these periods of volatility can be turned into investment opportunities.<\/p>\n<p>***<\/p>\n<p>Written on March 6, 2026. Opinions subject to change.<\/p>\n<p>See also: <a href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/united-states-investment-now-dominated-by-ai%e2%80%91related-sectors\/\">United States: Investment Now Dominated by AI\u2011Related Sectors<\/a><\/p>\n<p>This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 \u2013 Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES \u2013 75008 PARIS, FRANCE<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The military intervention in Iran had a significant impact on markets this week, including fixed income.<\/p>\n","protected":false},"author":101016,"featured_media":23683,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[2733,2436],"class_list":["post-23679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","tag-euro","tag-euro-zone-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bond Markets: A Moderate Shock<\/title>\n<meta name=\"description\" content=\"The military 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