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Fixed Income 2025: Rates make return journey
After navigating an interest rate hiking cycle, fixed income investors face a completely different challenge in 2025.
The Investor's Guide to China podcast: Dealing with China's debt
As China rolls out new stimulus measures, the country’s approach to debt and public spending is back in the spotlight.
Fidelity Answers: A practitioner's guide to investing in the energy transition
Fidelity International's experts discuss practical steps to consider when investing in the energy transition, and where to look for risks and opportunities.
Falling correlations suggest bonds can once again perform hedging role
The equity-bond correlation has turned negative. But it’s the context that matters.
Sustainable fixed income isn't just about labels
Buying green bonds is not the only option for transition-focused fixed income investors. They can also buy non-labelled debt from sustainable companies.
India’s renewable bonds: Riding the green wave
India’s need to deliver more green power is likely to make its renewable energy sector a destination for global capital for years to come.
Winning the argument on sustainable investing in Asia
Growth in Asia’s sustainable assets has stalled in recent years. But as net-zero deadlines edge closer, the case for investing in those assets will strengthen.
India’s renewable bonds: Riding the green wave
India’s need to deliver more green power is likely to make its renewable energy sector a destination for global capital for years to come.
Fixed income tales: Profits in the unexpected
A return to higher interest rates has created valuable opportunities for bond investors.
Unlocking alpha: How global investors can play China’s onshore bonds
There's room for alpha in China’s top-rated bonds, which account for a significant part of global fixed income indexes and benefit from macro headwinds.
US high yield may be less stretched than you think
Investor interest in income strategies has squeezed high yield credit spreads. But a metric we watch at Fidelity suggests they may not be overpriced yet.
Asia high yield is not just China now
Worried by the risks of investing in Chinese bonds? The make-up of the Asian high yield debt market has changed.
US high yield may be less stretched than you think
US high yield may be less stretched than you think
Chart Room: overpriced, oversubscribed, but not over yet
Developing world governments borrowed as much in January and February of 2024 as they did in the same period of any of the last 20 years.
Get real: 2024 and the need for income
For the first time in years, the interest available on cash deposits is tempting. However, parking money in ultra-defensive options comes with its own risks.
Rich Pickings podcast: Asia and Latin America are reshaping the world for investors
Richard Edgar is joined by Fidelity International experts to discuss how Asia and Latin America are reshaping the world for investors.
Chart Room: Sterling investment grade offers sanctuary to income seekers
Yields on IG corporate debt look attractive after a difficult period for fixed income. This is useful at a time when it makes sense to act defensively.
The Investor's Guide to China podcast: China's bond market
Catherine Yeung and Marty Dropkin tackle a topic that often flies under the radar, but could in fact hold great potential for investors: China’s bond market.
Chart Room: China’s booming panda bond market not so black and white
The panda bond market boomed in 2023. But the market still faces hurdles, including poor liquidity and competition from the offshore ‘dim sum’ bond market.
Axing the ‘ex-Japan’: a new era for Japanese bonds
Tailwinds from index reform to rate-hike expectations are lifting Japan's bond market from the doldrums, breathing new life into what was a dull backwater.
Rich Pickings podcast: Outlook 2024
Richard Edgar is joined by Fidelity's heads of investment to discuss the investment outlook for 2024.
Chart Room: Cash, the once and future king
After a flood of capital into cash investments this year a look at forward interest rates suggests cash as king could reign for a while.
China signals growth resolve with trillion-yuan bonds
China has announced the issuance of 1 trillion yuan ($140 billion) of special government bonds to help local governments struggling with debt.
Emerging markets and the climate financing gap: how to plug the shortfall
Emerging markets are among the nations most exposed to the environmental crisis they have the fewest resources to adapt. Sustainable debt markets could help.
Chart Room: Catching the turn on bond yields
Chart Room: Catching the turn on bond yields, Fixed Income CIO Steve Ellis discusses the recent bond sell-off.
Far from last orders
One in five pubs in Britain has closed, prompting a national outcry. But rising retail prices and falling energy costs may put the industry on a better footing
Gilt markets look too bearish
UK Gilt markets are pricing in further increases in yields. But the economic data suggest this view is too pessimistic.
Chart Room: Watching for cracks amid pressure on China’s local government finances
Some of China’s local government financing vehicles are struggling to service their debts, but not all LGFVs are created equal.
Chart Room: The return of 60/40?
Chart Room: The return of 60/40?
Chemicals destocking: cross-asset analysts remain positive on 'unprecedented' cycle
Chemicals destocking: cross-asset analysts remain positive on 'unprecedented' cycle
Chart Room: Putting the high back into high yield
The era of ultra-low coupons in the European high yield bond market is coming to an end, but higher financing costs also means elevated risk for businesses
Fundamentals: Navigating China’s $10 trillion local government debt market
Fundamentals: Navigating China’s $10 trillion local government debt market
Playing offense on income funds
Playing offense on income funds
Selling like hot chilli crab: a look at Singapore’s local bond boom
While debt issuance has slowed around the world, the Singapore dollar bond market is in a pocket of growth driven by policy tailwinds and an influx of funds.
Chart Room: Credit markets focus again on fundamentals
Fidelity's model shows factors associated with credit fundamentals and valuations have contributed more than sentiment to investment returns since the pandemic
Blue bonds and the ocean funding gap
‘Blue bonds’ that invest in ocean conservation may eventually replicate the success of their green (land-based) counterparts. But a win is not guaranteed.
Fundamentals: When boring banking is better
Fundamentals: When boring banking is better
Chart Room: Is ‘higher for longer’ the new normal for funding costs?
Chart Room: Is ‘higher for longer’ the new normal for funding costs?
Rich Pickings podcast: Preparing portfolios for climate risk
What impact will climate change have on portfolios?
Quarterly Outlook: Navigating the polycrisis - Part II
In Fidelity's latest quarterly outlook, we believe that recession over the next 12 months looks increasingly likely across developed markets.
The Fed can’t paint over the cracks for long
Fidelity International's Chief Investment Officer for fixed income on what the SVB collapse means for the Fed and monetary policy.
Analyst Survey 2023: Companies prepare for a world after cheap financing
Companies prepare for a world after cheap financing
Rich Pickings podcast: Outlook 2023 - navigating the polycrisis
Richard Edgar is joined by Fidelity's cross-asset investment team to discuss the 2023 Outlook.
The Investor's Guide to China podcast: China's Onshore Markets
China's economy and its markets have faced a number of headwinds in 2022. Slowing growth, geopolitical uncertainty, the impact of the country's Covid policy
Chart Room: Credit markets look cautious to a (de)fault
Markets are pricing too much bad news into investment grade bonds, especially now that inflation appears to have peaked.
Are private savings the answer for China’s ageing masses?
China's new ‘third pillar’ private pension scheme could reshape both ordinary people’s retirement plans and the country's asset management industry.
Fidelity International China Stewardship Report 2022
Gaining traction: Fidelity International China Stewardship Report 2022. A proprietary study of shareholder stewardship, voting and engagement trends in China.
New world, new playbook
We move into 2023 in a changed world, and the opportunities and challenges will be different for investors going forward.
Outlook 2023: Download the assets
Find Fidelity International's full 2023 Investment Outlook here
Fixed income 2023: A new era for interest rates
Bond yields are finally starting to look attractive again but are they priced for the scale of the downturn ahead?
Bonds are back in town
For over a decade, one of the main cards in investors’ pack - solid and steadily yielding government bonds - has been off the table. That era has ended.
Time to look beyond market turmoil and focus on China’s long-term growth
Time to look beyond market turmoil and focus on China’s long-term growth
Rich Pickings podcast: Keeping cool heads in volatile times
Portfolio Managers Charlotte Harington and Ian Fishwick join Richard Edgar to discuss what investors can do in these times of turmoil.
Q4 Investment Outlook: Into the unknown
Fidelity International's Q4 Investment Outlook looks at the increasing likelihood of a hard landing.
The Fed’s dilemma in three charts
The risk that the Fed will go too far in trying to bring inflation under control is becoming more acute.
Rich Pickings podcast: Where next for the UK?
Four of Fidelity's investment team join Richard Edgar to discuss where next for the UK after a week of market turmoil.
Fed hike: What you're missing from the inflation narrative
Fidelity's Chief Investment Officer for Fixed Income Steve Ellis shares his views on the unexpected consequences of the Federal Reserve's rate hike cycle.
Watch where you step as defaults set to rise
Fidelity’s projected credit spread premium model suggests high yield investors may be taking on more risk than they are being paid for.
Chart Room: China takes own path in a tightening world
China is bucking the trend towards higher interest rates, and the resulting yield divergence has huge implications for bond investors and currency markets.
Q3 Investment Outlook: The Great Reset
Central banks have tried to strike a balance between reducing inflation by tightening financial conditions and mitigating the impact on economic growth.
Corporates weigh the cost of long-term Russia exits
Our latest Fidelity International Analyst Survey suggests that for many companies Russia may be un-investable for years to come
Q2 Asia Investment Outlook: Region sees opportunity amid volatility
Fidelity International's investment outlook for the second quarter for Asia sees regional opportunity amid the global volatility
Q2 Investment Outlook: The “Grand Chessboard” reconfigured; stagflation risks intensify
The global order is reconfigured and stagflation risks intensify.
China as a new safe haven?
Looming stagflation and war effects have global investors searching for havens. China represents a less conventional option with diversification benefits.
Chart Room: Fingers in the punch bowl
Central bankers seeking to deploy rate hikes against inflation risk collateral damage as tighter policy threatens already swollen debt servicing costs.
Chart Room: 2021’s long goodbye to transitory inflation
Five charts that show the inflationary impact of 2021’s reopening cycle
The Investor's Guide to China podcast: Demographics
China’s labour pool is shrinking as the population ages. How people save and invest signals challenges and opportunities for China’s pension system.
Don’t get bearish on duration yet
Record debt levels mean central banks cannot normalise aggressively.
Waiting for more certainty
We are optimistic about equities over the next 12 to 18 months. Growth and earnings will be respectable but momentum is slowing.
Don’t get bearish on duration yet
Record debt levels mean central banks cannot normalise aggressively.
Waiting for more certainty
We are optimistic about equities over the next 12 to 18 months. Growth and earnings will be respectable but momentum is slowing.
China Green bonds: sprouting issuance, absent greenium
A key advantage of China’s onshore green bonds that sets them apart from other markets is the lack of price premium over comparable non-green issues.
Time to look beyond Evergrande and China’s ‘too big to fail’ era
Property giant China Evergrande’s woes are better understood as a controlled explosion, rather than an unexpected disaster.
‘Lehman moment’ fears are wide of the mark in China Evergrande fallout
Property developer China Evergrande Group’s debt issues have rattled markets, but comparisons to a ‘Lehman Brothers moment’ look overstated and misdirected.
Asia eyes a tantrum-free taper this time
A faster-than-expected tapering by the Federal Reserve remains a risk for Asian bond markets, but investors have been reassured by the latest policy signals.
Generating excess returns with value investing in bonds
Generating excess returns with value investing in bonds
After the selloff, what next for China equities?
A spate of regulatory actions across several sectors in China rattled markets and sent shares tumbling, but some of this selling appears overdone.
Credit risk at China’s SOEs in focus amid Huarong saga
China’s bond and equity markets have been rattled by concerns that state-owned enterprises could face greater default risk.
Why India’s ‘fallen angel’ risk is rising
India’s ballooning debt levels amid a structural growth slowdown have raised the risks of an imminent downgrade by credit ratings agencies.
Chart Room: A Goldilocks spot for inflation-linked bonds
We see a sweet spot in inflation-linked bonds with maturities ranging from 1 year to 10 years.
Chart Room: A liquidity tide for the record books
2020 brought us new high-water marks in the US for both money supply growth and the personal savings rate.
Chart Room: China government bond yields catch their breath
Chart Room: China government bond yields catch their breath
Fixed income in 2021: Monetary policy to the rescue, but duration tantrums are possible
Central banks will want to keep financing costs low given high debt levels, but may not act before a duration tantrum.
China bond defaults signal a coming of age as state safety net shrinks
Bond defaults by state-owned enterprises have rattled China’s onshore credit markets. We see this as an important if painful step in curtailing moral hazard.
European high yield: The curious case of the defaults that didn’t happen
At the height of the March crash, defaults looked set to soar. The reality turned out to be very different.
The hidden dragon of 2020
As global investors scramble to digest paradigm shifts, another change of seismic scale has gone under-noticed in a year full of twists and turns.
A to-do list for Japan’s next prime minister
Ensuring fiscal and monetary policy continuity while overseeing Japan's response to the Covid-19 crisis will be top priorities for Shinzo Abe's successor.
Overweight autos: The road less travelled
Despite the risks, we believe that the auto sector now presents an investment opportunity.
Chart Room: European banks’ CoCo bonds soar while equities slump
The average European bank capital ratio has never been stronger. This has led to a stark contrast in returns across bank capital structures.
July’s Fidelity International Pulse Survey: Falling costs find some support
July’s Fidelity International Pulse Survey: Falling costs find some support
Chart Room: Why China government bonds have underperformed other markets
China government bond yields are diverging from other major government bond markets.
Fidelity International Pulse Survey: 10 months of disruption remain
Fidelity International’s June survey of 149 analysts finds that activity in most sectors and regions is expected to return to a stable level in under a year.
Is the US turning Japanese?
A higher post-coronavirus savings rate in the US risks pushing the country into a low growth spiral similar to that which first ensnared Japan 30 years ago.
Defying gravity: How long can monetary-driven markets ignore economic reality?
How long can central bank stimulus enable markets to defy gravity from Covid-19 reality?
The New Economic Order
We believe the Covid-19 crisis will trigger a step-change in policy, accelerate existing trends and transform investment frameworks.
Liquidity briefing: Still on the right track
Liquidity remains on the right track, especially in markets that have benefited from central bank action, but is still lower than pre-coronavirus standards.
A shelter from the storm, for now: China’s bond market set to open further
When global fixed income investors scrambled for cover last month, China’s onshore bond market was a rare haven with low volatility and no liquidity crunch.
Liquidity briefing: Further signs of improvement
Central bank measures have helped improve liquidity conditions.
Fidelity Pulse Survey: The coming solvency squeeze
The global shutdown will put a significant dent in corporate earnings this year, according to 150 Fidelity analysts surveyed this month.
Downgrade risks when zombies become fallen angels
The high yield bond market prepares for an influx of downgraded investment grade debt.
Liquidity briefing: Signs of easing
Liquidity briefing: Signs of easing
Delayed demand making its return to China’s property market
New home sales are recovering faster than expected in China. This has big implications for domestic demand and the macroeconomic outlook.
Strong underpinnings to Asia’s investment grade bond market
Asia’s investment grade bond market looks attractive as we continue working through the Covid-19 outbreak, and global coordinated stimulus take effect.
Finding opportunities in fixed income markets
Dislocations in credit valuations present an opportunity for active managers to add exposure selectively in specific areas.
Inflation expectations close to nadir
Low Inflation expectations mean breakevens nolw look attractively priced
Liquidity briefing: Spread levels improve
A market liquidity update from the Fixed Income team at Fidelity
Fidelity CIOs on market conditions and whether policy action is enough
Flat is becoming the new up.
European IG: With volatility comes opportunity, but discipline is key
Recent price dislocations means the long run return potential of European investment grade bonds is positive, but prepare for continued volatility
Will ECB's Lagarde reach for the bazooka to avoid European liquidity crisis?
Tomorrow Christine Lagarde, head of the ECB, gets her chance to calm markets. Will she reach for the bazooka?
Coronavirus: Seven themes to watch in bond markets
Ways to judge how long this episode may last.
How to avoid the bond 'greenium'
The recent rush for green bonds has often made them more expensive than ordinary bonds, despite offering the same returns.
How to navigate China's economic lockdown
The Covid-19 coronavirus outbreak has delivered an exogenous shock to China’s economy, one that has ramifications for global growth.
BOE shies away from insurance cut and prays for sustainable growth
The BoE held rates at its first meeting of the new year and its last before the UK leaves the EU
Sterling investment grade set to outperform US/Euro bonds
With reduced political uncertainty, fundamental credit considerations will once again frame returns for the sector.
CIO Outlook video: Steve Ellis on Fixed Income
With core bond yields likely to remain low, we expect further inflows into areas of fixed income with more attractive yields such as emerging markets debt.
Fidelity International on Asset TV - Asia Fixed Income
Luc Froehlich, Global Head of Investment Directing Fixed Income, features on this Asia Fixed Income Masterclass panel.
Lagarde brings her “own style” to the ECB
Lagarde kept policy unchanged at the ECB
Rates unchanged as Fed engineers soft landing
The Federal Reserve leaves rates unchanged as Chairman Jerome Powell says US economy is 'in a good place'
Emerging market debt in the 2020s: Green trade wars and a land of opportunity
What will the next decade bring for emerging market debt investors?
Silver linings for European high yield despite coupon erosion
High yield investors are still getting compensated relative to other assets and low rates have allowed for easier refinancing and improved issuer liquidity.
Fed cuts again but stays mute on future path
The US Fed cut rates by 25 basis points, the third cut this year. This week's meeting was hotly anticipated for any clues as to the further path of rates.
Low bond yields are here to stay, even if fiscal stimulus returns
Even if fiscal stimulus makes a return, we think low bond yields will stay because of central bank action and late-cycle effects
The Investor's Guide to China podcast: Corporate governance
The Investor's Guide to China podcast: Corporate governance
Further Fed easing could create opportunities in credit
As the Fed eases, credit investors should prepare for widening spreads that offer better entry points, increasing their odds of producing excess returns.
What Warren Buffett gets wrong about gold
Contrary to Warren Buffett’s complaints about gold, it’s constantly offering useful insights if you look closely enough.
BOE holds steady but case for rate cut is compelling
The Bank of England (BoE) left rates unchanged but the case for an 'insurance cut' is compelling in the face of weak growth and Brexit uncertainty.
ECB’s QE: Not enough to boost Eurozone bond markets
Modest size of ECB's new QE programme will be too inadequate to support the broader Eurozone government and corporate bond markets.
No pain, no gain: Chinese defaults are rising and recovery rates are falling
Part of a white paper offering in-depth research on defaults in China - why they are happening and what investors should do about it.
For and against China as a standalone allocation
What are the different factors in asset allocation and portfolio construction that investors should consider when looking at China on its own?
ECB fires an 'open-ended' salvo
The ECB announced a wide-ranging 'easing' package, including a rate cut and a restart of its QE programme.
Room for upside for next Argentinian government
The next government could surprise to the upside as many tough political decisions have already been taken.
Primary election result in Argentina may reverse business-friendly policies
Macri's shock defeat could trigger contagion to other Latin American economies.
ECB signals further cuts and a new round of QE in September
The dovish outlook, coupled with prospects of a further stimulus, is expected to fuel the demand for yield that we have seen so far this year.
China data improves but nascent recovery could halt further stimulus
Although the latest GDP figures show the worst may be behind us, there is no room for policy complacency.
Outlook bullish for short-term oil prices after surprise OPEC supply cuts
Brent crude oil to trade in the upper half of the $60-80 range for the rest of the year
How to allocate for income in emerging market debt
Exposure to currency risk, credit quality, and corporate or sovereign debt across the EM fixed income space are key considerations when investing for income.
An appeal to optimism: The opportunity of the uncertainty premium
The demand for safety since the financial crisis has created an uncertainty premium that investors with a little optimism can take advantage of.
ECB’s QE 2.0: Too much euphoria, too soon?
The current market euphoria around QE 2.0 and its expected impact on spreads might be misplaced.
Draghi’s dovish speech signals further central bank easing
The case for immediate easing by the Fed is however weak.
ECB takes a slightly more hawkish tone
The central bank however pushed back raising rates until at least mid-2020.
In Baoshang Bank takeover, China takes aim at moral hazard
The recent move by regulators in China to take over Baoshang Bank marks a significant event in the development and liberalisation of China’s capital markets.
A bottom-up approach to factor investing in corporate bonds
An introduction to Fidelity's ground-breaking approach to factor investing in fixed income
The challenge of investing sustainably in sovereign debt
Engaging with sovereigns is much harder than with companies. But it is well worth the effort for investors and governments.
Saudi Aramco’s mega bond turns a fixed income maxim on its head
Saudi Aramco’s mega bond turns a fixed income maxim on its head
Investors to pressure Turkey on economic reforms amid lira volatility
Markets will be seeking a more conventional approach from Turkey on its economic reforms.
A Goldilocks moment for China’s monetary policy, but watch for more easing and bond index inclusion
Two events are driving the outlook for China fixed income- easing monetary conditions and the expected inclusion of Chinese bonds in benchmark indexes.
Blowing the froth off the BBB market
BBB-rated credit has outperformed A-rated debt by 48 per cent in past decade. However, the market is vulnerable to downgrades.
What China’s new stimulus measures mean for investors
The Chinese government has announced tax cuts worth 2 trillion yuan and higher spending. But will this boost the slowing economy?
Analyst Survey 2019: China's slowdown, seen from the ground
Sentiment towards China for the year ahead is more downbeat than for other geographies but there are some pockets of brightness.
Sector by sector: Analyst Survey 2019
Across 10 sectors, only healthcare analysts showed an improvement in sentiment from last year.
The Spanish imposition: Santander’s non-call sets precedent in AT1 bond market
Santander's decision to not repay its AT1 bond will make the market focus much more on call economics and post-call valuations.
Choose your own adventure: China’s economic destiny
What does it mean for the rest of the world if in a decade's time China becomes the preeminent economic superpower, or gets stuck in the middle-income trap?
The next recession: zombie killer
Zombie companies have grown in number since the financial crisis. The next recession should kill them off.
Bonds are back as a diversifier as US treasuries end 2018 on a positive note
Santa’s rally did not come for stocks this year, but government bonds have had a better run up to Christmas and the year is not over yet.
BOJ holds steady, with limited scope for any policy moves
BOJ holds steady, with limited scope for any policy moves
Perfect storm lifts US treasuries
The confluence of global risks have rallied US treasuries but this may not be enough to shift Fed policy from its course of a December rate hike.
Beware of the BuBBBle in investment grade
With the huge growth in the issuance of BBB-rated bonds, there are fears that downgrades could negatively impact the high-yield and credit market in 2019.
China's easing has not been easy
China’s deleveraging drive has softened, but credit to private companies remains weak. Bigger banks could be pushed to step in.
CIO views: The correction that averted a capitulation
Recent market volatility shook investors' confidence, with many questioning if the end of cycle was near. Our CIOs give their views.
What to expect from the US midterm elections: Macroeconomic and market implications
Fidelity's cross-asset scenario analysis on potential outcomes from the US midterm elections assesses the macroeconomic and market implications.
Falling Markets - the view from Asia
Negative investor sentiment and high volatility are setting the tone but can also provide opportunities to find value in Asia equity and fixed income markets.
The Italian government surprises markets with plan to increase budget deficit
The Italian government threw down a gauntlet to the European Commission by announcing a spending-prone budget that defied expectations.
Lifting the lid on fixed income asset allocation models
This article explain's the quantitative model we use to guide our asset allocation decisions in fixed income
South African land expropriation will exacerbate economic woes and increase volatility
South Africa's proposed land expropriation is likely to add to souring of emerging market sentiment and trigger further sell off in the country's assets
Green bonds: Awakening the green giant
Targeting carbon reduction could help investors deterred by the lack of standardisation and uncompetitive returns in the green bond market.
Optimising emerging market debt exposure
Emerging market debt can help diversify and improve yields in global bond portfolios. Total return solution offers the best risk-adjusted return potential.
As global liquidity tightens, Argentina’s troubles will continue
Argentina markets will remain vulnerable because of specific challenges, but all emerging markets are suffering from tightening global liquidity.
Credit markets react to China's new easing measures
China’s emphasis on deleveraging has softened in recent months, but credit flow to the economy has remained weak.
China’s upgrades to Bond Connect should broaden foreign participation
China's Bond Connect allows foreign investors to access the interbank bond market more easily. New upgrades should remove remaining barriers to adoption.
Why some investors are shifting allocation from EMD to Asia fixed income
Some fixed income investors are increasing their allocations to Asian debt in search of an improved risk–return profile.
A burden shared: bail-in bonds for GSIBs
What are bail-in bonds and what do they mean for investors?
Has passive peaked?
Passive investing has undergone stellar growth but as monetary policies and market dynamics shift could we be seeing the 'peak' of the passive bull run?
Inside the investment process: ESG at every step
How investors considered ESG in the case of an investment in ChemChina, the Chinese state-owned chemical giant.
Sting in the tail: why volatility may not be the best measure of risk for credit markets
Does it make sense to rely on volatility to assess risk? For bond investors, that could be a costly mistake.
Bond covenants: beware of slipping standards late in the cycle
As the market matures, governance standards often become looser - which, in fixed income, is most conspicuous in bond covenants.
Bond covenants: beware of slipping standards late in the cycle
As the market matures, governance standards often become looser - which, in fixed income, is most conspicuous in bond covenants.
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