Fynsa
The PMIs show that the global economy is losing momentum across the board.
The arrival of foreigners has brought business opportunities for locals, but also an increase in the price of rents.
Most baseline scenarios for 2023 assume either a soft landing or a mild recession, under the assumption that inflation will decelerate significantly and that the terminal policy rate would be in the range of 5.0% - 5.25%.
The trend may be related to the economic aid provided by the U.S. government to combat the effects of the pandemic.
While equities have a relative advantage over bonds in a more inflationary environment, as inflationary pressures begin to moderate, an intermediate step in risk taking should be via investment grade fixed income.
The "more positive" news on inflation has been well received and will revive trade based on a "policy pivot".
Figures in the U.S. say it is not what was expected.
The main characteristics of private debt are that it is a widely used investment instrument in the SME (Small and Medium Enterprises) markets and that they are issued at floating rates.
The fund is focused on multifamily projects, since the residential sector, unlike the office and retail sectors, is highly resilient.
We are in a situation where we can place money with higher margins than we were able to do in the last few years.
