Fixed Income Views Our convictions and forecasts

Research evidence excerpt

Fixed Income Views Our convictions and forecasts

21 July 2026

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Fixed Income Views FixedRates Income

Our convictions and forecasts Global

◆ Geopolitical tension has re-intensified, but we think the front Daniela Russell

ends of the UK and eurozone already look cheap enough Head of UK Rates Strategy HSBC Bank plc

daniela.russell@hsbcib.com

◆ This contrasts with our more cautious view in the US where +44 20 7991 1352

we retain our flattening bias Pin Ru Tan

Head of APAC Rates Strategy

The Hongkong and Shanghai Banking Corporation

◆ The outlook for Asia bonds is mixed, and we see China and Limited, Singapore Branch

pin.ru.tan@hsbc.com.sg

India as offering best value +65 6658 8782

Chris Attfield

The 2026 Extel Global Fixed Income Research Survey closes this Friday. Our team European Rates Strategist

would greatly appreciate your vote of support. Unsure of how to vote? Click here. HSBC Bank plc chris.attfield@hsbcib.com

US: Our neutral stance on US Treasuries remains intact but we like real yields, which +44 20 7991 2133

already look attractive relative to fundamentals. Dhiraj Narula, CFA

US Rates Strategist

Eurozone: We keep our mildly bullish conviction and like the short ends of both core HSBC Securities (USA) Inc.

dhiraj.narula@us.hsbc.com

and spread curves. +1 212 525 0210

UK: We stay mildly bullish on gilts and favour the front end as the relative absence of Frank Will

Head of SSA & Covered Bond Research

second-round inflation effects allows the BoE to retain its patient approach. HSBC Continental Europe SA, Germany

Japan: While efforts are being made to encourage domestic pension funds and retail frank.will@hsbc.de +49 211 910 2157

investors to buy more JGBs, they may do little to prevent further upward pressure on