Quarterly Investment Letter 3rd Quarter 2025
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Protect what’s yours. Generation to generation.
Protecting your wealth is more complicated than ever. We help you navigate changing regulatory environments and unpredictable markets.
One advisor. One point of contact.
Whether you wish to delegate your investment decisions or play a more active role, we offer a best-in-class investment strategy and bespoke advisory services to meet your individual needs. And of course, we can assist you with private office services upon request and based on your individual needs.
Alternative Credit Letter December 2025
Record Supply Momentum in EUR High Yield Issuance
• In 2025, EUR high-yield gross supply increased 8% to EUR 110 billion
• The refinancing premium turned into a discount (Dec-2024: +65 bps | Dec-2025: -17 bps)
• In 2026, EUR high-yield gross supply is projected to reach a record of EUR 140 billion (+27% YoY), driven by EUR 62 billion refinancing and higher issuance from financial corporates
Our people. Our partners. Our best investment.
Investing in expertise and entrepreneurialism helps our people take their client relationships to the next level.
In Memory of Hans-Joerg Rudloff
We are saddened to share the passing of Hans-Joerg Rudloff.
Why presence matters
Michael Künzi on Marcuard Heritage’s expansion to Abu Dhabi – Marcuard Heritage
