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.
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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 October 2025
European High-Yield Quality Evolution
• Issuance in the European high-yield bond market is shifting toward higher-quality BB-rated credits and senior secured bonds
• Issuance in the 5-7-year segment has grown from 26% in 2015 to 70% in 2024-2025
• Issuance of 10+ years long-term bonds has almost vanished
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Investing in expertise and entrepreneurialism helps our people take their client relationships to the next level.
Why presence matters
Michael Künzi on Marcuard Heritage’s expansion to Abu Dhabi – Marcuard Heritage
