The Great Bond Divergence: Opportunities Across Curves, Countries, and Credit

The Great Bond Divergence: Opportunities Across Curves, Countries, and Credit

From Disruptive Forces in Investing by Neuberger Berman

February 24, 2026 · 23 min

About this episode

The episode discusses the divergence in global bond markets and its implications for fixed income investors.

Global bond markets are starting to diverge again. After years of moving in near lockstep, correlations are breaking down as political and fiscal paths split across regions. The balance for investors is pursuing income, diversification, and flexibility without making an all-or-nothing "sell the U.S." call. On this episode of Disruptive Forces , host Anu Rajakumar speaks with Paul Grainger, Senior Portfolio, Multi-Sector, about what this new regime means for fixed income investors. They discuss where relative value is emerging across Europe, Japan, and emerging markets, how to think about credit in a tight-spread environment, and why a global approach can help investors stay nimble. This communication is provided for informational and educational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in…

People in this episode

Host: Anu Rajakumar

Guest: Paul Grainger

Topics covered

Keywords

Mentioned in this episode

Organizations: Neuberger Berman

Places: Europe, Japan, emerging markets, U.S.

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