Special Reports provide in-depth FT coverage of countries around the world, as well as industries from tech to luxury and themes ranging from workplace health to entrepreneurship.

FTfm: Fixed Income 

The Financial Times proposes to publish this FT Report on January 27, 2025

We plan to include the following features (please note that this list is provisional):

Is There a Future for Traditional Bond Funds? 

Investors are avoiding traditional actively-managed bond funds and preferring to use either low-cost exchange traded funds or alternative fixed-income assets such as private credit and infrastructure debt funds, says BlackRock CEO Larry Fink. He has called this the “barbell effect” - because it looks like money is collecting at the two far ends of the spectrum. It is similar to the division in equity investment, where investors are bifurcated between passive index funds and high-fee private equity funds. But what will this mean for conventional bond funds? Do they still have a use? Or do their returns no longer justify their fees?

Is the Trump Trade to Buy Bonds? Or Equities? 

Investors have long been preparing for a second Donald Trump presidency. And the one outcome they seem to agree on is inflation. A big increase in trade tariffs, and tax cuts for businesses and wealthy individuals, plus deregulation look like a recipe for higher stocks and higher inflation, which is bad for bond prices. But, when it looked more likely Trump would win, and create geopolitical chaos by abandoning Europe and Taiwan, bond prices rose. Investors sought safety in US Treasuries government bonds —the go-to asset in times of geopolitical stress. So will Trump's isolationist, protectionist, populism be good or bad for fixed-income investors? 

Will Lower Inflation mean Higher Demand for Bonds?

With inflation finally falling after years of rising prices, bonds appear to offer a reasonable return, again. In Britain, the 10-year government bond yields 4.2 per cent, while in the US, the equivalent Treasury bond offers 4.4 per cent. Assuming that central banks manage to keep inflation to 2 per cent a year, this means bonds offer a real (after inflation) yield of more than 2 percentage points - for the first time in ages. Does this mean they are a serious option for your portfolio?

Is there a dangerous bubble in China's sovereign bonds? 

The People’s Bank of China has been worried about a bubble forming in the country’s sovereign bond market. So worried that it intervened in the market: borrowing several hundred billion renminbi of long-dated bonds that it can sell into the market to try to satisfy demand. The central bank fears that regional banks may be buying at too high a price, creating problems if the value of their holdings suddenly drops - a crisis similar to that which caused the collapse of Silicon Valley Bank last year.

Can Emerging Market Bonds Keep Outperforming?

Resilient economies and domestic reforms have helped emerging market bonds outperform western counterparts. Argentina’s bonds have been among the top performers, as investors have welcomed a radical austerity package and deregulation by incoming president Javier Milei. Meanwhile, dollar bonds in Sri Lanka, Ghana and Zambia have all delivered double-digit returns this year as they enter the final phase of their debt restructuring processes. Significant support from the IMF and other official creditors has also reduced the likelihood of more sovereign debt defaults. So are these the bonds to hold for the best total returns in months and years ahead?  

Are Junk Bonds too Risky if Interest Rates Stay High?

Fixed-income investors have been selling out of the US junk bonds and switching to higher-quality debt, as fears persist over a much longer period of high interest rates and a surge in bankruptcies. They seem worried about companies potentially losing access to funding and defaulting on their debt as borrowing costs stay high. Market expectations for US interest rates have swung wildly in 2024: in January, investors were expecting six or seven rate cuts in the year; they are currently pricing in about two quarter-percentage-point cuts. Does that make junk bonds too risky? 

Information

■ Recently published FT Special Reports can be viewed at www.ft.com/specialreports 

A full list of published reports can be viewed at http://www.ft.com/reports/library Forthcoming FT Special Reports and their synopsis can be downloaded via the 

Future Reports link on the www.ft.com/specialreports page. 

For website assistance please call + (0) 20 7775 6297.

This editorial synopsis must not be amended in any way by anyone other than the Editor of Special Reports. 

All submissions or suggestions for editorial features should be sent to reports@ft.com 

This is to ensure all suggestions can be assessed and to enable the editorial team to cope with the huge volume of approaches that would otherwise stop them from doing their work. Due to the volume of approaches the editorial team are unable to confirm receipt or respond to all enquiries. 

Advertisement and Sponsorship Information

For details of the advertising and sponsorship opportunities please contact:

Charlotte Morgan +44 (0) 20 7775 6822, charlotte.morgan@ft.com

Ben Tobin +1 929 746 1463, ben.tobin@ft.com

or your usual Financial Times representative.

Please note the advertising representatives cannot assist with editorial approaches or other editorial matters. Please be advised Financial Times advertisers and sponsors have no influence on editorial content.

The Future of Cities

The FT plans to publish this report on February 11 2025. 

Articles are likely to include the below. (Please note the list is provisional.)   

Politics. Kenya's Gen-Z movement, whose demonstrations brought the Ruto government to the brink of collapse in 2024, is a foretaste of the political and social changes being wrought in Africa, the fastest urbanising continent. The article will explore how the Gen-Z movement — young, educated and connected, but lacking the jobs to meet their ambition and skills — is being shaped by its exposure to urban melting pots that transcend ethnic loyalties. The movement will in turn help shape the future of leaders, policies and ultimately countries across the world's youngest continent. 

Split cities. Across the industrialised world in the 1960s and 1970s, urban highways severed communities in the name of facilitating access for motor vehicles. Cities worldwide are now seeking to reconnect the communities split apart by these projects, while also managing the traffic flows that they generated. Some cities are pulling down highways, while others are exploring less drastic solutions. What will work for which cities?

City heat. City centres are often several degrees warmer than surrounding areas at night, as heat generated during the day is released from the built environment, with London one of the worst affected. The “urban heat island” effect has implications for weather patterns, pollution, human health, water quality and wildlife. Awareness of the issue is growing but what can cities do in response?

Density. Sydney is only the 800th densest city in the world, but in the top 20 in terms of expense — a statistic that has been exacerbated by its housing crisis. Australia’s Labor government has proposed radical reform of the planning system to get thousands of new homes built in corridors of the inner city, rather than continuing to build on the fringes — but the plan faces resistance.

Refugees. Global crises are creating millions of refugees, with conditions in sometimes huge camps often dire and with impermanence stopping adults and children from getting on with their lives. But host countries are often reluctant to make these spaces permanent lest this is interpreted as an acceptance of their presence, while displaced communities fear permanence would undermine their dreams of return. Can we make temporary places that still allow for an idea of settlement and continuity? Can architecture and urbanism bridge the gap between displacement and belonging?

Flooding. With cities around the world enduring record-breaking rainfall levels and this year’s UN General Assembly for the first time featuring a dedicated session on sea-level rise, it is clear that flooding will reshape urban landscapes — both coastal and inland. The question is whether climate change will remain in the driving seat or whether investment, innovation and action can prevent death and destruction while also being used to reshape cities in a positive way by harnessing nature as a solution, addressing poverty and improving quality of life for urban citizens.

Places of worship. In many cities around the industrialised world, large, ageing churches are struggling with upkeep costs and the pressures of congregations far smaller than the original builders had hoped for. Other religions face similar issues. The solution for some is to demolish the structure and rebuild, with a worship space incorporated into new housing, either for social rents or on a commercial basis. How are these projects working for all concerned?

Opinion. The “15-minute city” as political minefield. The notion of a city where shops and services, greenery and facilities can be reached by walking rather than driving has been depicted as an “anti-woke” bogeyman, an attempt to take away cars and freedom. How did this vision of sustainable everyday life turn so toxic? 

FT Business Education:  Global MBA Rankings

The Financial Times proposes to publish this Special Report on February 17, 2025.

We plan to include the following pieces of content (please note that this list is provisional):

Introduction

An analysis of the FT ranking of leading MBA programmes around the world and trends in the sector.

The Global MBA Ranking:  The 2025 ranking of MBAs, plus profiles, key and methodology.

MBA Rebound

MBA applications are growing at top US and European business schools, reversing a two-year post-Covid decline and helping to restore confidence in the degree, which some had claimed was past its peak. But do the numbers tell the full story? 

US Business Schools

An exploration of the big trends in North American business education, where there is growing demand for the subject at undergraduate level but fresh uncertainties against the background of the new administration.

Entrepreneurship

Business schools are increasingly offering incubators, start-up advice and entrepreneurship teaching as more students seek to create their own businesses. A look at the leading schools and the debate around the trends.

Networking

Alumni networks have long been a crucial part of the MBA offering, building connections that continue to power career development after graduation. A look at the impact of such networks and how they are using innovative ways to create a supportive and close-knit environment.

Interview

An in-depth interview with a graduate about their studies and what it has meant for their career. 

Data: FT ranking specialists explore trends in courses, illustrated by charts.

In Real Life

A graduate explains what it was like to take an MBA and what it has meant for their career, in their own words.  

Information

■ Recently published FT Special Reports can be viewed at www.ft.com/specialreports 

A full list of published reports can be viewed at http://www.ft.com/reports/library Forthcoming FT Special Reports and their synopsis can be downloaded via the 

Future Reports link on the www.ft.com/specialreports page. 

For website assistance please call + (0) 20 7775 6297.

This editorial synopsis must not be amended in any way by anyone other than the Editor of Special Reports. 

All submissions or suggestions for editorial features should be sent to reports@ft.com 

This is to ensure all suggestions can be assessed and to enable the editorial team to cope with the huge volume of approaches that would otherwise stop them from doing their work. Due to the volume of approaches the editorial team are unable to confirm receipt or respond to all enquiries. 

Advertisement and Sponsorship Information

For details of the advertising and sponsorship opportunities please contact:

 Gemma Taylor +44 (0)20 7873 3698, gemma.taylor@ft.com

Matt Rodford +44 79212 50719, matthew.rodford@ft.com

or your usual Financial Times representative.

Please note the advertising representatives cannot assist with editorial approaches or other editorial matters. Please be advised that Financial Times advertisers and sponsors have no influence on editorial content.

Women in Business

The Financial Times proposes to publish this report on 07 March 2025

The Women in Business report looks at how organisations and individuals are rethinking workplace culture amid the current uncertainty to make it easier for women to succeed.

Entrepreneurship

The barriers women face to starting their own business is well documented – but what about the backers? We ask female VCs how they made it to where they are, the challenges and what they think about the future of female entrepreneurship. 

Home Front

How do two executives manage busy roles and home life? This feature will interview parent couples on how they organise their home-life so they both can make it to the c-suite.

Dads at Work

The next frontier of male allyship. A movement of men are “parenting out loud” at work – by doing things like putting the school pick up in their diary. This feature will look at why they have chosen to do this, how they do it and the impact it has on corporate cultures - and, ultimately, women.

Divorce Leave  

Early in 2023, 'divorce leave' made the news as a number of companies signed up to incorporate divorce/separation leave into HR policies. Are those policies being used, and what difference are they making to working women?  

‘How do I …?’  

Answers to questions that women ask about achieving success in the workplace. 

Career Path/ Planning

‘How I got here' - looking at the career choices and milestones of someone who has reached a senior level.

Profile 

Interview with a woman who has made her mark. 

Column 

The issues affecting women in the workplace: easy wins for employers to make the return to the office work for everyone. 

Money

We look at a pressing question on women and personal finance

Focus on one country’s approach to gender diversity 

Women who have carved out roles in traditionally male spheres. 

Information

■ Recently published FT Special Reports can be viewed at www.ft.com/specialreports 

A full list of published reports can be viewed at http://www.ft.com/reports/library Forthcoming FT Special Reports and their synopsis can be downloaded via the 

Future Reports link on the www.ft.com/specialreports page. 

For website assistance please call + (0) 20 7775 6297.

This editorial synopsis must not be amended in any way by anyone other than the Editor of Special Reports. 

All submissions or suggestions for editorial features should be sent to reports@ft.com 

This is to ensure all suggestions can be assessed and to enable the editorial team to cope with the huge volume of approaches that would otherwise stop them from doing their work. Due to the volume of approaches the editorial team are unable to confirm receipt or respond to all enquiries. 

Advertisement and Sponsorship Information

For details of the advertising and sponsorship opportunities please contact:

Andrea Frias-Andrade, 07980 160 644, andrea.frias-andrade@ft.com 

or your usual Financial Times representative.

Please note the advertising representatives cannot assist with editorial approaches or other editorial matters. Please be advised Financial Times advertisers and sponsors have no influence on editorial content.