Sovereign

12 May, 2026

Newsletter for Central Banks #7

Sovereign Institutions and Central Banks- In an environment marked by macroeconomic and geopolitical uncertainty, sovereign entities are pursuing a broad set of objectives.

Summary

Authors

Francesca Ciceri

Global Head of Institutional Client Coverage

Vlada Savcenko

Global Relationship Manager, Sovereign Clients

Welcome to the new edition of Amundi’s Newsletter for Central Banks, crafted by our experts for you.

As global financial conditions continue to evolve, central banks face a landscape shaped by diverging credit cycles, shifting emerging market dynamics, and the growing importance of knowledge transfer in strengthening institutional capabilities. In this edition, our specialists provide concise, actionable insights across these themes.

We begin with an overview of global credit markets, emphasizing how the recent energy driven inflation shock has reshaped rate expectations without triggering a meaningful reassessment of growth risks. We then turn to emerging market debt, examining how the asset class is navigating stronger dollar dynamics, shifting capital flows, and the growing importance of domestic policy credibility, market depth, and fiscal discipline in differentiating resilience across countries

Finally, we explore the expanding role of knowledge transfer partnerships—why they matter, and how asset managers can help central banks build and sustain expertise in a rapidly changing world.

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In this issue

Despite surging energy prices and tighter rate expectations, credit spreads remain contained, offering selective opportunities as fundamentals stay robust.

Despite tighter global financial conditions and a stronger dollar, EM debt remains anchored by improved policy credibility and more resilient domestic fundamentals.

Knowledge transfer is becoming a strategic lever for central banks, strengthening institutional capabilities and enhancing the effectiveness of reserve management in a fast evolving financial landscape.

What's new?

Amundi and FLAR Receive Central Banking 2026 Partner Initiative Award

Amundi and FLAR have been awarded the Central Banking 2026 Partner Initiative

Recognising our joint work to strengthen reserve management across Latin America.

2026 Capital Market Assumptions

Our 2026 CMA points to appealing opportunities across different asset classes over the next decade.

Launch of the largest global blended finance fund

Amundi is pleased to support the launch of the Global Green Bond Initiative (GGBI) Fund.

Interested in our insights?

Subscribe to the dedicated newsletter of our Amundi Research Center

Find out more on Sovereign entities

Sovereign Institutions

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