TAMPA, Fla., Dec. 23, 2025 /PRNewswire/ — The sovereign debt of developed market (DM) countries, for decades largely perceived to float free of governance and societal risks endemic to the emerging markets (EM), no longer can be presumed safe havens, DoubleLine Global Bond Portfolio Manager Bill Campbell writes in a research report.
“Market participants are coming to the realization,” Mr. Campbell writes, “that the time has come to hold the so-called developed markets to the same standards” as EM issuers of sovereign debt. In this report, he does not issue “a doomsday forecast but a call for active allocation among sovereign risks to DM countries’ monetary promises. I will lay out the developed sovereign borrowers whose fiscal-political positions appear to be at greatest risk: France, the United Kingdom and Japan. I also will review similar market warning signs for the United States. Then I will share an allocation strategy for navigating these emerging risks in the developed world.”
To read Mr. Campbell’s report, titled “Winds of Change: DM Safe Haven No Longer to Be Taken for Granted,” please visit this landing page: https://doubleline.com/markets-insights/winds-of-change-dm-safe-haven-no-longer-to-be-taken-for-granted/
Mr. Campbell joined DoubleLine in 2013. He oversees the firm’s Global Sovereign Debt team and serves as a Portfolio Manager of the DoubleLine Emerging Markets Local Currency and Global Bond strategies. He is a permanent member of the Fixed Income Asset Allocation Committee. He holds a B.S. in Business Economics and International Business, as well as a B.A. in English, from Pennsylvania State University. Mr. Campbell holds an M.A. in Mathematics, with a focus on Mathematical Finance, from Boston University.
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SOURCE DoubleLine
