The bond riddle: Finding yield in volatile fixed income
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As the Year of the Horse ‘hoofs’ into view, fixed income is doing its best impression of a rodeo. Rates have stopped sprinting in one direction, but that doesn’t mean bond investing has suddenly become a soothing spa day.
In the latest episode of Money Hacks, a podcast by The Business Times, Howie Lim digs into the hunt for reliable, high-quality yield.
She’s joined by Goh Rong Ren, portfolio manager for fixed income at Eastspring Investments, to make sense of what retail investors are facing in 2026. Because inflation isn’t neatly behaving and an AI capex boom is propping up sentiment, even as questions about returns on that spending get louder.
Why listen
- SSBs: still a foundation, but not the whole house Goh explains why Singapore Savings Bonds (SSBs) remain useful for safety and flexibility, but why relying on them alone may not meet longer-term income needs.
- The biggest fixed income misconception that costs people money Bonds are safer than stocks, yes. Risk-free, no. The episode unpacks why investors panic when bond funds dip, and how chasing yield without understanding duration and credit risk can backfire.
- Why “junk bonds” aren’t junk, and how to think about them Goh challenges the label, arguing the step from investment grade to high yield isn’t a cliff. High yield can play a role, but as “seasoning”, not the main dish.
The conversation also gets practical about currency risk. Goh lays out straightforward ways to think about hedging or diversifying. And if you’ve ever thought, “I’ll just buy one bond and skip the fees”, he has a sharp line for you: one bond is a bet, a fund is a portfolio.
Listen now.
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Money Hacks is the flagship personal finance podcast from The Business Times. Catch past episodes at bt.sg/podcasts. Have a burning question or episode idea? Email the team at btpodcasts@sph.com.sg.
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Written and hosted by: Howie Lim (howielim@sph.com.sg)
With Goh Rong Ren, portfolio manager, Eastspring Investments
Edited by: Howie Lim & Claressa Monteiro
Produced by: Howie Lim & Chai Pei Chieh
A podcast by BT Podcasts, The Business Times, SPH Media
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