Larry the long-serving 10 Downing Street cat is set to welcome yet another UK prime minister, the seventh in a decade. Elsewhere, there was a repricing of interest rate risk on hawkish noises from central banks.

Despite a fluctuating geopolitical and policy backdrop, financial markets have remained relatively contained.

From 17th‑century Dutch flood defences to modern social bonds, fixed income has long financed vital public needs – emerging as a powerful, scalable force for measurable social impact.