It's a brave new bond world now that Donald Trump has won the presidency. "We are expecting modestly high rates, a stronger U.S. dollar, and a boost to growth given Trump's plans to lower corporate and individual tax rates, expand infrastructure spending, and allow companies to repatriate offshore funds at reduced tax rates," says Scott Service, co-portfolio manager of the Loomis Sayles Global Bond Fund (LSGLX) . The yield on the benchmark 10-year Treasury bond has surged above 2.2% from 1.8% since Trump was elected President. Service says the majority of the move in interest rates is over because in his view it will take "well into 2018 before there is a material pick-up in growth and inflation." Service favors the U.S. credit market slightly over Europe and the U.K. due to the yield advantage and the better economic outlook. That said, Service did point out that Europe does benefit however from being further behind in the credit cycle. In terms of sectors, Service says the biggest beneficiaries on the credit side would include banks, big pharma, energy and steel. On the flip side, he says potential losers of this new environment would likely include hospitals, renewables, REITs, utilities and transportation.