Sovereign wonderland
Potential investors in Europe’s sovereign bond markets may feel they have stepped into Alice in Wonderland. Many sovereign debt markets are offering return-free risks, and negative bond yields make a mockery of traditional explanations of the time value of money. What we are seeing is the end result of two powerful but opposing forces within Europe that reflect the chaotic responses to the global financial crisis.
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IPE covers a good variety of very current and relevant topics. It is good to read the high-level, independent and objective perspectives from pension funds in other European countries; many of them are dealing with the same issues as we are, so it is interesting to learn from their experiences, especially when they are ahead of where we are on the curve.
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