Fixed Income – Page 8
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NewsSweden’s AP3 generates 5.5% in H1 after holding tight to strategy
Listed equities’ surge almost entirely responsible for buffer fund’s positive return for January to June
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FeaturesFixed income, rates & currency: Uncertainty persists
As the major central banks in developed markets reach, or at least near, the end of their hiking cycles, markets, rather than identifying when policy rates will peak, focus is now on the conundrum of just how long these policy peaks will be maintained.
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FeaturesIPE Quest Expectations Indicator: September 2023
US officials are talking up the Ukrainian advance towards Melitopol, a sign that all is not well. Contrary to expectations, the biggest problem is not the Russian air force, but land mines. Trump’s legal problems are as worrisome as his inexplicable lead among Republicans. US abstinence in the struggle against climate change is a potential cause for a major trade war as the EU realises it must expand its regulations on importing ‘dirty’ products to prevent a free rider problem undermining its climate efforts. In the UK, Labour’s lead over the Conservatives remains crushing, making it difficult to claim the government has a popular mandate.
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FeaturesHow the AT1 bond market shrugged off the Credit Suisse debacle
On a late Monday evening in August, the Italian right-wing government unexpectedly announced a new 40% tax on banks’ ‘windfall’ profits derived by the higher lending rates. Shares in Italian banks tumbled, banking executives cried foul, and analysts poured scorn over the measure. The government, which was hoping to raise up to €3bn to help families and small businesses, backtracked shortly after, scaling back the tax.
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NewsIlliquids balance blamed, as ATP loses most of Q1 gains
‘Always thinking about alternatives-liquids balance’, says Danish statutory pension fund CEO on asset mix of geared investment portfolio
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NewsDACH roundup: German portfolio managers lose ground
Plus: Swiss scheme to increase bond investments; BaFin strips asset management licence fom Adrealis; German pension dashboard adds three providers
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NewsVarma trounced by rival Ilmarinen in first half
Finnish pensions heavyweight reports 2.6% return in first half
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NewsBASF Pensionskasse tweaks allocation, increasing bonds and private equity
The scheme made new investments in its three bond funds totalling €438m
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NewsAP1 nudges equities allocation, duration higher in first half
Swedish national pension fund produces 6.6% January-June investment return despite 7% loss on property holdings
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NewsGermany’s BVV to boost bond investments
The pension fund is also planning to slightly increase allocations to infrastructure by 0.7% this year
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NewsGermany’s KENFO plans slight increase in illiquid assets
The fund took tactical measures to cushion losses in 2022 that stood at the end of the year at -12.2%
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NewsNordic roundup: Industriens posts 3.3% in H1, Sampension sees weaker H2
Sampension CIO says second half of 2023 could well be weaker than the first, as market positivity overblown
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NewsSovereign investors reshape portfolios after year of negative returns
Sovereign investors are now more resolute than ever in their ambitions to fund the energy transition
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NewsBayer Pensionskasse prioritises fixed income high credit rating allocation
Following an ALM study last autumn, the scheme has adjusted its strategic asset allocation
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NewsGerman doctors’ pension scheme builds up directly-held bond portfolio
The pension fund recorded positive returns of 3.3% last year on assets invested, despite losses in bond and equity markets
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InterviewsOn the record: Doubling down on debt
Pension funds are focusing on both listed fixed income and private credit
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Asset Class ReportsPortfolio strategy – Fixed income & credit
Factors including rising inflation and interest rates, the war in Ukraine, and the uncertainty surrounding the global economy might have significantly slowed down the growth of an alternative asset class like private debt. But this has not been the case, and while fundraising by private debt managers for 2022 and 2023 might be challenging, investors are making new long-term commitments.
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Asset Class ReportsFixed income & credit – Resilience bonds
Resilience bonds aim to encourage climate investment characterised by a more forward-thinking, preventative outlook
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Asset Class ReportsFixed income & credit – Sustainability-linked bonds
Sovereigns and other issuers are yet to embrace sustainability-linked bonds but issuance is growing
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FeaturesFixed income, rates & currency: US debt crisis averted – what next?
The US debt ceiling crisis was resolved in June, avoiding potentially major fireworks, with a suspension of the limit until early 2025. This ensures that the next time the politicians have to fight about it will be after the November 2024 presidential election. Although markets were relieved at the temporary resolution, the process of rebuilding the very depleted Treasury cash balances – with some huge bill auctions planned – will drain significant liquidity from the system, which could put pressure on the rates market.
