Government Bonds – Page 5
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NewsPPF’s 7800 index October update shows increase in aggregate surplus
An improved funding position has made insurance more affordable, opening up new opportunities for schemes to pursue derisking activity, says Standard Life
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NewsBank of England keeps tight grip on Gilts market
The purpose of these operations is to enable LDI funds to address risks to their resilience from volatility in the long-dated Gilt market
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News
Bank of England launches additional measures to help LDI market
LDI will continue to play a role in pension fund strategies despite market turmoil
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Asset Class ReportsEmerging market debt: China government bonds
The outlook for Chinese government debt is looking less attractive
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Opinion PiecesTrustees must assess impact of rate hikes
The Bank of England (BoE) has hiked its policy rate by 50bps to 2.25%, prioritising the fight against inflation over support for growth in its domestic economy. This interest rate increase has hit levels not seen since the end of 2008 but in line with a majority of economists’ consensus.
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AnalysisAnalysis: Goodbye, LDI? Too early to say
The sudden and unprecedented rise in Gilt yields, caused by the UK government massive fiscal stimulus announcement, tested the risk management strategies of UK DB schemes
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NewsBank of England intervention eases pressure on DB schemes facing margin calls
Pension funds should proactively look for ways to shore up liquidity, says consultancy
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News
Dutch agri fund sells lower-rated govvies
By reducing or eliminating its allocation to countries such as France and Italy, BPL Pensioen wants to prevent excessive exposure to highly indebted countries
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NewsFondazione Enasarco to invest €500m in Italian bonds
One of the goals of the new strategy was is to cut real estate and increase exposure to liquid asset classes such as bonds and equities
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NewsAPK issues equity mandate worth up to $240m via IPE Quest
Plus: a pension fund in Switzerland and another in Germany tender more than €1.2bn in equities and bonds mandates
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NewsValida introduces inflation-linked bonds with new strategy
Pensionskasse and Vorsorgekasse both increase its equity allocation but made cuts to euro zone government bonds, among other things
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News
Bond volatility demands UK schemes prepare for urgent action, says Aon
The situation has arisen because the bond market has repriced rapidly
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Asset Class ReportsCredit: Inflation and the bond markets
Risks look likely to be building in credit as central banks wreak collateral damage on economies in their bid to tame inflation
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FeaturesFixed income, rates & currency: inflation battle in full swing
As we reach the midpoint of the year, there is little sign that the second half of 2022 will be any less turbulent than the first. The conflict in Ukraine slogs on – a destructive war of attrition, pain and fear. The repercussions are huge, global and unpredictable, be they surging energy prices or impending, but acute, shortages of basic foodstuffs, or of semi-conductors, so vital to 21st century life.
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Country ReportItaly: Pension funds adapt to a new regime
Inflation, higher interest rates and geopolitical tensions are leading Italian pension funds to recalibrate their investment strategies
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Country ReportCountry Report – Pensions in Italy (July/August 2022)
Italy’s pension industry continues to develop, albeit at a slow pace. Italian pension funds are adapting their strategies to the volatile and uncertain market regime, by purchasing inflation-linked assets and by taking advantage of potentially higher yields on domestic government bonds. However, as our lead article highlights, they are generally staying true to their long-term diversification strategies, which consist of gradually allocating to alternatives including private equity, private debt and infrastructure. Some have bought shares in the Bank of Italy, a private equity-like investment.
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Special ReportOutlook: Good riddance to negative interest rates
The net effect of setting interest rates below zero is negative, and central banks may be wary of such policies in the future
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FeaturesFixed income, rates & currency: disappearing safe havens
Risk markets have been having a torrid time of late. ‘Risk-free’ government bond markets are not providing any safe havens in these storms, with curves steepening and considerable volatility in longer rates.
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Opinion PiecesViewpoint: Swap spreads at stress levels
Asset swap (ASW) spreads are currently trading at historically high levels as volatility in rates markets has remained high. We believe there is an opportunity for continental European pension funds to enter into Euribor receiver swaps and sell Bunds in their matching portfolio. Indeed, we expect that the peak in ...
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News
PMT, PME ditch ‘authoritarian countries’ from EM index
The two Dutch pension funds have sold Egypt and Vietnam government bonds as a result of the policy change
