All Government Bonds articles – Page 9
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White papersGilts: Testing market appetite for UK Government debt
The Gilt market is bigger than it has ever been – and more volatile than it has been in decades, which throws up interesting and exciting opportunities.
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White papersBrasília riots add to investor caution over Brazil
Financial markets have been relatively unmoved by storming of capital by supporters of outgoing president but the deep divisions the attacks highlighted remain a concern.
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White papersAsset Allocation Committee Outlook: 1Q 2023
Neuberger Berman’s Asset Allocation Committee meets every quarter to poll its members on their outlook for the next 12 months on each of the asset classes noted and, through debate and discussion, to refine our market outlook. The panel covers the gamut of investments and markets, bringing together diverse industry knowledge, with an average of 30 years of experience.
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White papersAn improved toolbox to manage volatility and provide income
Concerns around inflation have driven core government bond yields upwards to levels not seen for more than a decade
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BlogYield is Destiny; Bonds are Back
Bond investors shouldn’t lose sight of the fact 2022’s historic increase in bond yields could lead to bond returns in the next decade that are two to three times higher than the prior decade.
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White papersAsset Class Returns Forecasts - Q4 2022
We reiterate the main driver affecting the current and forward-looking macro environments is a combination of sustained inflation, mounting recession fears and geopolitical developments. Price stability has become the paramount goal and even more complicated to reach, therefore CBs will make sure high inflation will not be entrenched in economic agents’ long-term expectations.
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White papersBonds that build back better
Some might argue that building a sustainable economy is a technological problem. It isn’t. The world is sufficiently stocked with greenhouse gas-reducing technologies such as renewable fuels, carbon capture and energy storage. What it lacks is capital.
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White papersTighter Conditions Begin to Squeeze the Economy
As the economy slows, an epic climb in short-dated rates and bond yields appears to have shocked investors into accepting the prospect of stickier inflation, but they still seem reluctant to price for substantially lower earnings.
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White papersFixed Income Investment Outlook: 4Q 2022
Despite volatility, the basic storyline of inflation and the Federal Reserve should continue to drive market behavior. Over the months ahead, we anticipate continued tightening by the Fed and challenging European growth trends, with tail risks tied to the U.K., China weakness and policy overreach. A focus on shorter durations and quality, with opportunistic exposure to longer bonds and credit, merits consideration.
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White papersTLTRO in the context of ECB policy normalisation
TLTRO repayments and redemptions will drive incoming ECB passive QT over the next few quarters. So far, banks have repaid a small amount of liquidity, while the ECB’s recent decision on remuneration of excess reserves has helped keep current excess liquidity abundant, aiming at a smooth transmission of its monetary policy.
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White papersThe Nominal and the Real
What might be the playbook for a potential recession in which nominal GDP grows by 8%—and are investors only just recognizing that they need one?
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White papersClimate Transition: A World of Compromises (Part II)
Raise your eyes on the horizon—beyond the immediate central bank challenges, the lingering impact of COVID, and the humanitarian crisis in Ukraine—to consider three key climate-related issues that investors will wish they had known about 10 years from now.
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White papersCross Asset Investment Strategy - June 2022
The repricing of a more aggressive Fed stance has been brutal as the 10Y UST yield temporarily reached the 3% threshold, falling close to 2.75% recently on economic growth concerns. We think investors should move towards neutrality on duration in the US and Europe, whereas in credit, they should focus on quality and stay cautious on higher-risk segments in Europe.
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White papersThe Rising Costs of a Drawn-Out War
Financial markets may not ebb and flow with major developments on the battlefield anymore, but we believe they do still need to come to terms with the war’s lasting inflationary impact.
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White papersFloating to safety with senior AAA European asset-backed securities
Rising inflation and interest rates are eroding the value of cash and putting pressure on government and corporate bond yields. We believe investors can help towards protecting their portfolios by reallocating some of their cash holdings to potentially higher-yielding, defensive floating rate securities. Senior AAA European asset-backed securities (ABS) offer a sizeable yield premium for those willing to hold these positions for 6-12 months or longer.
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White papersWar, Inflation, and Markets
Investors appear to be refocusing on pre-war concerns about economic fundamentals—but finding that this horrific conflict has exacerbated them.
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White papersRussia-Ukraine: an uncertain outcome calls for higher focus on liquidity
At the core of the crisis, Russian assets have become almost un-investible, with dramatic price action as the market attempts to grapple with uncertainty. European equities have suffered, anticipating the negative consequences of the war on corporate earnings, while also commodities trended higher with double digit rise across many commodities. A flight to safety move has benefited government bonds, with the US treasury yield and the Bund yield trending lower.
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White papersThe myriad of challenges – and opportunities – facing fixed income in 2022
The question of whether inflation is likely to prove temporary or more persistent is just one of the challenges facing fixed income investors this year. Buying on the dips may no longer be sufficient as the focus of central banks switches to containing inflation rather than simply rallying to support financial markets.
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White papersGlobalization: “So Why Can’t You Export Haircuts?”
It’s the year 2032. Will planes still take us to far-off lands or will VR headsets transport us, could your hair stylist live on the other side of the planet?
