All Sovereign Bonds articles
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White papersBlog | Keep calm and Carry on: sovereign bonds index strategies in a low carbon world
We have written before about the potentially devastating impact of climate change on sovereign bond portfolios - see our most recent piece Could nations become stranded assets?
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White papers
Fixed Income: Preparing for the Big Shift
Our latest research uncovers four major trends transforming fixed income portfolios, revealing what is driving institutional investors across the globe to adopt new ways of fixed income investing.
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White papers
EM Debt: Fundamentals Back to the Forefront
The EM growth picture remains positive, but with the Fed’s hawkish pivot toward quarter-end, sovereign and corporate debt look better positioned than local currencies.
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White papers
The Incredible Upside-Down Fixed-Income Market
This monograph investigates the ongoing debate between the pros and cons of negative nominal yields and the economic rationale(s) that are used to justify or criticize underlying policies. Even in academic circles, few agree on the costs and benefits of negative yields.
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White papers
China Calling: The Rise Of Chinese Bond Markets
Our fixed income experts review China’s market policy, economic reforms and forward-looking innovations. We examine sovereign bonds, commercial banks, currency and corporates, and offer views to help inform your decision making.
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White papers
Anticipating the climate change risks for sovereign bonds (part 2)
Regulators and international institutions require financial risks assessment of climate change, however the practical methodology frameworks available are lacking. This paper provides an innovative and practical methodology that measures the financial impact of climate change risks on sovereign fixed-income assets.
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White papers
Reflation and Rotation: It’s Not Over
Despite the confirmation of a strong global economic recovery, interest rates fell last month. This decline is the result of both a fall in the inflation premium and a decline in the growth premium embedded in the nominal rates of sovereign bonds.
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White papers
Investing For Growth And Prosperity: In Africa Sovereign Wealth Funds Focus On G, S And E
A research report on the key themes and challenges for Africa’s sovereign wealth funds.
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White papers
Q2 2021 Investment View - Some like it hot
On the ground it does not feel like it just yet, as Europe battles with a third wave of infections, but markets are fast proceeding to the Covid crisis exit door. Too fast? We do not think so and see room for further rotation.
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White papers
Anticipating climate change risks on sovereign bonds (Part 1 & 2)
In the run-up to COP 26, reconciling the competing national agendas towards the global climate crisis remains a challenge. Understanding of the potential economic and financial risks, in the event of a disorderly transition or no transition at all, could be useful.
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White papers
FTSE Russell China Bond Research Report March 2021
Interest in China’s sovereign debt market surged in 2020 as international investors hedged against a global volatile market in equities and declining U.S.Treasury yields, with losses driven in part by the coronavirus crisis. Increasing foreign investment in Chinese government bonds rose in tandem with the rising volume of issuances by the Ministry of Finance throughout the year.
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White papers
Role of Sovereign Bonds
Sovereign bonds can also fulfill a policy role for global governments and central banks that may have profound investment impacts.
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White papers
Why we don’t expect the Fed to taper its bond buying programme this year
In a world where sovereign bond yields are in the hand of central banks, the recent upward revisions of growth expectations for the US economy raised questions about the outlook for the Fed’s monetary policy. Growth is expected to rebound in H2 and very accommodative monetary policy is not a free lunch. The difficulty for the Fed is estimating how sustainable this expected improvement in growth and inflation will be in H2 2021.
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White papers
China fixed income: under the microscope
China fixed income is a growing asset class, and our presentation at the 2021 Greater China Conference delved deeper into it with four sector experts and a lively Q&A session.
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White papers
How democracy is impacting economic policy and investment outcomes
Economic policy has an empirically documented relationship to asset prices. For example, sovereign bonds of economically “free” countries typically have higher credit ratings and much tighter yield spreads than those of countries where economic policy is much less liberal. It follows then that an investor who can correctly assess whether a country is becoming more/less economically free can – all else equal – potentially make money for their clients. Since markets appear to appropriately discount current economic policy conditions, the challenge for professional investors is to understand and accurately forecast the likely direction of policy change.
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White papers
Alternative UCITS: delivering on diversification
Europe’s Alternative UCITS funds have delivered on their diversification promise during the coronavirus-related market turbulence of 2020.According to Bernadette Busquere Arnal, European Head of Hedge Fund Research and Nathanael Benzaken, Chief Client Officer, the Alternative UCITS sector will continue to grow and Lyxor is positioning its fund platform to benefit clients in future.
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White papers
Blog | Charting the impact of sovereign bond market inclusion
The impact of inclusion of a country’s bonds in a flagship local currency government bond index, is naturally of great interest for issuers and investors alike. An accurate overview allows market participants to anticipate corresponding asset flows and allows issuing governments to more accurately assess the impact to their local capital market of an inclusion event.
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White papers
Africa Update: Debt Service And Liquidity Outlook Amid Covid Resiliency
Africa’s hard currency sovereign debt can be a source of notable alpha generation, with the region outperforming the J.P. Morgan EMBIGD benchmark in two of the last three years.1
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White papers
Bonds that are not really binding
Should the €2,800 billion in sovereign bonds or the equivalent* that are on the European Central Bank’s balance sheet be treated just like any other bonds? This question, which has come up regularly over the past several months, is far from being of mere academic interest.
