Fixed Income – Page 17
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NewsSwedish buffer funds AP1, AP3 report 2022 losses of 8.6%, 5.8%
AP1’s CEO stresses importance of liquidity management; AP3 says emerging markets exposures to be analysed
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NewsKLP portfolio loss just 1.1% in 2022 as long-term bonds, real estate pay
Norwegian municipal pensions provider benefits from 7.1% real estate return
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FeaturesAhead of the curve: Time to automate collateral management
The resilience of financial markets has been tested several times in recent years, from the so-called ‘dash for cash’ at the start of the coronavirus pandemic in March 2020 to the spike in UK Gilt yields in September 2022.
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FeaturesIs the US heading for a soft landing?
Rare though they are in history, a soft landing for the US economy seems to be the consensus forecast, a view aided by news of a sharp contraction in the Institute of Supply Management (ISM) Services Purchasing Managers index in December. The jobs market also looks like it is slowing down and there are signs of a cooling off in wages, with lower-than-expected average hourly earnings reported in December’s non-farm payroll report.
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NewsNorway SWF loses 14% on assets in 2022 but stages a rebound in January
For first time, NBIM outperforms in a loss-making year
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NewsIndustriens 17.9% infrastructure return mitigates negative 2022 result
Danish pension fund says renewable energy infrastructure assets rose in value during the year
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NewsNordic pension funds tilt equity portfolios to value amid high inflation
Persistent high inflation could cause headaches for some providers, due to inflation-linked benefits - but hopes are high for slower price rises
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NewsERAFP’s €300m equity mandate to be benchmarked to Scientific Beta’s climate index
Plus: Institutional investor seeks manager for €70m corporate bonds brief
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NewsInarcassa ups bonds, cuts equities in new strategy
The scheme has also decided to integrate a sustainability element in its latest asset allocation strategy
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Asset Class ReportsAsset class report – Fixed income
Last year was the worst in recent decades for both government bonds and credit, with portfolio returns worse than most professionals have experienced in their careers. But is the tide finally shifting as inflation starts to moderate and terminal policy rates are in sight? In any case, geopolitical risks and inflation are not set to go away, and recession will inevitably take a toll on corporate issuers.
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Asset Class ReportsFixed income: Transition plans and green bonds
Should companies publish climate plans before they can issue green bonds?
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FeaturesFixed income, rates & currency: Inflation strengthens its grip
Whereas news of the hostilities in Ukraine may be losing their potential to shock and dislocate the world economic order, inflation news has maintained its powerful hold over financial markets across the world throughout 2022, with many economies recording their highest inflation levels for decades.
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Asset Class ReportsFixed income: Paradigm shift for investors
Credit is looking more attractive on a risk/reward basis for new investment, but the factors that led to the 2022 volatility have not disappeared
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NewsIlmarinen adds foreign property and corporate bonds to climate goal
Finland’s number two pensions insurer adds new asset types to climate road map published last year
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Special ReportProspects 2023: Does zero China make sense?
Many investors are avoiding the People’s Republic, but they would do well to look at the reality
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FeaturesFixed income, rates & currency: Recessions - but when?
With the fourth consecutive 75bps hike in rates delivered in November, US Federal Reserve chair Jerome Powell suggested that the pace of the hikes might be slowed in the coming months (so slightly dovish), but then said that the terminal rate and how long it would be held was more important than the speed of tightening (back to hawkish). The initial dollar sell-off was unwound by the end of the press conference.
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News
Norway liquidates crisis bond fund despite resurgence of high rates
Folketrygdfondet announces gradual shutdown of Government Bond Fund, set up in 2020 to help lockdown-hit Norwegian companies
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Opinion PiecesViewpoint: Asset allocation – factoring inflation
As inflation keeps beating records, real incomes remain under pressure and the standard approaches to diversification are challenged
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FeaturesUK sovereign debt in turbulent waters as challenges remain
The buttoned-up Gilts market has never seen or done anything like it. Trusty stalwart of liability matching for defined benefit (DB) pension schemes, the blue-chip security has already poleaxed a British chancellor of the exchequer just a month in office, and has effectively done the same to prime minister Liz Truss.
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FeaturesFixed income, rates & currency: The return of extreme volatility
The emergency measures swiftly enacted by policymakers and central banks in March 2020, as we locked our communities, schools and businesses down, unsurprisingly created huge volatility in financial markets.
