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...Richard Buxton, a UK equity fund manager at Jupiter, and David Cumming, head of UK equities at Newton Investment Management, have both said the two-decade old rule needs to be swiftly removed to encourage...
...“People were happy to pay up for them,” said David Page, an economist at Axa Investment Managers and a former official at the UK’s Debt Management Office, arguing that the way the UK regulated pensions “...
...A: UK linker, Austria’s century bond, Argentina’s century bond....
...“We had many years of uninterrupted growth but the economic summer is over and it’s time to go back to school,” said Lawrence Linker, chief executive of MBA Link, an admissions consultancy....
...Chemists can engineer individual MOFs with different properties, by using different materials for hubs and linkers....
...Now, some strategists and investors think that the linkers trade is back on....
...By October the real yield on the 2068 linker had dropped to minus 1.95 per cent, producing a gain to its owners of almost 68 per cent....
...The expected inflation rate priced into the JGB linker market points to a steady state closer to +1% after the April 2014 consumption tax hike (Exhibit 1), while households appear to be anticipating even...
...David Dyer, a senior portfolio manager at Axa Investment Managers, said that more developing countries would be likely to issue linkers in the future, and issuance from existing markets would probably grow...
...David Mott, managing partner of Oxford Capital, which operates a relatively conservative strategy designed to deliver index-linked returns of 7-9 per cent a year, adds: “It’s an incredibly attractive asset...
...This was a huge surprise,” said David Dyer, a fund manager at Axa Investment Managers. “You can’t argue with the statistical problems of the RPI but we’re glad it was left alone.”...
...“This was a huge surprise,” said David Dyer, a fund manager at Axa Investment Managers. “You can’t argue with the statistical problems of the RPI but we’re glad it was left alone.”...
...Although, if you thought this was all about government fiddling to begin with or have a few index-linkers in your pocket you are certainly feeling sunny....
...David Goldman, a highly innovative New York fixed income strategist, has tested a wide range of gold price time series correlations....
...David Dyer, senior portfolio manager at Axa Fixed Income, says: “Inflation could well be the next problem....
...RBS has helped to pioneer the retail bond space with a range of issues that don’t quite fit within the normal definition of a corporate bond: inflation multipliers, floating-rate bonds and inflation linkers...
...One fund manager has adopted this strategy with 20-year US linkers. He is betting inflation rates will be higher than inflation expectations of 2.42 per cent on this bond....
...In the UK and France, debt managers have increased issuance of so-called “linkers” as a share of overall government debt to cater for growing demand....
...In short, this small example should show that even linkers are not a one-way bet on inflation....
...A low-growth, low-inflationary environment is likely to see conventional government bonds and linkers climb higher with their yields falling further. Gold could benefit in such a climate too....
...That’s opened up a few basis points of carry in the front end of the break even curve on European linkers, says UBS....
...“If rates go up, linkers will also underperform.” In continental Europe, the biggest linker markets in France and Italy have seen similar supply and demand dynamics....
...Investor appetite has also been boosted because so-called linkers are seen as a safe and stable asset class, attractive to investors who remain worried about the economic outlook....
...In lunchtime trade in New York, the dollar plumbed multi-month lows against a range of currencies, which David Woo at BarCap attributed to “increased concern about the magnitude of US debt issuance.”...
...Steven Major, global head of fixed-income research at HSBC, says: “It does make sense to swap your gilts for linkers and sterling corporates to get the best of both worlds.”...
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