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...hurt lower-quality companies....
...Argentina has refinanced about $50.3bn worth of peso-denominated sovereign debt in a record bond swap aimed at relieving pressure on public accounts and easing the path for libertarian President Javier Milei...
...Banks are unlikely to offer the same high yield on their savings accounts due to costs of intermediation. Direct debt sales to retail investors will therefore suck out funds from bank accounts....
...Perhaps counter-intuitively, investors should continue to embrace bonds, which look attractively priced. We continue to favour high-quality sovereign debt, including US Treasuries....
...Remember how US banks found many of their high-quality bond positions underwater after an aggressive Federal Reserve tightening cycle?...
...Two of the UK’s largest fund managers have begun using corporate bonds to underpin their leveraged gilts trades, aiming to bolster their portfolios against the sharp moves that shook the UK government bond...
...Globally, government debt burdens are at concerning highs. In a record year for elections, it will be harder for governments to restrain spending and tax pledges — even if debt dynamics look troubling....
...And, if the vigilantes strike, the nature of a flight to quality will, in the ensuing firestorm, be redefined as fiscally profligate countries are beset by financial crises....
...Today, healthcare accounts for almost 16 per cent of the index, and most are high-risk, unprofitable biotech stocks....
...Another solution is a dual drawdown account. The longer-term account has a mix of equities and bonds, with income and profits from that account taken into a shorter-term account....
...At $129bn last year, Chinese imports from Russian firms account for only 5 per cent of the total....
...Dislike government spending and public goods? Many elected officials and high-profile executives argue there are simply too many Treasuries. But FedSoc says — I mean, uh $962bn is a big number....
...That has also fuelled spread tightening across the board and increased the appeal of European bonds with relatively high yields....
...Few if any large high-quality studies find that the art market, however you slice it, can provide returns as high as equities....
...That private sector activity must account for most of any successful transition. And international companies interested in using transition bonds to help them do so can look to Japan for lessons....
...All those high-yielding cash accounts have got to mean something....
...Customer deposits are being placed at central banks, commercial banks, or invested in short-term government bonds that are now generating attractive yields....
...Other domestic holders, likely state and local governments and corporate Treasuries, will also likely participate, albeit at a significantly slower pace of purchases....
...And since 2021 a phased inclusion of Chinese debt into the FTSE Russell World Government Bond Index has been in train....
...Tian Xuan, associate dean at Tsinghua University’s PBC School of Finance and an NPC delegate, called the bonds “a very important signal of central fiscal efforts to support our high-quality economic development...
...“Beijing has been emphasising ‘high-quality growth’, which is a subtle way to acknowledge the reality of slower growth,” she says....
...The unusually high average maturity has insulated the public finances from sudden changes in market conditions, because it takes longer for moves in yields to feed through to the government’s overall interest...
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