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...However, many sovereign bonds still don’t have such clauses. They can also be stymied by holdouts herding into specific securities — such as has happened in the case of one $1bn Sri Lankan bond....
...Both bonds increased in value after the Clauses and Controversies podcast, but the price of the control bonds increased more than that of the treatment bonds....
...That observation came to mind when we saw El Salvador’s bond sale last week....
...(NBER) — The Post-SEO Era (Tedium) — Musk’s opportunity to make new law (Biz Law Prof Blog) — Why It’s Time to Position Into Countries with Low Outstanding Debt (Bond Vigilantes) — RIP Jack Malvey (Bloomberg...
...*tweaked to reflect that AGI also manages equities and other non-bond stuff....
...The report explores a lot of the arguments against passive bond investing — such as negative skew in the distribution of returns, bad benchmarks, practical challenges in running passive bond portfolios and...
...The tl;dr is that US banks only rarely use derivatives to hedge the interest rate risk on their massive bond portfolios....
...Last year ICMA set up a Bond Market Liquidity Taskforce — which is probably as glamorous as it sounds....
...Bills and bonds also play a huge role in the functioning of the overall financial system, as Amar Reganti (a former US DMO official) points out....
...(Bond Vigilantes) — The Zero-Coupon Convertible (Lewis Enterprises) — The Cost of Money is Part of the Cost of Living (NBER) — Why It Took the US 51 Years to Get Back on the Moon (Bloomberg) — Corporate...
...Stocks have yielded less than bonds ever since then. . . ....
...At nearly 12 per cent it dwarfs the 7.5 per cent that US high-yield bonds pay, and is close to the effective yield of super-junky triple-C bonds....
...bond programme....
...However, when the bond market freezes, the arbitrage breaks down. APs can’t sell the bonds....
...S&P didn’t include the full table for its fixed income categories due to some methodology changes, but noted that only 41 per cent of all bond funds managed to outperform last year — despite it being supposedly...
...Robin WigglesworthWell, the Norwegian sovereign wealth fund is essentially one big fat passive index fund that buys everything in the market — all the bonds, all the stocks, and doesn’t really try and pick...
...These were formerly known as the Barclays Agg family (and before that the Lehman Agg) and are dominant in the bond market. The exact mix of indexing revenues varies quite a bit....
...The flipside is an explosion of lending by bond funds and other investment vehicles that are often collectively called “shadow banks”....
...For valuation measurements, we further restrict this sample to smaller issuers (under $500mn in bond face) and their secured bonds. So what is the current default rate for private single-B/CCC bonds?...
...While the tuna bonds case was extreme, there are many countries on the hook for vast sums that don’t show up plainly on the sovereign balance sheet....
...With the BoJ buying bonds at barely that pace, small adjustments to the purchase schedule could tip the portfolio into decline....
...In short, the Fed sells a bond from its portfolio to investors and simultaneously agrees to buy it back at a slender mark-up the next day....
...Between March 2020 and December 2021 there were 166 bond-buying announcements from the 22 central banks studied, of which 120 had a clear limit and 46 were open-ended....
...Terrify Everyone (Atlas Obscura) — An Uncle Jim’s World of Bonds special looking at the 2024 fixed income outlook (Bond Vigilantes) — Universal beat Disney in the movie ticket stakes for the first time...
...However, you can also see the appetite to time the bond market bottom mimicked in its staid, unleveraged big brother, BlackRock’s iShares 20+ Year Treasury Bond ETF, or TLT....
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