A new bond-age? a presentation by Darren Ruane Senior Bond Strategist. Objective of the presentation. Review the UK government bond market Examine the investment merits of inflation-linked bonds Should investors retain overweight positions in corporate bonds?.
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A new bond-age?
a presentation by
Senior Bond Strategist
Source: Bloomberg, Rensburg Sheppards
Challenging outlook for UK government bonds
Some gilt exposure should be retained in a balanced portfolio
The investment merits of inflation-linked gilts
(best environment = stagnant growth + high inflation)
(see breakeven inflation chart)
(100% = default position)
10 years real yield: 1992-2010
UK 10 yr breakeven inflation rate:
Do purchase opportunities still exist in corporate bonds?
UK credit spreads: 2005-2010