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Value in Government bonds ahead of the Fed

Weekly investor research

07 December 2015

This Weekly takes a closer look at valuations in global bond markets ahead of next week’s likely first hike by the Fed. It includes a review of the stocks of government in debt in Emerging Markets (EM) and developed economies and the current level of yields, which, in EM, is now the same as in 2006 when the Fed had rates at 5.375%. The Weekly also includes a discussion of Bank of International Settlements (BIS’s) claim – based on a newly published paper – that sovereign ratings are not biased against EM issuers. Finally, we cover the Venezuelan election, impeachment in Brazil, fiscal shenanigans in Sri Lanka, bond swaps in China, term limits in Ecuador, Russia’s credit rating, early indications of the new government’s direction of policy in Argentina and Azerbaijan’s falling reserves.

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