Dropping Bunds as the Benchmark

Friday, October 2nd, 2020   Categories: , ,

Europe is on the way to debt-mutuality

It’s time to restructure our euro-denominated fixed income portfolio. The yield on 7-10 year German bunds is too negative for comfort and they no longer offer the best way of creating risk-efficient portfolios. A pan-euro index of government bonds with the same maturity has done this more effectively for the last two years and we believe it offers a safer and more liquid benchmark asset.

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