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Cash of Obligaties

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  1. Paul1111 14 september 2018 19:47
    Wie heeft advies/raad?

    Ik wil een bedrag inleggen in een Beleggingsfonds met het profiel Defensie. Dit houdt bij dat Fonds in dat ruim 70% in obligaties wordt belegd.

    Maar is het in deze tijd van niet lager kunnende rente wel verstandig deels in obligaties te beleggen? Misschien gaat dit juist geld kosten i.p.v. opleveren.

    Is het wellicht slimmer juist met een kleiner bedrag alleen Offensief te gaan beleggen in louter aandelen en de rest cash aan te houden?

    Veel dank voor het meedenken!
  2. forum rang 7 hirshi 12 juli 2019 16:08
    Negative bond yields spill into Europe’s emerging markets.
    Sovereign debt from Czech Republic, Hungary and Poland now offers sub-zero returns

    In the bizarro world of global debt, even bonds from Europe’s emerging markets are spewing out negative yields.

    Sky-high bond prices — long a fact of life in the core of the eurozone’s debt markets — are increasingly spilling into what was once considered risky territory. All of the Czech Republic’s euro-denominated debt, for example, now trades at sub-zero yields, which means prices are so high that buyers accept a loss to hold them. Short-dated Hungarian bonds and a growing slice of Poland’s debt are following suit, with Warsaw’s 10-year yields just fractionally above zero.

    Emerging market investors, who traditionally viewed these markets as their domain, are being forced to look further afield for returns, fuelling a debt rally from Croatia to Kazakhstan.

    “The rising tide is lifting all boats,” said Viktor Szabo, who manages a portfolio of emerging-market bonds at Aberdeen Standard Investments.

    Bonds across the region have joined in a global rally sparked by expectations of looser policy from the world’s major central banks. The US Federal Reserve is widely expected to cut interest rates this month, while the European Central Bank is hinting at rate cuts and a return to its bond-buying in a bid to boost a weakening economy.

    The promise of a flood of new liquidity into markets has driven eurozone bond yields to new lows. As a result, some investors who traditionally stick to more developed markets have become “yield tourists” in central European bonds, fund managers say.

    According to Mr Szabo, Japanese life insurance companies have been spreading into previously unfamiliar markets, such as Poland and Hungary.

    “These markets are not really attractive for emerging-market investors like us any more,” he said. “Either you have to move into some of the smaller markets or take on significant risk and volatility in somewhere like Turkey.”

    Analysts at HSBC said the global backdrop, along with the potential for interest rate cuts at home, should boost bonds in markets that still offer a sizeable yield.

    “The case for easier policy in the ‘high yielders’ is growing,” the bank said. “Russia has already started [cutting rates] while South Africa and Turkey could soon follow.”

    Turkish euro-denominated debt maturing in 2026 is trading at a yield above 5 per cent, while the yield on Russia’s 2025 euro-denominated bond has almost halved this year to 1.5 per cent — a record low.

    The dash for yield has also spread to Europe’s corporate bond markets, pushing the yields on some lower-rated debt below zero for the first time.

    Short-dated bonds issued by companies with junk ratings, including Nokia and Altice, have sunk into negative territory — an “unfortunate oxymoron” for the so-called high yield market, according to Bank of America Merrill Lynch strategist Barnaby Martin.

    “The backdrop of ‘financial repression’ — in the form of $12tn of negative yielding bonds — is unambiguously bullish for European credit, in our view,” Mr Martin said.

    “We see signs already that this is fuelling a mammoth reach for yield across markets.”

    Bron: FT.com

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