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| 文件名: 20111124 Inflation-linked Bonds.pdf | |
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HSBC Global Research: Inflation-linked Bonds
Date: 24 November 2011 Language: English Pages: 43 詳細內容如下: Expanding the IL frontier 3 The case for IL bonds 3 Tide turning for IL market 4 Regulation and demand 4 Pushing the efficient frontier 5 Inflation outlook 5 Correlation Characteristics 5 Seasonality and carry considerations 5 FX consideration 6 The growing IL market 7 The first inflation-linked bond 7 Asia 8 Latam 8 CEEMEA 10 Developed markets 10 From a borrowers perspective 11 Regulation & Rising demand for ILs 14 Main investor groups for inflation-linked 14 Regulation 16 Asia 16 Latam 17 Developed markets 17 The drivers for diversification 18 Portfolio Diversification 18 Structural inflation ahead 22 Emerging Markets 22 Asia 24 Latam 25 CEEMEA 25 United States 26 Eurozone 26 Correlation enhances usefulness of ILs 27 Asia 27 Latam 28 CEEMEA 28 Watch out for inflation seasonality! 29 Introduction 29 Asia 30 Latam 30 CEEMEA 30 Developed markets 31 Inflation seasonality factors 32 Appendix 34 Inflation-linked bonds 34 Indexation lag 34 Index Ratio 34 Index rebasing 34 Real yield 35 Break-even inflation (BE) 35 The Canadian Model 36 Coupon payments for Canadian style bonds 36 Coupon payments for 8-month inflation-linked gilt 36 Disclosure appendix 39 Disclaimer 40 |
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