Indeed, about 85 % of global
bond managers now anticipate a Greek debt restructuring.
(I'm not
a bond manager now, though I would like to run a bond fund again at some point.)
Not exact matches
Pimco, one of the world's largest
bond fund
managers, and widely followed Guggenheim Partners are among the investors who say benchmark 10 - year Treasuries yielding 3 percent -
now within reach - are too hard to resist.
Prior to joining Wells Fargo, Mr. Haverland was a portfolio
manager, corporate
bond analyst and trader at Jefferson Pilot Financial (
now part of Lincoln Financial) in Greensboro, North Carolina, where he managed $ 2.6 billion in fixed income assets.
If I am right that equity fund
managers are fully allocated to stocks
now, the only way we can get excess gains in the stock market is if new liquidity is created by bank lending, or liquidity is transferred from the
bond market to equities.
Even if a
bond fund
manager has discretion with their maturities, I might opt for GICs over a lot of
bond funds these days because reasonably conservative, high - quality
bonds might only be paying 3 % yields right
now.
Aspects of the lending markets that used to be the sole province of the banks and other lenders are
now available for
bond managers to buy in a securitized form.
When I worked in the investment department of a number of life insurers, every
now and then I would hear one of the portfolio
managers say, «We know that the rating agencies are going to downgrade the
bonds of XYZ Corp, but we like the story.
The only problem
now is that when all the big fund
managers will decide to withdraw from the
bond market then we shall see a steeper jump as Government of Canada is not likely to intervene.
To understand the case for
bonds right
now, I talked to Brian Miron, portfolio
manager of fixed income at Fidelity Canada, whose U.S. parent is among the world's top three global fixed - income players.
Now, for a city like Los Angeles, maybe that's not needed, but most municipalities are small issuers, and there is not enough manpower at
bond managers to analyze them all.
When the Fed buys Treasuries neither the banks or most mutual fund
managers are able to sell their
now expensive tbills for higher yielding cash or other credit
bonds.
Now, if you were a passive
manager like Vanguard, you wouldn't have to worry — just own an even slice of everything, and complain that you don't get a decent allocation on
bond IPOs.
Now, when I was a
bond manager, because my client had a large amount of long noncallable liabilities, I bought less liquid debts when I received adequate compensation to do so, but not more than my client's balance sheet could tolerate.
Now you have to engage in an education campaign to get some
bond manager to buy it, or, take a significant haircut on the price in order to move the
bond.