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