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Free AccessBA/ML head of US rates strategy....>
US TSYS/RESEARCH: BA/ML head of US rates strategy Shyam Rajan said on
pension/bonds interaction that "a year ago, we identified that the behavior of
defined-benefit pensions would be a critical driver of rates markets.
Specifically, we isolated five reasons (three macro, two pension specific) why a
change in pension behavior was imminent and would have a significant implication
on curves and swap spreads.
- He said that "since then, there has been a record amount of demand for
long-dated STRIPS (Separate Treasuries) (around $35bn in the last year) from
this community, partly driving a significant widening in long end swap spreads
and a flattening of the curve. Admittedly, the macro environment has been better
than we expected, but the pension-specific reasons, higher PBGC premiums and low
corporate yields, have indeed been a game changer for the industry." He eyed one
more "critical new trigger: the possibility for tax reform."
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.