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Bond Wrap-up 31/07

31 Jul 2017

Bond Wrap-up

Every week we give you our summary of happenings in the bond market.

Our current investment theme reads: “When low economic growth becomes bond bearish”. The link between growth and the bond market in this case is via reduced tax collection and the impact on fiscal consolidation plans. Not only would we have a wider than budgeted fiscal deficit force the issuance of more bonds, it will further weaken the case for two of the three rating agencies to retain the investment grade rating. Following last week’s release of disappointing budget data, our theme remains firmly in place.