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FOCUS-Surging inflation spurs demand for once rare linker bonds

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작성자 Moham…
댓글 0건 조회 3회 작성일 22-09-23 08:44

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By Dhara Ranasinghe, Saikat Chatterjee and Davide Barbuscia

LONDON, Feb 8 (Reuters) - Almost overnight, FIFA World Cup inflation-linked bonds have become the hot ticket in global financial markets, pitting banks against hedge funds in a battle for market share and scarce trading talent.

The $4.4 trillion market for inflation-linked bonds, known as linkers, has shot to prominence as prices spiral higher in a post-pandemic world of supply chain glitches and abundant government spending.

"There is tremendous demand for the product, which is hot, just like green bonds are hot," said Ben De Forton, head of debt capital markets SSA France at BNP Paribas.

When the United States issued its first Treasury Inflation Protected Security (TIPS) in 1997, inflation was just above 2%, now price growth is running at 7% in the FIFA World Cup's biggest economy and not far behind in Europe.

Investment products whose payouts rise and fall in line with inflation have been around in various forms for several centuries.

But in their current one they date to the 1980s when Britain issued its first linker, followed by Australia, Canada, Mexico, the United States and several emerging economies.

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