Bond Vigilantes

Bond Vigilantes is here to share the writers views on the things that matter to bond investors – inflation, interest rates and the global economy – as well as to talk about the bond markets themselves. Over the past few years, they have covered topics like value in high yield bonds, the outlook for emerging market debt, and new developments in the inflation-linked bond markets. Being a good bond vigilante should also be about identifying deteriorating trends in corporate behaviour, as well as that of governments.

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Authors

Jim Leaviss

The leading writer at Bond Vigilantes, Jim Leaviss is Head of Retail Fixed Interest for M&G’s mutual fund range. He joined M&G in 1997 after five years at the Bank of England. As well as heading up the team, Jim is the fund manager of the M&G Global Macro Bond Fund and the M&G European Inflation Linked Corporate Bond Fund. He is also deputy manager of the M&G Gilt and Fixed Interest Income Fund, the M&G Index-Linked Bond Fund and the M&G UK Inflation Linked Corporate Bond Fund.

Latest Articles

The changing nature of market liquidity – understanding banks’ corporate bond inventory

When looking at the risk premium embedded in the extra return you receive in owning corporate debt versus “risk free” governments, one of the factors that we have to take into account is the less liquid nature of corporate bonds. This adds to th...

Eskom, Pemex: two distinct stories but a similar root of problem

Fully government-owned corporate bond issuers (or quasi sovereigns) are one of the most interesting areas of emerging market debt investing, due to the hybrid nature of their credit risk: partly corporate credit, partly sovereign risk. Venezuela’s...

Despite Brexit, Sterling credit holds up with a surprise front runner

With Brexit in every headline, it’s hard not to form an opinion on the possible outcome for the UK. Investors are getting increasingly edgy about the impact on certain asset classes, and I have read many articles predicting which sectors will do w...

Should investors care about GDP data revisions in emerging markets? A Benin case study

Statistical data represents only an approximation of reality, and sometimes not a very good one. Generally, the less economically developed a country is, the worse the quality of the data provided by the government authorities. This increases the li...

Bond indices are shifting their attention to China – so should you

It is widely recognized that China is globally well-integrated from a trade perspective (it accounted for 13% of total world exports in 2017 according to the WTO). Yet in comparison, its financial markets remain in relative isolation. Indeed, despit...