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Nov 23, 2022·edited Nov 23, 2022

EU has ~1.3 trillion in open ended funds. By comparison, the "Super-Long" (20+ years, wtd avg maturity = ~31 years) dated, non-indexed, Gilts (Government backed, mind you) underlying the UK-Truss-BOE-buybacks Fiscal shock totaled ~GBP510 Bn! However, the saving grace is the maturity of the EU high yield issuance is largely in 5-6-7 years range. [saving grace, mathematically. there's no getting around zero gas supply]

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"The model for this crisis is the dangerous instability in European bond markets in the first weeks of the COVID shock, in March 2022 (...)"

That´s probably March 2020

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