Source: FT As the Fed drives interest rates upwards, the impact ripples through the world economy. For good reasons there has been a lot of focus on emerging market economies under pressure from a combination of higher US interest rates and a strong dollar. But the impact is not confined to the emerging markets. Japan, the Eurozone and the UK have felt it too.
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]
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]
"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