REUTERS
- Each year, JPMorgan Asset Management makes an annual tongue-in-cheek list of bond market awards.
- The firm named President Donald Trump as the central banker of the year while giving the most valuable player award to US tax reform.
- Check out all of the awards below.
JPMorgan makes an annual tongue-in-cheek list of bond market awards. Here it is for 2018...
Government Bond of the Year – Italy BTPS 0.05% due 4/15/21. Things were so different back in April. As the Federal Reserve was scrambling to raise rates and run down its balance sheet, Italian debt was enjoying its own mini Renaissance. European growth looked reasonably strong, the Euro was weak vs the USD, and ECB QE meant that European government debt would be continuously supported. Italy seized the opportunity and sold EUR4B in debt at a yield of 0.05%. Within 6 weeks, the bonds had sold off to a yield of 2.80% as the market worried that the new Italian government was headed toward fiscal reflation. Mamma mia!......why didn’t the Italians get off a 10 year maturity instead of a 3 year!?
See the rest of the story at Business Insider
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