Fund Veteran Chris Iggo Retires, Predicting Bonds Will Rebound

Long-time bond investor Chris Iggo is retiring after a 26-year career at AXA IM Core, BNP Paribas Asset Management. In a final note dated Sept. 25, Iggo predicted bonds are set for a rebound after four difficult years. He argued that increased yields have boosted the allure of debt markets despite ongoing concerns about inflation and government borrowing.

Iggo joined Chase Manhattan Bank in 1989 and worked at Barclays Capital and Cazenove Capital Management before switching to AXA Investment Managers in May 2005. He will leave the firm at the end of the month, having written about 1,000 weekly notes during his tenure. Iggo is making his bullish call at a seismic moment for global debt markets, where fixed-income assets have tumbled this year due to the Iran war pushing up oil prices and swelling government deficits.

He noted that bond yields in the US, Japan, and UK have climbed to multi-year highs. A sustainable bond bull market will require easing geopolitical tensions, a retreat from protectionism, and a different approach to fiscal policy. Without that shift, markets risk another shock that would inflict losses but also create buying opportunities.

Iggo is a long-term supporter of Manchester United. Being a fan of the club had given him plenty to write about but had also become a source of disappointment in recent years, he said. "As is customary for a veteran of the bond market, I think fixed income returns are going to be possibly quite strong over the next year," Iggo said. "Long-duration bonds have been in a four-year bear market. Term premiums have risen.

It is surely time for improved returns.".

مستثمر السندات المخضرم Chris Iggo يتقاعد بعد مسيرة 26 عامًا في AXA IM Core، BNP Paribas Asset Management. في مذكرة نهائية مؤرخة 25 سبتمبر، توقع Iggo أن السندات ستشهد ارتدادًا بعد أربع سنوات صعبة. argued that increased yields have boosted the allure of debt markets despite ongoing concerns about inflation and government borrowing. Iggo joined Chase Manhattan Bank in 1989 and worked at Barclays Capital and Cazenove Capital Management before switching to AXA Investment Managers in May 2005. He will leave the firm at the end of the month, having written about 1,000 weekly notes during his tenure.

Iggo is making his bullish call at a seismic moment for global debt markets, where fixed-income assets have tumbled this year due to the Iran war pushing up oil prices and swelling government deficits. He noted that bond yields in the US, Japan, and UK have climbed to multi-year highs. A sustainable bond bull market will require easing geopolitical tensions, a retreat from protectionism, and a different approach to fiscal policy.

Without that shift, markets risk another shock that would inflict losses but also create buying opportunities. Iggo is a long-term supporter of Manchester United. Being a fan of the club had given him plenty to write about but had also become a source of disappointment in recent years, he said. "As is customary for a veteran of the bond market, I think fixed income returns are going to be possibly quite strong over the next year," Iggo said. "Long-duration bonds have been in a four-year bear market.

Term premiums have risen. It is surely time for improved returns.".

দীর্ঘকালীন বন্ড ইনভেস্টর Chris Iggo AXA IM Core, BNP Paribas Asset Management থেকে 26 বছর পর퇴ন করছেন। 25 সেপ্টomber তার শেষ নোটে, Iggo four দুর্যোগपूर्ण বছর পর বন্ড marketplace রিবাউন্ডের পূর্বাভাস দিয়েছেন। তিনি যুক্ত argument করেছেন যে বর্ডের ইয়িল্ড বাড়ালে বন্ড মার্কেটের আকর্ষণ বাড়েছে য dépit inflation এবং সরকারি উधার সংক্রান্ত চिंতাগুলোর বাইস্বস্তু। Iggo 1989 সালে Chase Manhattan Bank জয়েন করল এবং Barclays Capital এবং Cazenove Capital Managementে কাজ করল AXA Investment Managers May 2005 এ swap করল преди। তিনি মাসের শেষে firm ছাড়া দিলে, tenure তার মধ্যে লিখে 1,000 সাপ্তাহিক নোট। Iggo is making his bullish call at a seismic moment for global debt markets, where fixed-income assets have tumbled this year due to the Iran war pushing up oil prices and swelling government deficits. He noted that bond yields in the US, Japan, and UK have climbed to multi-year highs. A sustainable bond bull market will require easing geopolitical tensions, a retreat from protectionism, and a different approach to fiscal policy.

Without that shift, markets risk another shock that would inflict losses but also create buying opportunities. Iggo is a long-term supporter of Manchester United. Being a fan of the club had given him plenty to write about but had also become a source of disappointment in recent years, he said. "As is customary for a veteran of the bond market, I think fixed income returns are going to be possibly quite strong over the next year," Iggo said. "Long-duration bonds have been in a four-year bear market.

Term premiums have risen. It is surely time for improved returns.".

Erfahrener Anleihen-Investor Chris Iggo geht nach 26-jähriger Karriere bei AXA IM Core, BNP Paribas Asset Management in Rente. In einem finalen Notiz vom 25. September prognostizierte Iggo, dass Anleihen nach vier schwierigen Jahren einen Rücksetzer machen.

Er argumentiert, dass gestiegene Renditen den Reiz von Schuldmärkten trotz anhaltender Sorgen um Inflation und Regierungsverschuldung erhöht haben. Iggo trat 1989 der Chase Manhattan Bank bei und arbeitete bei Barclays Capital und Cazenove Capital Management, bevor er 2005 zu AXA Investment Managers wechselte. Er verlässt das Unternehmen am Ende des Monats, nachdem er während seiner Amtszeit etwa 1.000 wöchentliche Notizen verfasst hat.

Iggo macht seinen bullischen Ruf in einem seismischen Moment für globale Anleihemärkte, in denen Fixed-Income-Assets dieses Jahr aufgrund des Iran-Kriegs, der Ölpreise in die Höhe treibt und Regierungsdefizite anschwellen, abgestürzt sind. Er hat festgestellt, dass Anleiherenditen in den USA, Japan und UK auf mehrjährige Höchststände gestiegen sind. Ein nachhaltiger Bullenmarkt für Anleihen erfordert eine Entspannung geopolitischer Spannungen, einen Rückzug vom Protektionismus und einen anderen Ansatz bei der Finanzpolitik.

Ohne diese Verschiebung laufen Märkte Gefahr, another Schock zu riskieren, der Verluste verursacht, aber auch Kaufgelegenheiten schafft. Iggo ist ein langzeitiger Unterstützer von Manchester United. Als Fan des Clubs hatte er viel zu schreiben, ist aber in recent Jahren auch zu einer Enttäuschung geworden, sagte er. "Wie es für einen Veteran des Anleihenmarktes üblich ist, glaube ich, dass fixe Erträge in den nächsten Jahr vielleicht ziemlich stark sein werden," sagte Iggo. "Long-duration bonds waren in einem vierjährigen Bärenmarkt.

Termprämien sind gestiegen. Es ist sicherlich Zeit für verbesserte Renditen.".

Inversor experimentado en bonos Chris Iggo se jubila después de una carrera de 26 años en AXA IM Core, BNP Paribas Asset Management. En una nota final fechada el 25 de septiembre, Iggo predijo que los bonos están preparados para una rebaja después de cuatro años difíciles. Argumentó que el aumento de los rendimientos ha aumentado el atractivo de los mercados de deuda a pesar de las preocupaciones persistentes sobre la inflación y la endeudamiento gubernamental.

Iggo se unió a Chase Manhattan Bank en 1989 y trabajó en Barclays Capital y Cazenove Capital Management antes de cambiar a AXA Investment Managers en mayo de 2005. Se irá de la firma al final de este mes, habiendo escrito aproximadamente 1.000 notas semanales durante su mandato. Iggo está haciendo su llamado alcista en un momento sísmico para los mercados globales de deuda, donde los activos de renta fija han caído este año debido a la guerra de Irán empujando los precios del petróleo y aumentando los déficits gubernamentales.

Ha señalado que los rendimientos de los bonos en EE. UU., Japón y Reino Unido han subido a máximos de varios años. Un mercado alcista sostenible de bonos requerirá aliviar las tensiones geopolíticas, un alejamiento del proteccionismo y un enfoque diferente de la política fiscal.

Sin ese cambio, los mercados corren el riesgo de otro shock que provocaría pérdidas pero también crearían oportunidades de compra. Iggo es un seguidor de larga data del Manchester United. Ser fanático del club le ha dado mucho de qué escribir, pero también se ha convertido en una fuente de decepción en los últimos años, dijo. "Como es habitual para un veterano del mercado de bonos, creo que los retornos de renta fija serán posiblemente bastante fuertes en el próximo año," dijo Iggo. "Los bonos de larga duración han estado en un mercado bajista de cuatro años.

Los primas de término han aumentado. Seguramente es hora de mejores retornos.".

Investisseur obligataire de longue date, Chris Iggo prend sa retraite après 26 ans chez AXA IM Core, BNP Paribas Asset Management. Dans une note finale datée du 25 septembre, Iggo prédit une reprise des obligations après quatre années difficiles. Il a argué que l'augmentation des rendements a renforcé l'attrait des marchés de la dette malgré les inquiétudes persistantes concernant l'inflation et l'emprunt gouvernemental.

Iggo a rejoint Chase Manhattan Bank en 1989 et a travaillé chez Barclays Capital et Cazenove Capital Management avant de passer à AXA Investment Managers en mai 2005. Il quittera l'entreprise à la fin du mois, ayant écrit près de 1 000 notes hebdomadaires pendant son mandat. Iggo fait son appel haussier à un moment sismique pour les marchés mondiaux de la dette, où les actifs de revenu fixe ont chuté cette année en raison de la guerre en Iran faisant monter les prix du pétrole et gonflant les déficits gouvernementaux.

Il a noté que les rendements obligataires aux États-Unis, au Japon et au Royaume-Uni ont atteint des sommets sur plusieurs années. Un marché haussier durable des obligations nécessitera une détente des tensions géopolitiques, un retrait du protectionnisme et une approche différente de la politique fiscale. Sans ce changement, les marchés risquent un autre choc qui infligerait des pertes mais créerait également des opportunités d'achat.

Iggo est un soutien de longue date de Manchester United. Être fan du club lui a donné beaucoup à écrire, mais est également devenu une source de déception ces dernières années, a-t-il déclaré. "Comme il est coutumier pour un vétéran du marché obligataire, je pense que les rendements de revenu fixe seront peut-être assez forts au cours de la prochaine année," a déclaré Iggo. "Les obligations de longue durée ont été dans un marché baissier de quatre ans. Les primes de terme ont augmenté. Il est sûrement temps de meilleurs rendements.".

दीर्घकालिक बॉन्ड निवेशक Chris Iggo 26 साल के करियर के बाद AXA IM Core, BNP Paribas Asset Management से सेवानिवृत्त हो रहे हैं। 25 सितंबर को लिखी गई अंतिम नोट में, Iggo ने चार कठिन वर्षों के बाद बॉन्ड के रिबाउंड की भविष्यवाणी की है। उन्होंने तर्क दिया कि बढ़े हुए यील्ड ने मुद्रा बाजारों की अपील बढ़ा दी है, हालांकि मुद्रास्फीति और सरकारी उधारी के बारे में चल रही चिंताओं के बावजूद। Iggo ने 1989 में Chase Manhattan Bank में शामिल हुए और Barclays Capital और Cazenove Capital Management में काम किया, इससे पहले कि मई 2005 में AXA Investment Managers में स्थानांतरित हो गए। महीने के अंत में firm छोड़ देंगे, 1,000 से अधिक साप्ताहिक नोट्स लिखने के दौरान उनके कार्यकाल के दौरान। Iggo वैश्विक ऋण बाजारों में एक सिस्मिक क्षण पर तेजी भरा दावा कर रहे हैं, जहां निश्चित आय परिसंपत्तियां इस वर्ष ईरान युद्ध के कारण तेल की कीमतों में वृद्धि और सरकारी घाटे में वृद्धि के कारण गिर गई हैं। उन्होंने नोट किया कि अमेरिका, जापान और यूके में बॉन्ड यील्ड्स ने कई वर्षों के उच्च स्तर को छुआ है। एक टिकाऊ बॉन्ड बुल मार्केट के लिए भू-राजनीतिक तनाव में कमी, संरक्षणवाद से वापसी और राजकोषीय नीति के दृष्टिकोण में बदलाव की आवश्यकता होगी। बिना उस बदलाव के, बाजार एक और झटके का जोखिम उठाते हैं, जो नुकसान पहुंचाएगा लेकिन साथ ही खरीदारी के अवसर भी बनाएगा। Iggo एक लंबे समय से Manchester United के समर्थक हैं। क्लब के प्रशंसक होने ने उन्हें बहुत कुछ लिखने के लिए दिया है, लेकिन हाल के वर्षों में यह एक निराशा का स्रोत भी बन गया है, उन्होंने कहा। "जैसे ही बॉन्ड मार्केट के अनुभवी के लिए customary है, मुझे लगता है कि निश्चित आय रिटर्न अगले साल संभवतः काफी मजबूत होंगे," Iggo ने कहा। "लॉन्ग-ड्यूरेशन बॉन्ड्स चार साल के मंदी के बाजार में रहे हैं। टर्म प्रीमियम बढ़ गए हैं। निश्चित रूप से बेहतर रिटर्न के लिए समय है।"

Investor obligasi lama Chris Iggo berhenti setelah 26 tahun di AXA IM Core, BNP Paribas Asset Management. Pada catatan akhir tanggal 25 September, Iggo ramalan obligasi akan pulih setelah empat tahun sukar. Ia berargumen bahwa yield yang meningkat menariknya pasar hutang meskipun terus-menerus khawatir tentang inflasi dan pinjaman pemerintah.

Iggo bergabung dengan Chase Manhattan Bank pada 1989 dan bekerja di Barclays Capital dan Cazenove Capital Management sebelum pindah ke AXA Investment Managers pada Mei 2005. Ia akan meninggalkan firma di akhir bulan, setelah menulis sekitar 1.000 catatan mingguan selama tenure-nya. Iggo membuat callnya bullish di momen seismic untuk pasar utang global, di mana aset fixed-income ini tahun ini turun karena perang Iran menumpuk harga minyak dan defisit pemerintah membengkak.

Ia menegaskan bahwa yield obligasi di AS, Jepang, dan UK telah naik ke tinggian multi-tahun. Pasar bull obligasi yang berkelanjutan memerlukan pengurangan geopolitik tension, mundur dari proteksi dan pendekatan berbeda kebijakan fiskal. Tanpa pergeseran ini, pasar berisiko shock lain yang akan menimbulkan kerugian tetapi juga menciptakan peluang pembelian.

Iggo adalah pendukung jangka panjang Manchester United. Seorang penggemar klub ini telah memberikan banyak untuk ditulis, tetapi juga menjadi sumber kekecewaan dalam beberapa tahun terakhir, katanya. "Seperti yang sudah biasa untuk veteran pasar obligasi, saya rasa return fixed income kemungkinan cukup kuat dalam setahun mendatang," kata Iggo. "Bond durasi panjang telah dalam bear market bertahun-tahun keempat. Premi term telah naik.

Tentu waktunya untuk return yang lebih baik.".

長期的な債券投資家Chris Iggoは26年のAXA IM Core, BNP Paribas Asset Managementでのキャリアの後にリタイア。9月25日の最終ノートで、4年間の困難な後、バンドがリバウンドすると予測。彼は債券市場のベテランとして、増加する利回りが債務市場の魅力を高めたと論じている。インフレと政府借入に関する継続的な懸念のにもかかわらず。Iggoは1989年にChase Manhattan Bankに参加し、Barclays CapitalとCazenove Capital Managementで働いた後、2005年5月にAXA Investment Managersに転職。彼は在職中に約1,000の週刊ノートを執筆した。Iggoは世界の債務市場でセismicな瞬間に bullish コールを行っている。固定所得資産は今年、イラン戦争による油価上昇と政府赤字の膨張により下落した。彼は米国、日本、英国の債券利回りがマルチイヤー高値に達していると指摘した。持続可能なバンド bull マーケットには、地緊張の緩和、保護主義からの退却、財政政策への異なるアプローチが必要だ。そのシフトがないと、市場はもう一つのショックのリスクを負い、損失を負うが、買い機会も生む。Iggoはマンチェスター・ユナイテッドの長期的な支持者である。クラブのファンであったことは彼に多くの執筆ネタを与えてくれたが、最近の年には失望の源にもなっていると語った。「バンド市場のベテランとして customary は、来年の固定収益がおそらくかなり強くなると考えると思う」とIggo said。「4年間のベアマーケットで長期債が取引されてきた。ティアープレミアムは上昇した。きっとリターンが良くなる時間だ」。

Investidor de títulos de longa data Chris Iggo se aposentou após 26 anos na AXA IM Core, BNP Paribas Asset Management. Em nota final datada de 25 de setembro, Iggo previu que os títulos estão preparados para um rebound após quatro anos difíceis. Ele argumentou que o aumento dos rendimentos aumentou o apelo dos mercados de dívida apesar das preocupações persistentes com a inflação e o empréstimo governamental.

Iggo ingressou no Chase Manhattan Bank em 1989 e trabalhou em Barclays Capital e Cazenove Capital Management antes de mudar para AXA Investment Managers em maio de 2005. Ele deixará a firma no final do mês, tendo escrito cerca de 1.000 notas semanais durante seu mandato. Iggo está fazendo seu chamado otimista em um momento sísmico para os mercados globais de dívida, onde os ativos de renda fixa caíram este ano devido à guerra da Irã empurrando os preços do petróleo e aumentando os déficits governamentais.

Ele observou que os rendimentos dos títulos nos EUA, Japão e Reino Unido subiram a máximos de vários anos. Um mercado de alta sustentável de títulos exigirá alívio de tensões geopolíticas, uma retirada do protecionismo e uma abordagem diferente à política fiscal. Sem essa mudança, os mercados correm o risco de outro choque que causaria perdas, mas também criaria oportunidades de compra.

Iggo é um apoiador de longa data do Manchester United. Ser fã do clube lhe deu muito para escrever, mas também se tornou uma fonte de decepção nos últimos anos, disse. "Como é costume para um veterano do mercado de títulos, acho que os retornos de renda fixa serão possivelmente bastante fortes nos próximos doze meses," disse Iggo. "Títulos de longa duração estiveram em um mercado de baixa de quatro anos. Prêmios de termo aumentaram.

Certamente é hora de melhores retornos.".

Долгосрочный инвестор в облигации Chris Iggo уходит на пенсию после 26-летней карьеры в AXA IM Core, BNP Paribas Asset Management. В финальной записке от 25 сентября, Iggo предсказал, что облигации готовы к отскоку после четырех трудных лет. Он argued that increased yields have boosted the allure of debt markets despite ongoing concerns about inflation and government borrowing. Iggo joined Chase Manhattan Bank in 1989 and worked at Barclays Capital and Cazenove Capital Management before switching to AXA Investment Managers in May 2005. He will leave the firm at the end of the month, having written about 1,000 weekly notes during his tenure.

Iggo is making his bullish call at a seismic moment for global debt markets, where fixed-income assets have tumbled this year due to the Iran war pushing up oil prices and swelling government deficits. He noted that bond yields in the US, Japan, and UK have climbed to multi-year highs. A sustainable bond bull market will require easing geopolitical tensions, a retreat from protectionism, and a different approach to fiscal policy.

Without that shift, markets risk another shock that would inflict losses but also create buying opportunities. Iggo is a long-term supporter of Manchester United. Being a fan of the club had given him plenty to write about but had also become a source of disappointment in recent years, he said. "As is customary for a veteran of the bond market, I think fixed income returns are going to be possibly quite strong over the next year," Iggo said. "Long-duration bonds have been in a four-year bear market.

Term premiums have risen. It is surely time for improved returns.".

Long-time bond investor Chris Iggo is retiring after a 26-year career at AXA IM Core, BNP Paribas Asset Management. In a final note dated Sept. 25, Iggo predicted bonds are set for a rebound after four difficult years. He argued that increased yields have boosted the allure of debt markets despite ongoing concerns about inflation and government borrowing.

Iggo joined Chase Manhattan Bank in 1989 and worked at Barclays Capital and Cazenove Capital Management before switching to AXA Investment Managers in May 2005. He will leave the firm at the end of the month, having written about 1,000 weekly notes during his tenure. Iggo is making his bullish call at a seismic moment for global debt markets, where fixed-income assets have tumbled this year due to the Iran war pushing up oil prices and swelling government deficits.

He noted that bond yields in the US, Japan, and UK have climbed to multi-year highs. A sustainable bond bull market will require easing geopolitical tensions, a retreat from protectionism, and a different approach to fiscal policy. Without that shift, markets risk another shock that would inflict losses but also create buying opportunities.

Iggo is a long-term supporter of Manchester United. Being a fan of the club had given him plenty to write about but had also become a source of disappointment in recent years, he said. "As is customary for a veteran of the bond market, I think fixed income returns are going to be possibly quite strong over the next year," Iggo said. "Long-duration bonds have been in a four-year bear market. Term premiums have risen.

It is surely time for improved returns.".