ways are for front-end & spreads While the QE easing bias was maintained (unanimously) and the date to discuss tapering was implicitly pushed back, Bunds failed to meaningfully sustain their gains post the policy announcement. Interestingly, Draghi's insistence on the fact that his message in 14 Glo

h to Payments Rio commits extra $4.2bn to iron ore projects The Australian iron-ore-projects/story-e6frg9df-1226403139142> Hedge funds bet on big Bunds sell-off G20 bid to cut cost of euro borrowing 11e1-84dc-00144feabdc0.htmliazzzlyDZHmeWo> EU bank reforms FT Editorial< 00144feabdc0.html8azzzlyD

fe havens and risk assets are not stable and history does not always repeat itself. So, as noted above, some risks accompany holding Treasuries (or Bunds) in an interest rate up-cycle, they do not always lose their appeal. It is also worth remembering that "safe havens" may not be confined to those t

• A • A • NI • • • • • • • • F Style Small and mid cap • 'as of 7/15/15 ()German Bunds (10-year) As for most bonds we also expect Bunds to swing back and forth in a trading range for the time being, offering short-term opportunities. Such as going tactically underweight. 0 U.S. inv

l return year, while GBP IG has been slightly positive. Both markets have provided negative excess returns given the small positive total return in Bunds and Gilts, but the under-performance has been relatively mild and the out-performance strong relative to the USD market. These are shown for the th