{"id":18740,"date":"2022-10-12T12:47:17","date_gmt":"2022-10-12T11:47:17","guid":{"rendered":"https:\/\/lazardfreresgestion-tribune.fr\/?p=18740"},"modified":"2022-10-12T12:52:53","modified_gmt":"2022-10-12T11:52:53","slug":"bond-markets-carry-makes-a-return","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/bond-markets-carry-makes-a-return\/","title":{"rendered":"Bond markets: carry makes a return"},"content":{"rendered":"<h2>Chart of the Week<\/h2>\n<p>In recent years, low and even negative interest rates had curbed the appeal of investing in bonds and potentially holding them to maturity to capture returns from bond carry.<\/p>\n<p>However, rising interest rates in recent months have changed matters considerably. French 5-year and 10-year OAT yields have risen back above 2% per annum. The average yield on 5\u20137-year euro investment grade corporate bonds now exceeds 4% (BofA 5\u20137-Year Euro Corporate Index), compared to just 0.7% at the start of the year.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-18741\" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2022\/10\/Chart-of-the-week-0710-Blog-300x159.png\" alt=\"\" width=\"903\" height=\"479\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2022\/10\/Chart-of-the-week-0710-Blog-300x159.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2022\/10\/Chart-of-the-week-0710-Blog-1024x543.png 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2022\/10\/Chart-of-the-week-0710-Blog-768x407.png 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2022\/10\/Chart-of-the-week-0710-Blog.png 1506w\" sizes=\"auto, (max-width: 903px) 100vw, 903px\" \/><\/p>\n<h3><b>OUR <\/b><b>ANALYSIS<\/b><\/h3>\n<p>Corporate bond yields are now significantly higher (at 4.1% for investment grade and 8.1% for high yield) than the average levels seen over the past two decades, enabling investors to see bond markets as an attractive long-term investment given the improved risk\u2013return profile. In fact, carry is now set to become the main contributor to bond performance.<\/p>\n<p>&nbsp;<\/p>\n<p>The opinion expressed above is dated October 7th, 2022 and is subject to change.<\/p>\n<p>See also: https:\/\/latribune.lazardfreresgestion.fr\/en\/extreme-volatility-hits-bond-markets\/<\/p>\n<p>***<\/p>\n<p>This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 \u2013 Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES \u2013 75008 PARIS, FRANCE<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chart of the Week In recent years, low and even negative interest rates had curbed the appeal of investing in&hellip; <\/p>\n","protected":false},"author":101016,"featured_media":18738,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[1940,1971],"class_list":["post-18740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","tag-inflation-en","tag-usa-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bond markets: carry makes a return &#8211; Tribune Lazard Fr\u00e8res Gestion<\/title>\n<meta name=\"description\" content=\"Bond markets: carry makes a return Chart of the week Tribune Lazard Fr\u00e8res Gestion\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/bond-markets-carry-makes-a-return\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bond markets: carry makes a return &#8211; 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