External broker reports(aggregated public sources), Nordea

Nordea

External broker reports(aggregated public sources)

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Macroeconomics

<ul>
<li>Yet another month Japanese investors increased their US exposure and bought EUR 11.73bn worth of Treasury bonds in June.</li>
<li>Thus, their holdings in US Treasuries has increased by EUR 82bn in the first half of 2023 after the massive sell-off in 2022.</li>
<li>In line with the investor distribution data published by the Danish central bank, Japanese investors reduced their positions in Danish callable bonds by EUR 0.23bn in June.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Yet another month Japanese investors increased their US exposure and bought EUR 11.73bn worth of Treasury bonds in June.
Thus, their holdings in US Treasuries has increased by EUR 82bn in the first half of 2023 after the massive sell-off in 2022.
In line with the investor distribution data published by the Danish central bank, Japanese investors reduced their positions in Danish callable bonds by EUR 0.23bn in June.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Global Bond Investments: The Japanese buying of US bonds continued in June

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Cross Asset Strategy

<ul>
<li>As highlighted in our data dive yesterday on the curve we see the steepener case as increasingly compelling.</li>
<li>From our portfolio, you will also know that we have been moving towards a boomer composition and in the following short note we’ll try to support that thesis.</li>
<li> Why would the curve slope back our boomer position?</li>
</ul>


As highlighted in our data dive yesterday on the curve we see the steepener case as increasingly compelling.
From our portfolio, you will also know that we have been moving towards a boomer composition and in the following short note we’ll try to support that thesis.
 Why would the curve slope back our boomer position?


Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

<ul>
<li>Welcome back to our Wednesday series where we take you through the world of global macro and what to look out for going forward.</li>
<li>With US CPI being released tomorrow – where we as always will cover the most important take-aways post-release – there is room for market movements as the disinflation narrative continues amidst the possibility of a positive surprise in headline CPI due to base effects.</li>
<li>We’ll as always be short and concise and let you into our thinking regarding asset allocation and positioning ahead of the data/events mentioned.</li>
</ul>


Welcome back to our Wednesday series where we take you through the world of global macro and what to look out for going forward.
With US CPI being released tomorrow – where we as always will cover the most important take-aways post-release – there is room for market movements as the disinflation narrative continues amidst the possibility of a positive surprise in headline CPI due to base effects.
We’ll as always be short and concise and let you into our thinking regarding asset allocation and positioning ahead of the data/events mentioned.


5 Things We Watch – Fed Overtightening, Curve Steepening, US CPI, BoJ & China

<ul><li>Key summer developments at a glance: The Fed increased the funds rate by 25bp to the range 5.25-5.50%.</li><li>The central bank signalled that it will remain data dependent, maintaining its hiking bias on the back of inflation worries.</li><li>Still robust data from the real economy but also lower inflation data has buoyed markets view of a soft landing.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Key summer developments at a glance: The Fed increased the funds rate by 25bp to the range 5.25-5.50%.The central bank signalled that it will remain data dependent, maintaining its hiking bias on the back of inflation worries.Still robust data from the real economy but also lower inflation data has buoyed markets view of a soft landing.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>In recent years my holiday calendar has been a good indicator of performance in the Danish callable bond market.</li><li>I know that some think I’m too harsh on the risk element in the callable bond market but there is a much better reason for the strong performance in July which could be an early bird for something positive.</li><li>I also look at the switch in the on-the-run bond maturities (2053-&gt;2056) and conclude that the 5% 2056 bonds are sold too cheaply at the moment.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In recent years my holiday calendar has been a good indicator of performance in the Danish callable bond market.I know that some think I’m too harsh on the risk element in the callable bond market but there is a much better reason for the strong performance in July which could be an early bird for something positive.I also look at the switch in the on-the-run bond maturities (2053-&gt;2056) and conclude that the 5% 2056 bonds are sold too cheaply at the moment.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bonds & bold: There is something in the air

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US Treasury (10 Yr Generic) (GT10 GOVT)

Global Bond Investments: The Japanese buying of US bonds continued in June

Yet another month Japanese investors increased their US exposure and bought EUR 11.73bn worth of Treasury bonds in June.

Nordea

Curve Steepeners and the Boomer Trade

As highlighted in our data dive yesterday on the curve we see the steepener case as increasingly compelling. From our portfolio, you will also...

Steno Research

5 Things We Watch – Fed Overtightening, Curve Steepening, US CPI, BoJ & China

Welcome back to our Wednesday series where we take you through the world of global macro and what to look out for going forward. With US CPI being...

Steno Research

Macro & Markets: Welcome back

Key summer developments at a glance: The Fed increased the funds rate by 25bp to the range 5.25-5.50%. The central bank signalled that it will...

Nordea

Bonds & bold: There is something in the air

In recent years my holiday calendar has been a good indicator of performance in the Danish callable bond market. I know that some think I’m too...

Nordea

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