Fixed Income and Currency Strategist

Gautam Jain, PhD, CFA

Gautam Jain has over 25 years of experience covering global emerging fixed income and currency markets, both as a strategist and a portfolio manager. He has worked in buy-side and sell-side firms, including The Rohatyn Group (TRG Management), Barclays Capital, and Millennium Partners. He has helped manage emerging markets local-currency and hard-currency debt funds. The assets that he covers include currencies, interest rates, sovereign credits, and related derivatives. He specializes in portfolio construction, smart-beta index creation, and asset allocation. Mr. Jain holds a Ph.D. in Operations Research from Columbia University and is a CFA charter holder.

Rates 10y Dashboard: EM-US 10y Spread Close to the Widest in a Decade

Alpha Bites: Performance Summary of Trade Recommendations – September 2021

Rates 10y Dashboard: EM 2s5s Slopes Continue to Normalize

Rates 10y Dashboard: Which Countries Are Outliers Within EM Rates This Year?

Rates 10y Dashboard: Higher Real Rates in EM than in DM

Rates 10y Dashboard: The Gap Between Rates in LatAm and Asia Grows

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

FX & Rates

<p>In this week’s Alpha Bites, we recommend receiving the 10-year rate vs paying the 5-year rate in Thailand. Rate curves in Asia have lagged the rest of EM and the US in flattening since March-end, partly because curves in Asia did not steepen as much in the first place as other EM curves did earlier this year. Also, Asian countries lag in monetary tightening cycles. Among Asian countries, we like a flattener in Thailand as the curve is already pricing in a very weak growth scenario. More recently, the prospect of the government raising its debt ceiling cap has led to the long end underperforming relative to the belly, which we believe should be impacted similarly.</p>

In this week’s Alpha Bites, we recommend receiving the 10-year rate vs paying the 5-year rate in Thailand. Rate curves in Asia have lagged the rest of EM and the US in flattening since March-end, partly because curves in Asia did not steepen as much in the first place as other EM curves did earlier this year. Also, Asian countries lag in monetary tightening cycles. Among Asian countries, we like a flattener in Thailand as the curve is already pricing in a very weak growth scenario. More recently, the prospect of the government raising its debt ceiling cap has led to the long end underperforming relative to the belly, which we believe should be impacted similarly.

Alpha Bites: A Beta-Neutral 5s10s Flattener in Thailand

THB 5Y

Alpha Bites: A Beta-Neutral 5s10s Flattener in Thailand