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.

Alpha Bites: A 2s5s Steepener in Russia with Paying Bias

Alpha Bites: Trade Ideas Performance Summary – July 2021

Rates 10y Dashboard: Should Curve Flattening Persist with Rising Rates Volatility?

Rates 10y Dashboard: Russia’s Rate Curve Flattens Even as EM Steepens

Alpha Bites: Long Russian Ruble (RUB) Vs Short South African Rand (ZAR)

FX Dashboard: Russian Ruble Lagging Oil Rally

FX Dashboard: South African Rand’s Outperformance Continues

FX & Rates

<p>Russia's rate curve is among the flattest in emerging markets currently. The main driver for the flattening has been the central bank front-loading rate hikes to address the surge in inflation. We expect the curve to steepen from the current extreme levels, but it is early to put on a steepener as the curve has historically continued to flatten until the central bank is done raising rates.</p><p>Separately, the attached file is a snapshot of the EM 10y rates market in which we seek to identify the leaders and laggards among countries by comparing the performance of each to its history as well as to other countries based on their respective betas to an EM rates index.</p>

Russia's rate curve is among the flattest in emerging markets currently. The main driver for the flattening has been the central bank front-loading rate hikes to address the surge in inflation. We expect the curve to steepen from the current extreme levels, but it is early to put on a steepener as the curve has historically continued to flatten until the central bank is done raising rates.Separately, the attached file is a snapshot of the EM 10y rates market in which we seek to identify the leaders and laggards among countries by comparing the performance of each to its history as well as to other countries based on their respective betas to an EM rates index.

Rates 10y Dashboard: Early to Put on a Steepener in Russia

RUB 2Y

Rates 10y Dashboard: Early to Put on a Steepener in Russia