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 DV01-Neutral 5s10s Steepener in Czechia

Rates 10y Dashboard: Identifying Dislocations Among EM Rates as US Rates Sell Off

Alpha Bites: A DV01-Neutral 5s10s Steepener in Brazil

Alpha Bites: A 2s5s Flattener in India with Receiving Bias

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

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

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

FX & Rates

<p>The Fed signaled yesterday that it may start tapering its asset purchase program as soon as the next FOMC meeting in November. With the US 10y yield staying within the narrow range where it has traded since early July following the announcement, EM curves continue to normalize with those too steep starting to flatten, and vice versa. We expect the process has further to run and continue to recommend holding flatteners in Colombia, India, and Thailand, and a steepener in Russia.</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>

The Fed signaled yesterday that it may start tapering its asset purchase program as soon as the next FOMC meeting in November. With the US 10y yield staying within the narrow range where it has traded since early July following the announcement, EM curves continue to normalize with those too steep starting to flatten, and vice versa. We expect the process has further to run and continue to recommend holding flatteners in Colombia, India, and Thailand, and a steepener in Russia.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: EM 2s5s Slopes Continue to Normalize

THB 5Y

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