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 Brazil

Forint to Lag Even as the Hungarian Central Bank Raises the Pace of Rate Hikes

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

Rates 10y Dashboard: Rising Sensitivity of EM Rates to the US

Alpha Bites: Receive Czech 5y Vs Pay Poland 5y Rate

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

FX & Rates

<p>The sell-off in US rates in the aftermath of the hawkish Fed has spilled over to other countries. Within EM rates, we identify the dislocations, which are typical during periods when volatility rises. We are able to explain away most of the dislocations except for Poland and Czechia. Indeed, we have two outstanding trade recommendations in these countries to reflect our view.</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 sell-off in US rates in the aftermath of the hawkish Fed has spilled over to other countries. Within EM rates, we identify the dislocations, which are typical during periods when volatility rises. We are able to explain away most of the dislocations except for Poland and Czechia. Indeed, we have two outstanding trade recommendations in these countries to reflect our view.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: Identifying Dislocations Among EM Rates as US Rates Sell Off

PLN 5Y

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