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: Early to Put on a Steepener in Russia

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

Alpha Bites: Trade Ideas Performance Summary – July 2021

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

Rates 10y Dashboard: Which Countries Have the Steepest Curves?

FX Dashboard: South African Rand’s Outperformance Continues

FX & Rates

<p>In this note, we point out that even as EM rate curves have broadly steepened, Russia's curve has flattened on the back of more rate hikes getting priced in the short end and the long end losing some of the risk premia that was built in anticipation of US sanctions.</p><p>Separately, the attached file is a snapshot of EM 10y rates market, which we produce daily, and where 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 the broad market.</p>

In this note, we point out that even as EM rate curves have broadly steepened, Russia's curve has flattened on the back of more rate hikes getting priced in the short end and the long end losing some of the risk premia that was built in anticipation of US sanctions.Separately, the attached file is a snapshot of EM 10y rates market, which we produce daily, and where 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 the broad market.

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

RUB 10Y

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