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: Higher Real Rates in EM than in DM

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

Rates 10y Dashboard: Colombia’s Rate Curve Should Continue to Flatten

Rates 10y Dashboard: Cross-Correlations Between EM Rates Drop

Rates 10y Dashboard: Attractive Yield Pick-Up of EM Local Debt over DM

FX Dashboard: Is It Time for Latin American Currencies to Turn Around?

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

FX & Rates

<p>Digging deeper into the underperformance of EM rates to the US, we find that within EM, the regional differentiation has been quite significant. Specifically, while rates in Latin America have underperformed the rally in the US significantly, rates in Asia have lagged by much less. This differentiation argues for relative-value trades between rates in LatAm and Asia as well as within countries in Asia.</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>

Digging deeper into the underperformance of EM rates to the US, we find that within EM, the regional differentiation has been quite significant. Specifically, while rates in Latin America have underperformed the rally in the US significantly, rates in Asia have lagged by much less. This differentiation argues for relative-value trades between rates in LatAm and Asia as well as within countries in Asia.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: The Gap Between Rates in LatAm and Asia Grows

INR 10Y

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