Government Bonds Outlook - Quarter 2 2018 - Aberdeen Standard Investments
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Government Bonds Outlook Quarter 2 2018 The views represented are those of the Standard Life Investments Rates team. Aberdeen Standard Investments is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments. This document is intended for institutional investors and investment professionals only and should not be distributed to or relied upon by retail clients.
Outlook Summary
UNDERWEIGHT
OVERWEIGHT
NEUTRAL
Summary Rates
US Summary - UNDERWEIGHT Page 2 Philip Laing
Everyone is more cautious on the outlook as the developing story of a fiscal Investment Director – Head of Rates
growth push, higher supply and (maybe) higher inflation took a sharp knock +44 (0)131 245 4516
during March. All of this was a reminder that bond behaviour continues philip.laing@aberdeenstandard.com
to lean heavily towards a more dovish stance and a belief that capacity
pressures will not produce more inflation. We disagree. Meanwhile, the Jack Kelly
bond supply that will test investor appetite will not arrive until late 2018 Investment Director – Global & European Funds
– and the ECB continues to tread a very patient path towards tapering its +44 (0)131 245 6883
QE programme. We expect steady rate rises from the Fed and inflation to jack.kelly@aberdeenstandard.com
continue to rise – this combination should ultimately undermine bonds.
Liam O’Donnell
UK Summary - NEUTRAL Page 3 Investment Director – Gilt Funds
+44 (0)131 245 6342
The BoE monetary policy decision in May is finely balanced following softer liam.o.donnell@aberdeenstandard.com
growth and inflation data, and recent intervention from Governor Carney.
Even if the MPC chooses to persist with its supply-side argument and raise
Aaron Rock
rates, we think it is unlikely it will be able to follow this up with another
Investment Director – Gilt Funds
hike this year. We maintain the view it is too optimistic on the strength of
+44 (0)131 245 2864
the economy and the path of Brexit negotiations. For us, the distribution
aaron.rock@aberdeenstandard.com
of possible Brexit outcomes remains wide and UK economic activity will
likely stagnate and continue to underperform other developed economies
whilst uncertainty persists. We anticipate using the less supportive technical Ross Hutchison
environment over this quarter to reinstate our strategic bias for holding Investment Director – Gilt, Global & European Funds
overweight gilt positions versus other developed markets in the context of a +44 (0)131 245 1440
rising yield enviornment. ross.hutchison@aberdeenstandard.com
Findlay Hyde
Europe Summary - UNDERWEIGHT Page 4
Investment Analyst – Gilt Funds
Data remain firm in Europe and its strength is broad-based, both in terms +44 (0)131 245 8369
of internal and external demand, and is fairly uniform across the bloc. findlay.hyde@aberdeenstandard.com
Continued strong growth cannot coexist with ultra-low policy dovishness
ad infinitum. The market now expects no movement on policy rates until
near the end of Draghi’s tenure (late 2019). Draghi has almost been too
successful in suppressing expectations and we expect to see a continuation Inflation
of the renewed volatility in bunds. Despite unhelpful market positioning, we
expect core European bonds to sell off. Katy Forbes
Investment Director – Inflation Funds
Japan Summary - UNDERWEIGHT Page 5 +44 (0)131 245 1552
katy.forbes@aberdeenstandard.com
Our overall positioning bias remains the same: we prefer underweight
exposure to JGBs given the asymmetry around pricing. Despite reasons to Adam Skerry
believe the inflation trajectory in Japan remains firmly below target, there Investment Director – Inflation Funds
are features of BoJ policy and the JGB market that suggest asymmetry +44 (0)131 245 6177
around an underweight position and curve steepeners.The BoJ’s adam.skerry@aberdeenstandard.com
comprehensive review led to the introduction of Yield Curve Control and
a new paradigm of thinking. We think that the explicit desire for steeper
Tom Walker
curves, and the BoJ’s longer-term willingness and ability to allow long-end
Investment Director – Inflation Funds
yields to edge higher will continue to support this trade. Our base case is not
+44 (0)131 245 2692
for JGBs to be higher in yield or for inflation to hit target imminently, but we
tom.walker@aberdeenstandard.com
think the asymmetry means the risks for yields are to the upside.
Connor Godsell
Australia Summary - OVERWEIGHT Page 6 Rates Graduate
Recent minutes from the RBA meeting reinforced its view that the most +44 (0)131 245 0583
likely path for interest rates is up. This comes as no surprise given previous connor.godsell@aberdeenstandard.com
guidance from Governor Lowe around financial stability. More interesting
was the reference to tightening financial conditions through higher funding
costs for banks. With household leverage a key issue for the RBA and
funding pressures coming through from overseas markets acting as a
headwind for Australian lending, we continue to feel the RBA will look at
weak domestic inflation and wage growth and keep policy rates unchanged.
We remain overweight Australian bonds on a cross-market basis.US
UNDERWEIGHT
OVERWEIGHT
NEUTRAL
Market Prices & Moves (as at mid-April 2018) Weightings
Instrument Current 1 month ago 3 months ago Fundamentals UNDERWEIGHT
10-year UST 2.78% 2.87% (-9bps) 2.55% (+23bps) Sentiment NEUTRAL
30-years breakeven 2.12% 2.12% (+/-0bps) 2.04% (+8bps) Valuation, technical & supply UNDERWEIGHT
DXY Index 89.59 89.90 (-0.35%) 90.97 (-1.52%) Summary UNDERWEIGHT
SLI Rates US Treasury Forecasts – 6-months forward Low inflation is embedded across the US yield curve.
How tolerant will bonds be of a steady acceleration in core CPI?
4.0 %
4.00
3.5
3.50
3.0 3.00
2.5 2.50
2.00
2.0
1.50
1.5
1.00
1.0 0.50
0.5 0.00
-0.50
0.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
0 5 10 15 20 25 30
95% confidence upper bound Current 6m fwd Central View Core CPI yoy 3m annualised Core CPI 6m annualised Core CPI
Source: Bloomberg Source: Bloomberg
Fundamentals Valuation, technical & supply
Trade war fears have emerged as the Trump regime has initiated While the Federal Open Market Committee failed to endorse four
a tariff ‘tit-for-tat’ spat with China. The impact on risk markets has rate hikes during 2018, bonds failed to react to the uplift in
been relatively muted overall and Federal Reserve (Fed) chair forecasts for 2019/20 and continue to fight the extent of the
Jerome Powell’s latest economic assessment paid the issue little tightening cycle. Ten-year Treasury yields have settled around
attention. Core economic conditions have remained upbeat albeit 2.80% and are struggling to meaningfully breach this level.
with some softening in surveys (although these remain at high Almost the opposite effect is underway at 30-year part of the
levels and consistent with 4% annualised GDP). Inflation data curve as the long bond keeps getting drawn back to 3% through
continue to suggest a steady increase in the pace of core inflation, repeated yield curve flattening. Ten-year yields have broken
but within market expectations. The unemployment rate is above their post-Trump election spike while the 30-year yield
dallying with a breach of 4% but hourly earnings have failed to remains within that range. At the moment, pressure from heavier
accelerate above 3% as yet. supply and balance sheet adjustment is not acting as a significant
restraint.
Sentiment
Investor sentiment remains relatively muted after price action Summary
in March that squeezed positioning both outright and through Everyone is more cautious of the outlook as the developing
yield curve flattening. This whipsaw move back from February is narrative of a fiscal growth push, higher Treasury supply and
a reminder that bond behavior has not become more (maybe) higher inflation took a sharp knock during March. All of
even-handed and still suggests a disbelief that inflation will this was a reminder that bond behaviour continues to lean
increase. Protectionist policies on trade combined with higher heavily towards a more dovish stance and a belief that capacity
Fed rate expectations should have led the curve to steepen but pressures will not produce more inflation. We disagree.
flattening remains the consistent response. Positioning has felt Meanwhile, the bond supply that will test investor appetite will
more balanced in April; however, pension fund demand remains not arrive until late 2018 – and the European Central Bank
an influence. continues to tread a very patient path towards tapering its QE
programme. We expect steady rate rises from the Fed and
inflation to continue to rise – this combination should ultimately
undermine bonds.UK
UNDERWEIGHT
OVERWEIGHT
NEUTRAL
Market Prices & Moves (as at mid-April 2018) Weightings
Instrument Current 1 month ago 3 months ago Fundamentals OVERWEIGHT
10-year UKT 1.39% 1.49% (-10bps) 1.34% (+5bps) Sentiment NEUTRAL
30-year UKT 1.77% 1.92% (-15bps) 1.84% (-7bps) Valuation, technical & supply UNDERWEIGHT
GBP Trade Weighted 79.86 78.19 (+2.14%) 77.80 (+2.65%) Summary NEUTRAL
SLI Rates UK Gilt Forecasts – 6-months forward Improving real wage growth - spend or save?
2.5 %
6.00
5.00
2.0 4.00
3.00
1.5 2.00
1.00
1.0 0.00
-1.00
0.5 -2.00
-3.00
0.0 -4.00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
0 10 20 30 40 50
95% confidence upper bound Current 6m fwd Central View Real Wage Growth UK Headline CPI YoY Average Weekly Earnings 3mYoY
Source: Bloomberg Source: Bloomberg
Fundamentals Valuation, technical & supply
The fundamental outlook for the UK remains uncertain. Brexit The technical backdrop for gilts has been supportive recently, with
headwinds continue to weigh on growth relative to peers, with a dearth of long-dated supply in the final quarter of the fiscal year
1.4% GDP growth in 2017 versus an average 2.4% for other coinciding with the largest asset purchase facility reinvestment
developed market economies. The labour market continues to programme to date, and an improvement in the public finances
impress with robust employment growth, record high vacancies signalling a light issuance calendar for 2018/19. From a general
and tentative signs of wage pressures, providing some justification valuation perspective, gilts remain rich at current yield levels as
for the hawkish tone adopted by the Bank of England (BoE) on the they retain a Brexit uncertainty premium. We expect to see some
basis of diminishing spare capacity. Yet inflation continues to fall retracement to higher yields and a somewhat steeper curve over
faster than anticipated by the BoE, with the most recent headline the quarter as the supply backdrop improves, including nominal
CPI data printing 0.2% below the MPC’s latest forecast. Stronger curve extension in May. However, any steepening is likely to prove
wage growth and rapidly falling inflation will mechanically ease the temporary given firmer government regulation on pension scheme
negative real income burden on households, but we antiticapte behaviour encourages hedging activity and the BoE is committed
the corresponding uplift in consumption is likely to be modest due to raising policy rates in the face of weak potential growth.
to lingering Brexit uncertainty.
Summary
Sentiment The BoE monetary policy decision in May is finely balanced
The agreement of a broadly status quo transition deal has following softer growth and inflation data, and recent
significantly reduced the risk of a cliff-edge outcome to Brexit intervention from Governor Carney. Even if the MPC chooses to
negotiations and has in turn had a negative impact on sentiment persist with its supply-side argument and raise rates, we think it
toward gilts. Recent messaging from the MPC has also added to is unlikely it will be able to follow this up with another hike this
this as it maintains a positive outlook on the economy and year. We maintain the view it is too optimistic on the strength of
continues with hawkish communication despite a weak start to the economy and the path of Brexit negotiations. For us, the
the year for economic activity. However, sentiment towards gilts distribution of possible Brexit outcomes remains wide and UK
remains vulnerable to sudden swings in response to volatility in economic activity will likely stagnate and continue to
risk markets or Brexit negotiations. We anticipate sharp sentiment underperform other developed economies whilst uncertainty
swings will continue to characterise the gilt market. This will lead persists. We anticipate using the less supportive technical
to volatile price action and frequent positioning squeezes. environment over this quarter to reinstate our strategic bias for
holding overweight gilt positions versus other developed markets
in the context of a rising yield enviornment.Europe
UNDERWEIGHT
OVERWEIGHT
NEUTRAL
Market Prices & Moves (as at mid-April 2018) Weightings
Instrument Current 1 month ago 3 months ago Fundamentals UNDERWEIGHT
10-year bund 0.50% 0.63% (-13bps) 0.58% (-8bps) Sentiment NEUTRAL
10-year BTP 1.81% 2.00% (-19bps) 1.98% (-17bps) Valuation, technical & supply UNDERWEIGHT
EUR/USD 1.24 1.23 (+0.81%) 1.22 (+1.64%) Summary UNDERWEIGHT
SLI Rates Bund Yield Forecasts – 6-months forward 5-year German bund yield no longer anchored
2.0 0.2
1.5 0.1
0.0
1.0
-0.1
0.5
-0.2
0.0
ECB decision
-0.3
-0.5
-0.4
December minutes released
-1.0 -0.5
0 5 10 15 20 25 30 Sep 17 Oct 17 Nov 17 Dec 17 Jan 18 Feb 18
95% confidence upper bound Current 6m fwd Central View
Source: Bloomberg Source: Bloomberg
Fundamentals Valuation, technical & supply
While European economic growth is no longer running at 3%, it is Valuations still look expensive, with 2-year rates 20 basis points
still clearly in expansionary mode and sits at odds with the below the deposit rate despite very little genuine deflation risk
European Central Bank’s (ECB) cautious approach to policy and a clear, albeit gradual, change in language from the ECB
normalisation. As the central bank negotiates the difficult around policy normalisation. QE is not quite disappearing yet,
transition from QE to rates forward guidance, this caution has meaning scarcity will continue as a driver for now. A continued
increased. The messaging has been very clear on “persistence, appetite for relaxing the deficit rules is negative for bonds. In the
patience and prudence” with regard to policy, which has helped very short term, net supply is negative, as redemptions dominate.
stem the sell-off in rates. However, this should change over the next three months as
opportunistic syndications in bond issuance prevail.
Sentiment
Market sentiment remains negative on core European bonds and, Summary
in particular, Italy, following the country’s inconclusive election. Data remains firm in Europe and is fairly uniform across the
This, coupled with the upcoming cessation of QE, is perceived as a single currency bloc. The strength is broad-based in terms of
negative combination. However, the key point for us here is that internal and external demand. However, continued strong
the Central Bank remains robust in its commitment towards growth cannot coexist with ultra-low policy ‘dovishness’ ad
stemming any standalone peripheral weakness. Scarcity persists infinitum. The market now expects no movement on policy rates
in German bunds, but should dissipate as policy tightens. until near the end of Draghi’s tenure (late 2019). Draghi has
Sentiment has proved a powerful barrier to bunds weakening in almost been too successful in suppressing expectations and we
response to stronger data. expect to see a continuation of the renewed volatility in bunds.
Despite unhelpful market positioning, we anticipate core
European bonds selling off.Japan
UNDERWEIGHT
OVERWEIGHT
NEUTRAL
Market Prices & Moves (as at mid-April 2018) Weightings
Instrument Current 1 month ago 3 months ago Fundamentals NEUTRAL
10-year JGB 0.03% 0.05% (-2bps) 0.07% (-4bps) Sentiment NEUTRAL
30-year JGB 0.71% 0.76% (-5bps) 0.83% (-12bps) Valuation, technical & supply UNDERWEIGHT
USD/JPY 106.89 106.42 (+0.44%) 111.06 (-3.75%) Summary UNDERWEIGHT
SLI Rates JGB Forecasts – 6-months forward TANKAN Survey All Enterprise Business Conditions
– let the good times roll
2.0
20
10
1.5
0
1.0 -10
-20
0.5 -30
-40
0.0
0 5 10 15 20 25 30 35 40 -50
-60
-0.5 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
95% confidence upper bound Current 6m fwd Central View All Enterprises TANKAN Survey
Source: Bloomberg Source: Bloomberg
Fundamentals appears to have been established as a range at which the BoJ will
The economic picture in Japan remains strong, although recent intervene on breaches. The cross-currency basis that drove
data has been mixed relative to consensus forecasts. Q4 2017 foreign investors to buy front-dated JGBs hedged has moved back
GDP was recorded at 1.6% quarter-on-quarter annualised, the from the most extreme levels. This has reduced the spread
eighth consecutive quarter of positive growth. However, this is pick-up, although it remains firmly in positive territory. This
expected to fall back towards the ‘potential’ annual growth rate of structural richness continues to distort rate pricing signals from
0.5% through 2018. National inflation is tentatively ticking up (the the front end of the government bond curve. The other side of
headline rate was 1.5% year-on-year for February) but weaker that basis, the relative cheapness of some foreign bonds
core measures and lacklustre wage pressures both appear to (European government bonds in particular) for yen-based
point to a subdued trajectory from here. We continue to believe investors remains a significant marginal mover of global duration.
structural headwinds will limit the Bank of Japan’s (BoJ) ability to However, looking at the overnight index swap market, we can see
reach its 2% inflation target, but underlying economic conditions that no further cuts are priced in, and the first hike of 10 basis
are more favourable now than in any time in the recent past. points is not fully priced in until 2021.
Sentiment Summary
Sentiment is notoriously difficult to quantify or measure, but it is Our overall positioning bias remains the same: we prefer
clear that there is an increasingly dominant narrative in the underweight exposure to JGBs given the asymmetry around
marketplace concerning the growing likelihood of a BoJ policy pricing. Despite reasons to believe the inflation trajectory in Japan
exit. We think this is overdone. Although we position for a change remains firmly below target, there are features of BoJ policy and
in policy (such as a shifting of the Yield Curve Control (YCC) target the JGB market that suggest asymmetry around an underweight
to a shorter maturity or an increase in the 10-year target) such an position and curve steepeners. The BoJ’s comprehensive review
announcement is not in our base case forecast horizon of 3-6 led to the introduction of YCC and a new paradigm of thinking.
months. Our underweight position would benefit from such a We think that the explicit desire for steeper curves, and the BoJ’s
move, while we do not see much room for yields to rally lower longer-term willingness and ability to allow long-end yields to
than current levels. edge higher, will continue to support this trade. Our base case is
not for JGBs to be higher in yield or for inflation to hit target
Valuation, technical & supply imminently, but we think the asymmetry means the risks for
YCC continues to anchor 10-year Japanese government bond yields are to the upside.
(JGB) yields. Between -10 and +10 basis points around zeroAustralia
UNDERWEIGHT
OVERWEIGHT
NEUTRAL
Market Prices & Moves (as at mid-April 2018) Weightings
Instrument Current 1 month ago 3 months ago Fundamentals OVERWEIGHT
3-year ACGB 2.14% 2.17% (-3bps) 2.18% (-4bps) Sentiment OVERWEIGHT
10-year ACGB 2.66% 2.82% (-16bps) 2.75% (-9bps) Valuation, technical & supply OVERWEIGHT
AUD/USD 0.776 0.787 (-1.40%) 0.792 (-2.02%) Summary OVERWEIGHT
SLI Rates ACGB Forecasts – 6-months forward Australian funding costs have risen despite RBA dovish guidance
3 Month Bank Bills (%)
4.0 2.40
3.5 2.20
3.0 2.00
2.5
1.80
2.0
1.60
1.5
1.40
1.0
1.20
0.5
0.0 1.00
0 5 10 15 20 Jan 17 Mar 17 May 17 Jul 17 Sep 17 Nov 17 Jan 18 Mar 18
95% confidence upper bound Current 6m fwd Central View 3 Month Bank Bills OIS Curve Pricing over 12 Months RBA Cash Rate
Source: Bloomberg Source: Bloomberg
Fundamentals Valuation, technical & supply
Labour market indicators remain robust, with healthy jobs Bonds in general are attractively priced given the current mix of
growth and increasing labour force participation likely to support policy rates and low inflation. Smaller current account deficits will
domestic demand. Wage pressures remain elusive and reduce bond issuance going forward. The Australian Office of
underemployment metrics suggest there is further slack to Financial Management is likely to continue to target longer
absorb before we see a significant lift in average pay. This has the issuance as it fills out the bonds curve past 10-years, where we
potential to expose vulnerabilities with regards to household see a significant demand for these relatively higher yielding
leverage, which has skyrocketed since the financial crisis as house safe-haven assets. Meanwhile, with just one Reserve Bank of
prices soared. Over the past few years, the Australian Prudential Australia (RBA) hike priced in over the next 12 months and a high
Regulation Authority (APRA) has introduced measures to slowly bar to easing, we prefer forward structures further out the curve
remove some of the vulnerabilities from the housing market. where valuations still look attractive.
Awkwardly, it could come under additional pressure as the Royal
Commission sets its sights on bank lending standards. Summary
Meanwhile, previous APRA measures continue to dampen Recent minutes from the RBA meeting reinforced the message that
conditions, although the market seems able to withstand both it views the most likely path for interest rates as up. This comes as
headwinds for now. no surprise given previous guidance from Governor Lowe around
financial stability. More interesting was the reference to tightening
Sentiment financial conditions through higher funding costs, which can be
Sentiment towards Australian bonds remains positive as seen from the chart below. Although RBA commentary had
weaker wage growth and inflation prints continue to push back generally been quite supportive for our ‘on hold’ view as can be
fears of policy tightening by the RBA later into 2018. Despite a seen from overnight index swap curve pricing, three-month bank
more sanguine policy outlook, shorter-dated bonds have bill lending rates have increased significantly as higher US funding
suffered under the weight of financial tightening in the US rates push up global rates. With household leverage a key issue for
filtering through into Australian funding markets; however, the RBA and funding pressures coming through from overseas
longer-dated bonds are well supported. As always, positioning markets acting as a headwind for Australian lending, we continue
remains key and year-to-date price action suggests a return of to feel the RBA will look at weak domestic inflation and wage
buyers to the Australian market as investors search for highly growth and keep policy rates unchanged. We remain overweight
rated safe havens. Australian bonds on a cross-market basis.Visit us online aberdeenstandard.com Investment involves risk. The value of investments, and the income from them, can go down as well as up and an investor may get back less than the amount invested. Past performance is not a guide to future results. All information, opinions and estimates in this document are those of Standard Life Investments, and constitute our best judgement as of the date indicated and may be superseded by subsequent market events or other reasons. This material is for informational purposes only and does not constitute an offer to sell, or solicitation of an offer topurchase any security, nor does it constitute investment advice or an endorsement with respect to any investment vehicle.This material serves to provide general information and is not meant to be legal or tax advice for any particular investor, which can only be provided by qualified tax and legal counsel. This material is not to be reproduced in whole or in part without the prior written consent of Standard Life Investments. Any data contained herein which is attributed to a third party (“Third Party Data”) is the property of (a) third party supplier(s) (the “Owner”) and is licensed for use by Standard Life Aberdeen*. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, Standard Life Aberdeen* or any other third party (including any third party involved in providing and/or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Past performance is no guarantee of future results. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Third Party Data relates. *Standard Life Aberdeen means the relevant member of the Standard Life Aberdeen group, being Standard Life Aberdeen plc together with its subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time. Aberdeen Standard Investments is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments. Standard Life Investments Limited is registered in Scotland (SC123321) at 1 George Street, Edinburgh EH2 2LL. Standard Life Investments Limited is authorised and regulated in the UK by the Financial Conduct Authority. Standard Life Investments (Hong Kong) Limited is licensed with and regulated by the Securities and Futures Commission in Hong Kong and is a wholly-owned subsidiary of Standard Life Investments Limited. Standard Life Investments Limited (ABN 36 142 665 227) is incorporated in Scotland (No. SC123321) and is exempt from the requirement to hold an Australian financial services licence under paragraph 911A(2)(l) of the Corporations Act 2001 (Cth) (the ‘Act’) in respect of the provision of financial services as defined in Schedule A of the relief instrument no.10/0264 dated 9 April 2010 issued to Standard Life Investments Limited by the Australian Securities and Investments Commission. These financial services are provided only to wholesale clients as defined in subsection 761G(7) of the Act. Standard Life Investments Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority under the laws of the United Kingdom, which differ from Australian laws. Standard Life Investments Limited, a company registered in Ireland (904256) 90 St Stephen’s Green Dublin 2, is authorised and regulated in the UK by the Financial Conduct Authority. Standard Life Investments (USA) Limited is registered as an Exempt Market Dealer with the Ontario Securities Commission and as an Investment Adviser with the US Securities and Exchange Commission. Standard Life Investments (Corporate Funds) Limited is registered as an Investment Adviser with the US Securities and Exchange Commission. Calls may be monitored and/or recorded to protect both you and us and help with our training. © 2018 Standard Life Aberdeen, images reproduced under licence XXXXX_XXX_XXXX_XX XXXXX_XX ASI_1093_Government Bonds Rates Outlook_Q2_TCM
You can also read
