Erste Asset Management - Blog

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The guest author is used for persons who do not publish blog posts on a regular basis. They could also be external persons (not from Erste Asset Management).
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Gast-AutorIn / Guest Author am 31st January 2017

High yields and a potential turnaround make LATAM bonds an interesting investment

(c) Fotolia

Autor:
Christian Gaier, Head of Fixed Income Rates, Sovereigns & FX, Erste AM

I would like to share my impressions from my latest investor conference in London that I attended on 16th January 2017. The conference was organized by Banco Bilbao Vizcaya Argentaria (BBVA), a leading global financial group with a strong franchise in 35 countries and a leading position in the Spanish market and in Mexico. For us, a perfect partner when it comes to research on countries and companies in Latin America (LATAM).
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Gast-AutorIn / Guest Author am 10th August 2016

Brazil: Hope for change stimulates bonds

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Author: Felix Dornaus, Senior Fund Manager Emerging Markets Bonds

Felix Dornaus, Senior Fund Manager Emerging Markets Bonds
Felix Dornaus, Senior Fund Manager Emerging Markets Bonds
Brazil tactically overweighted at the moment

Most of the fundamental economic data are currently not good. In 2016, the country is in recession; for 2017, a minor growth rate of +0.7% is expected. The nominal budget deficit of 2016 is about -10%, with a primary deficit of -2.7%. This comes as a surprise, given that investors had been used to primary surpluses from Brazil. The current account is also slightly in deficit. The only silver lining is the low foreign government debt of less than 20% of GDP, accompanied by high foreign exchange reserves. We therefore do not expect any issues for bondholders with regard to the payments they are due.

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Gast-AutorIn / Guest Author am 23rd June 2016

Central and Eastern Europe poised for comeback

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Author: Dieter Kerschbaum, Communications Specialist Austria

Interest rates are at record lows in the euro area, as a result of which investors can feel a great deal of pressure to achieve acceptable yields. This situation shifts their focus back to the countries of Central and Eastern Europe (CEE). Central and Eastern Europe currently comes with more positive aspects than one might think. There are factors at play that might drive investor attention to this region in the foreseeable future. The risks are largely of a political nature, as the tensions with Western Europe with respect to migration, the Ukraine conflict, and the re-emergence of nationalistic economic policies suggest.

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Gast-AutorIn / Guest Author am 27th April 2016

Bond markets suffering from decline in liquidity

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Author: Martina Groll, Senior Fund Manager

The bond purchase programme of the European Central Bank has caused a drought on the bond markets. As a result, investors now have to take into account the liquidity risk on top of the interest rate risk and the default risk.

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