Sovereign bonds offer ‘return-less risk' says GIC's head of fixed income
Singaporean SWF managing director questions value of sovereign bonds
Yields for the world's five largest sovereign bond issuers have become so depressed relative to the potential default risk that investors are receiving ‘return-less risk', according to Tung Siew Hoong, managing director and head of fixed income at Singaporean sovereign wealth fund GIC.
Speaking on a panel discussion at Central Banking's National Asset Liability Management conference in Singapore this week, Tung questioned the general perception that sovereign paper was a risk-free investment.
He
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