Sovereign bonds offer ‘return-less risk' says GIC's head of fixed income

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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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