Global Markets and Bond Benchmarks

Gueorgui S. Konstantinov, Frank J. Fabozzi and Joseph S. Simonian

Chapter 2 in Quantitative Global Bond Portfolio Management, 2023, pp 27-66 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Global bond portfolios invest in different markets. The particular investment universe available to managers will depend on the type of strategy being run. Some managers are able to invest in both developed and emerging markets, the two primary ways that investments are categorized at the country level. Other managers will be dedicated developed or emerging market managers. Some of the latter managers will further narrow their focus on a select set of countries, sometimes even one country.In this chapter, we discuss both emerging and developed bond markets within the context of global bond portfolio management. Our discussion covers each of the relevant dimensions of investing in developed and emerging bond markets including currency risk, benchmarking, liquidity risk, political risk, and macroeconomic risk. We conclude by touching upon asset allocation decisions at the country level.

Keywords: Fixed-Income; Currency Management; Portfolio Management; Risk Management; Factors; Portfolio Optimization; Hedging; Portfolio Evaluation; Performance Attribution (search for similar items in EconPapers)
JEL-codes: G11 G12 G15 (search for similar items in EconPapers)
Date: 2023
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