{"id":2218,"date":"2022-03-22T17:48:17","date_gmt":"2022-03-22T16:48:17","guid":{"rendered":"https:\/\/monocle.wearemanyfold.com\/?p=2218"},"modified":"2022-05-01T12:48:17","modified_gmt":"2022-05-01T10:48:17","slug":"les-remparts-du-tyrol","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2022\/03\/22\/les-remparts-du-tyrol\/","title":{"rendered":"The Tyrolean Ramparts"},"content":{"rendered":"

At Monocle, it has been several months that our fixed income pocket is mostly made up of very short term government bonds. Who says short maturity says low yield, so why this choice?<\/p>\n

Answer in 1 picture :<\/p>\n

\"\"<\/p>\n

Let's say you invested\u00a0100,000\u20ac<\/strong>\u00a0in December 2020 in this Austrian debt. Strong country of the European Union, economic resilience and the mountains of Tyrol as a bulwark: Austria is solid.<\/p>\n

Today, you have lost\u00a055,000\u20ac.\u00a0<\/strong>And Austria has nothing to do with it.<\/p>\n

The story in detail?<\/p>\n

In June 2020, Austria issued a loan repayable in June 2120. 100 years maturity.
\n100 years is a long time. So in return, this debt brought you 0.9% per year. Enough to attract 18 billion euros of suitors (Austria was only asking for 2 billion).<\/p>\n

If interest rates go up, your debt loses a lot of value, since you are stuck for 100 years with a lower rate than the others.<\/p>\n

The central banks are starting a series of rate hikes, which is why we prefer not to play with long debt at the moment.<\/p>\n

Have a great week,<\/p>\n

Pierre<\/p>","protected":false},"excerpt":{"rendered":"

At Monocle, for several months now, our fixed income pocket has been mainly made up of very short-term government bonds. Short maturity means low yield, so why this choice?<\/p>","protected":false},"author":8,"featured_media":2448,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-le-billet-de-monocle"],"acf":[],"yoast_head":"\nMonocle - Les Remparts du Tyrol<\/title>\n<meta name=\"description\" content=\"Chez Monocle, cela fait plusieurs mois que notre poche obligataire est majoritairement constitu\u00e9e d\u2019emprunts d\u2019Etats \u00e0 tr\u00e8s court-terme. 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