Donnerstag, 18. Februar 2010

Oh-oh...Ist das die Rückkehr der Bond-Vigilantes?

Wenn die Bond-Vigilanten wieder reiten, bebt die Erde.

"The market is upset about that – every­one wants to know what the government plans to do," said Jim Leaviss, head of fixed interest at M&G ­Investments. "We need to do something, otherwise we're in big trouble."

Leaviss runs a website called Bond Vigilantes – reviving a term coined in the 1980s in the United States when activist investors sold bonds en masse, pushing yields up, and forcing cuts in the US deficit.

"The bond vigilantes are the most important people in the capital markets right now – they're back and they'll punish the weak," said Gary Jenkins, a credit analyst at Evolution Securities.

"The bond market… is the single most important market and will determine what the other markets will do: the key question is: will sovereign countries be able to finance themselves at a rate that's reasonable? If so, markets will develop. If not, everyone has a problem

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