‘Record demand’ for index-linked Gilts stems from pension duration gap

first_img“However, with circa £400bn of index-linked Gilts in issue versus around £1trn of inflation-linked pension liabilities, the supply and demand imbalance is unlikely to be eased any time soon.”The issuance, which matures in 2058, will grant many institutions the ability to address both duration and maturity gaps in their existing hedging portfolios, according to Barron.“In addition, the significant supply at the syndication has highlighted hedging opportunities for pensions schemes that have flexible LDI mandates in place to take advantage of the current attractive pricing for hedging inflation risk separately to interest rate risk,” she said.“The cost of hedging long-dated inflation risk using either inflation swaps or index-linked Gilts with their interest rate sensitivity removed is at the most attractive level in over a year.”The comparatively low volume of index-linked Gilts, when viewed against pension liabilities, has caused the UK National Association of Pension Funds to warn that it was “creating risks” for pension funds.“There has been increasing frustration from schemes that, to reduce their interest rate and inflation risks, they are effectively ‘forced’ buyers of Gilts with low or negative real yields,” the association said in June. A UK Gilt issuance that attracted £14.5bn (€18.3bn) in offers is proof that pension investors are keen to address their duration mismatches in their hedging profiles, despite falling bond yields.Following the syndication of £5bn in 45-year index-linked Gilts, AXA Investment Managers (AXA IM) said interest, which stood at £14.5bn, proved there was still significant demand for such issuances, despite a negative yield of 5.3 basis points a year.Lucy Barron, senior solutions manager at AXA IM, said the demand clearly stemmed from domestic pension providers wishing to manage liability risk.“Index-linked Gilts continue to be seen as the best match to inflation-linked liabilities,” she said.last_img read more

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Holcomb announces reappointments, including Camp Atterbury-Muscatatuck

first_imgIndianapolis, In. — Indiana Governor Eric Holcomb has announced reappointments to the Board of Tax Review, the Election Division of the Indiana Secretary of State’s Office, and the Indiana War Memorials Commission, as well as a new appointment to the State Board of Education.Board of Tax ReviewJonathan Elrod (Indianapolis) will continue his service on the board. His new term will expire Dec. 31, 2022.Election Division, Indiana Secretary of State’s OfficeJ. Bradley King (Indianapolis) will continue his service as co-director of the Election Division. His new term will expire Dec. 31, 2022.Angela M. Nussmeyer (Indianapolis) will continue her service as co-director of the Election Division. Her new term will expire Dec. 31, 2022.Indiana State Board of EducationGregory F. Gastineau (Fishers), teacher and coach at Hamilton Southeastern High School, will join the board. His term will expire June 30, 2021. Indiana War Memorials CommissionCol. Felicia Brokaw (Indianapolis), commander of Camp Atterbury-Muscatatuck, will continue her service on the commission. Her new term will expire Dec. 31, 2021.last_img read more

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Syracuse women’s lacrosse gets 3 former players named to U.S. World Cup roster

first_img Facebook Twitter Google+ Three former Syracuse All-Americans were named to the U.S. Women’s Lacrosse National Team this Wednesday. Becca Block ’13, Michelle Tumolo ’13 and Kayla Treanor ’16 were among the 18 players named to the team that will compete in the 2017 Federation of International Lacrosse (FIL) Women’s World Cup. The World Cup will take place in Guildford, England from July 12-22.The players were chosen from a 25-player U.S. World Cup Training team that competed at the Team USA Spring Premiere last weekend. The U.S. has won seven of the nine World Cups, since the event began in 1982.This is the first FIL Women’s World Cup for all three Syracuse players. Treanor tallied six points on four goals and two assists at the Spring Premiere, and Tumolo added two assists.Two alternates for the World Cup will be named next week, and the 15-player roster that will compete in Wroclaw, Poland for the World Games will also be named. The World Games will take place in July as well. Comments AdvertisementThis is placeholder text Published on January 18, 2017 at 12:32 pm Contact Matt: [email protected]last_img read more

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Bajric: We are all happy to have the Opportunity to return to normal Work

first_imgTwo training sessions are behind the cadet national team players who gathered in Zenica yesterday.The assistant coach in the technical staff of our U-17 team, Srđan Marjanović, emphasizes his satisfaction that the cadets are together again after March:“The most important thing is that we have finally started working and that we have the opportunity to see the condition of the players from domestic clubs, and to select them in the best way. When we join them the national team players from abroad, I believe that we will have a quality team. We will use this time to do as many training sessions as possible, to test the players and continue to build a positive atmosphere in the team.”Marjanović points out that the players are ready to prepare in the best way:“Players come from good clubs, where they work well, and they come to these preparations in some optimal shape, regardless of the break they had. Of course, by the end of the preparations, we will have a clearer picture of all the invited players.”National team player Jahija Bajrić is also looking forward to the gathering:“After everything that has happened lately, not only in our country but also in the world, we are all happy to have the opportunity to return to normal work again. It is nice to be on the green field again and in the preparations with friends from the national team. There was always a good atmosphere between us, so we are happy to be together again. These preparations will mean a lot to us, because national team’s gatherings always somehow additionally motivate and give some new energy.”Defender Marko Radić says that the players will be maximally ready for the official matches:“I came to these preparations in good shape and I am glad that we are all together again. It can be seen that we all tried during the break to leave as little trace as possible on our physical fitness. Of course, some changes will be felt, but it is certain that we will be the most prepared when it comes to competitive matches. That’s why gatherings like this come in handy.”last_img read more

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