‘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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Nerud looks to carry record summer into college career

first_imgBrianna Nerud almost had a different fate. As the race for selection slimmed to Syracuse and Duke, Nerud almost selected the Blue Devils.During her senior year at North Shore High School (N.Y.), Nerud, the 2012 top cross country recruit, visited Georgetown, Providence, Duke and Syracuse.“We really thought she was going to Duke,” Deborah Nerud, Nerud’s mother, said. “She had her foot in the door there.”But in December 2011, Nerud committed to Syracuse to give the Orange a runner with a decorated high school career. Last summer, Nerud broke the American juniors record in the 3000-meter steeplechase at the IAAF World Junior Championships. After showing steady improvement throughout high school, the freshman is on her way to becoming a top runner for Syracuse.When Nerud started competing in cross country in seventh grade, she was not positive she even wanted to pursue cross country in high school. At that time, Nerud’s heart was set on the musical arts.AdvertisementThis is placeholder textShe took voice lessons in the eighth grade and performed in winter musicals.“In the winter, she didn’t run; she would do musicals,” Deborah said. “Her big dream was to be on Broadway.”But that dream was short-lived when she decided to give cross country one more try. Nerud practiced with the team the summer before her freshman year at North Shore, finding another passion to pursue.“I realized that I loved to run and loved the aspect of competing and the team concept,” Nerud said.Nerud credits her high school coach, Neal Levy, for her commitment to running, saying he pushed her to excel each year.“Brianna improved every single season of every single year of her high school career, which is very rare,” Levy said.Nerud almost suffered a setback in the 10th grade when her family found out she was iron deficient.“We didn’t realize she was doing so much mileage and she wasn’t eating enough red meat,” Deborah said.Her family resolved the deficiency quickly so she could continue to compete.In her last year of high school, Nerud received numerous national honors as she shattered records nationally and locally.At the IAAF World Juniors Championship in Barcelona, Spain, Nerud finished the 3,000-meter steeplechase in 10:00.72, passing Providence runner Shelby Greany’s record of 10:00.88 for the American Junior under-20 set in 2010.While not many people expected Nerud to break out like she did at the end of the season, Levy saw it coming.“Brianna’s best races are ones where she builds confidence in herself, where it wasn’t so much about winning or a time, but trying to reach her potential in whatever she does,” Levy said.Now, Nerud is looking to achieve her potential at SU.As she prepared for her first meet, the athletic department and Nerud’s mother had her iron levels tested again. They found her levels were high, meaning she could continue to compete.It allowed Nerud to run her first college race for the Orange on Sept. 21, at the Toledo Inter-Regional Bubble Buster. Nerud was one of four true freshmen to run.Nerud was the first freshman to finish, placing 19th overall in the 4K with a time of 13:43.1. She said her first race went well because she stuck with the plan formed with SU head coach Chris Fox.Nerud ran a harder, faster race in the second half. Teaming up with sophomore Jessie Petersen, the pair went in the middle of the pack and worked together to move ahead of the other runners.Nerud said following the plan helped keep her poised to finish strong.“I felt like I ran a hard and smart race,” Nerud said. “I just hope next time I can help my team have less points.”Her SU career is only starting, but her record-breaking performances in high school garnered Nerud national attention.As soon as the Syracuse cross-country staff could, they started reaching out to her, said John Oliver, SU’s cross country director of operations.“She’s always been a top-level athlete in high school, so we had her on our radar,” Oliver said. “At the start of her senior year we started getting in touch with her, talking to her coach and getting to know her family.”Nerud said she liked what the Syracuse coaches had to say, eventually swaying her decision from Duke to SU.“I loved the coaches and I thought they would really help me keep improving to a higher level,” Nerud said. Comments Published on October 2, 2012 at 2:55 am Contact Melissa: [email protected] Facebook Twitter Google+last_img read more

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Dodgers envision Kenta Maeda pitching high-leverage relief innings in October

first_imgLOS ANGELES – Three weeks remain in the regular season, and the Dodgers are still tinkering with their bullpen. Kenta Maeda served as a long reliever Sunday against the San Francisco Giants, the second consecutive game in which he’s filled that role. He pitched four scoreless innings, allowed one single, walked none, and struck out six.That is not the role Maeda will fill in October.“In the postseason, Kenta’s value essentially is to be available every game,” Manager Dave Roberts said. “So a long guy is not Kenta. Kenta should pitch leverage innings in the postseason, very important innings.”None of this is new, of course. Maeda has taken on high-leverage relief roles in each of the last two postseasons after starting for most of the regular season. However, this is the most precisely Roberts has defined Maeda’s role going forward, after previously leaving open the possibility that Maeda might start again in 2019. Rich Hill is returning from the injured list to start Thursday against the Baltimore Orioles. He joins a rotation that already included Walker Buehler, Clayton Kershaw and Tony Gonsolin. Ross Stripling is making a spot start for Hyun-Jin Ryu on Wednesday, giving the Dodgers at least six possible starters in addition to Maeda. Julio Urías, who started Sunday, is moving back to the bullpen during the road trip.Roberts believes that moving Maeda to a relief role allows him to “let the tank out.”“His aggressiveness from the first pitch was evident,” Roberts said of Maeda’s performance against the Giants. “With his stuff – the fastball, the slider – when he’s going to go two or three innings, or one inning, everything’s going to play up.”For his part, Maeda disagreed with the notion that his stuff has been better as a relief pitcher. But he welcomed the role that awaits him in October.“Just being relied upon feels good,” Maeda said through his interpreter. “The nature of a playoff game, everyone’s going to be needed. Everyone’s going to contribute.” “If you look at (Kelly’s) stuff, it was still really good last night,” Roberts said. “It’s not a red flag for us, but as you gear toward the postseason you want to feel right in the body, which also leads to mechanics. … Every throw, every delivery is different. It’s subtle to the eye.”ALSOThe Double-A Tulsa Drillers won beat the Arkansas Travelers, 5-1, keeping their season alive. Starting pitcher Edwin Uceta allowed one run over six innings and Luis Vazquez recorded a three-inning save. Tulsa plays Amarillo in Game 1 of the Texas League Championship Series beginning Tuesday. … In Game 2 of a best-of-three playoff series, Single-A Great Lakes lost 6-4 to the South Bend Cubs, ending their season in the second round of the Midwest League playoffs. Great Lakes left nine men on base and went 1 for 11 with runners in scoring position.UP NEXTThe Dodgers are off Monday Newsroom GuidelinesNews TipsContact UsReport an Error Dodgers’ Max Muncy trying to work his way out of slow start Fire danger is on Dave Roberts’ mind as Dodgers head to San Francisco center_img Cody Bellinger homer gives Dodgers their first walkoff win of season How Dodgers pitcher Ross Stripling topped the baseball podcast empire TURNER AVOIDS SUSPENSIONJustin Turner successfully appealed his one-game suspension for making contact with umpire Rob Drake immediately following the Dodgers’ Aug. 26 game in San Diego. Turner still owes Major League Baseball an undisclosed fine, but he will not have to miss a game.Turner didn’t play Sunday anyway. Roberts said the 34-year-old third baseman has been dealing with a sore ankle ever since he dove to stop a ground ball off the bat of Jeff Samardzija in the fourth inning Friday. Roberts said he expects Turner to be in the starting lineup Tuesday in Baltimore.Turner is hitting .291 with 27 home runs and 67 RBIs in 131 games this season.INJURY UPDATESMax Muncy played long toss and ran the bases on the field prior to Sunday’s game at Dodger Stadium. Behind the scenes, he is taking swings in preparation for a return to the starting lineup Friday against the New York Mets.Joe Kelly pitched a scoreless seventh inning Saturday after a five-day layoff. The right-hander missed the previous five days because of an injury to his lower body. Roberts said that Kelly is still dealing with inconsistencies in his delivery as a result of the injury.Related Articles Dodgers hit seven home runs, sweep Colorado Rockies last_img read more

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