The document provides an analysis of the fixed-income market perspectives for the second half of 2015, focusing on geopolitical issues, the potential impact of the first Fed hike, and the unintended consequences of regulatory restrictions like Value-at-Risk (VaR) limits. It discusses the resolution of geopolitical issues such as Greece's financial crisis, China's market stabilization, and the Iran sanctions-lifting deal. The document also highlights the potential for re-entering riskier positions in high-yield, euro investment-grade, and emerging-market sovereigns, while cautioning about the deceptive sense of calm and the impact of rising VaR on trading activity and price movements.
doj/DataSet10/EFTA01377496.pdf
{"title":"CIO View Americas Edition","key_people":["Joe Benevento","Joern Wasmund"],"document_date":"August 2015","document_type":"correspondence","key_locations":["Germany","Eurozone","Greece","China","Iran"],"key_organizations":["Deutsche Asset & Wealth Management","Markit iBoxx Euro Sovereign Bond Germany Index"],"reference_numbers":["DB-SDNY-0074381","SDNY_GM_00220565","EFTA01377496"]}