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Time to Get Tactical in Treasuries?

Regular readers will know that we have a positive medium term view of spread products. This is based on a number of factors; valuations in our view are reasonably attractive compared to history, we are convinced that both monetary and fiscal stimulus will remain in place for an extended period of time, and perhaps most importantly we remain at a very early stage of the new cycle. Conversely, and for similar reasons, our view on government bonds at the moment is not bullish.

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TwentyFour Blog

Barclays Boosts Case for Bank Bonds Over Equity

Barclays announced its results for the third quarter of 2020 this morning, with a number of media outlets opting to focus on a 6% year-on-year reduction in top-line income. But looking in more detail, in our view this was a solid set of numbers from the UK bank, a timely reminder of how robust the major banks have proven to be this year and how well they have managed their way through the current crisis.

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