Bond traders' worst cocktail of 2017: long treasuries, dollar
Among countries in Bloomberg Barclays global sovereign-debt index, US obligations has worst 2017 total return on unhedged basis, bonds from Poland gain 25%, securities from Italy, Spain earn more than 14%
Few bond traders around the world will raise a glass to toast US Treasuries and the dollar this New Year's Eve.
Among the countries represented in the Bloomberg Barclays global sovereign-debt index, US obligations had the worst 2017 total return on an unhedged basis – just 2.2% for dollar-based investors as of December 28. By contrast, bonds from Poland gained 25%, those from Thailand climbed 16% and securities from Italy and Spain earned more than 14%. Even in Japan, where yields are locked near zero, US investors squeezed out more than 3%.
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