Navigating Rates

リセットのロードマップ

最近の債券市場混乱を経て検討する、債券配分リセットのための4つのアイデア

2022年は、債券市場におけるレジームチェンジの年として記憶されることになるでしょう。政策や市場が物価上昇を目の当たりにする中で、先進国は1970年代以来となる高インフレショックの局面に入りました1。年初来、投資家に避難先を提供することができた公募債市場は、ほぼゼロでした2。この動揺は投資家に、債券への配分のリセットを検討し、ポートフォリオのポジショニングについて情報を得ることの必要性を示唆しています。
図表1:年初来、投資家に逃避先を提供できた公募債市場はほぼゼロ

Year-to-date, there have been few places for investors to hide in public debt markets 

出所:Bloomberg. ICE BofA and JP Morgan indices ; Allianz Global Investors. 2022年9月30日現在のデータ。指数のリターンは、ユーロ建ての指数を除き、米ドル(ヘッジなし)換算したもの。最低利回りは、「コール償還」(満期より前に予め決められた時点で任意に償還される)が可能な社債の最終利回りを下方調整して算出。実効デュレーションは、これらの「コールオプション」の影響も考慮しています。過去のパフォーマンスは、将来のリターンを予測するものではありません。指数採用銘柄については、本記事の末尾の開示事項をご覧ください。指数に直接投資することはできません。格付けは将来のパフォーマンスを示唆するものではなく、経時的に変動します。指数のリターンはインフレ動向および、該当する場合は配当収入を反映した正味のリターンを表しています。ただし、諸費用、売買委託手数料、その他の投資費用は反映していません。

以下の4つのセクションでは、
債券の配分をリセットするためのアイデアを探ります。

テーマ1:市場のボラティリティからポートフォリオを守る方法

実現・予想された債券のボラティリティは高く非常に不安定
債券の予想ボラティリティと実現ボラティリティの指標は直近に記録したピークから低下していますが、なお高水準にあります。

Theme 1 infographic: a way to protect portfolios against market volatility

出所:Bloomberg and ICE BofA indices . Allianz Global Investors. 2022年9月30日時点のデータ。指数のリターンは米ドル建て(ヘッジあり)。実現ボラティリティ(過去30日)は、年換算されています。IGは投資適格債、lhsは左軸、rhsは右軸を意味します。右軸は、MOVEの数値を表します。MOVEは、2年、5年、10年、30年物の米国債先物の1カ月オプションの今後30日間のインプライド・ボラティリティを標準化してイールドカーブで加重した指数です。MOVEの数値の上昇は、オプション価格の上昇を意味します。過去のパフォーマンスは、将来のリターンを予測するものではありません。指数採用銘柄および考慮すべき重要なリスクについては、本記事の末尾の開示事項をご覧ください。指数に直接投資することはできません。指数のリターンはインフレ動向および、該当する場合は配当収入を反映した正味のリターンを表しています。ただし、諸費用、売買委託手数料、その他の投資費用は反映していません。

注目するべき点
  • 金利やスプレッドの変動に対応するため、現物債券と先物やオプションを組み合わせた戦略も考えられます。この場合、現金支出および運用コストが発生することがあります。
  • 変動利付債は、金利上昇からの保護に役立つことが期待されます。ただし、フローター債の利回りは、固定金利社債の利回りより低くなる傾向にあることを留意しましょう。

債券市場が長く続いてきた経済成長志向の環境からインフレ重視の環境への移行によって混乱する中、投資家の決意が試されています。どのように債券への配分をリセットしてポートフォリオのポジショニングを取るべきかを解説する全4回にわたる記事の第1弾として、本記事ではボラティリティに備える方法を探ります。

もっと知る

テーマ2:各国の政策と経済の乖離を乗り切る

政策と経済の乖離の影響が国債市場に波及
物価上昇率調整後の現地通貨建て国債利回りは、いつどのように現在のインフレ対策中心のレジームから脱却するかにおいて、各国の経済と政策が変化しつつある可能性を示しています。

Theme 2 infographic: navigating out-of-sync policies and economies 

出所:Bloomberg. Allianz Global Investors. 2022年9月30日時点の利回りデータ。インフレデータは、2022年8月に入手可能な最新の公式データ。各月末の現地通貨建て1年国債利回り(月次ヘッドライン消費者物価上昇率調整後。前年同月比、季節調整なし)。過去のパフォーマンスは、将来のリターンを予測するものではありません。

注目するべき点
  • インフレ対策中心のレジームへの移行は、グローバル市場の価格差に利益を得る柔軟な債券戦略に有利な可能性がありますが、同時にさまざまなレベルのリスクをもたらす恐れもあります。
  • 安全への逃避から恩恵を受ける可能性のある金利市場に対し、段階的な配分増加を検討することは理にかなっているでしょう。

各国経済と金融政策の道筋に乖離が生じ、その影響が国債市場に波及していますが、これが投資家にリスクと機会をもたらしています。投資家がどのように債券への配分をリセットするべきかを解説する全4回にわたる記事の第2弾として、本記事では、中央銀行の政策、インフレ、為替リスク、経済動向の相違という、現在の難しい局面を乗り切るためのアイデアを検討します。

もっと知る

テーマ3:ハイ・インカムアセットの価値回復の機会を捉える方法

主要金利とインフレが落ち着けば、ハイ・インカムアセットも程なくこれに続く可能性
現在の利回り水準では、ハイイールド社債と新興国市場ソブリン債が利益の緩衝材になり得る上、上昇余地もあります。

Theme 3 infographic: a way to capture the value rebound in high-income assets

出所:Bloomberg. ICE. Allianz Global Investors. 2022年9月30日時点のデータ。グローバルHYはICE BofAグローバルハイイールド指数。EM HC SovはJPモルガンエマージング・マーケット・ボンド・インデックス(EMBI)グローバル・ダイバーシファイド。過去のパフォーマンスは、将来のリターンを予測するものではありません。指数採用銘柄、考慮すべき重要なリスク、およびシミュレーション法については、本記事の末尾の開示事項をご覧ください。

注目するべき点
  • 世界のハイイールド社債や新興国の対外ソブリン債は、インカム・クッションに優れ、長期的に魅力的なリターンを提供することが期待されます。このような資産は、ボラティリティとデフォルトレートのリスクを増大させる可能性もあります。
  • 弊社は、より質の高い発行体と、地域間の自由な配分を支持します。
テーマ4:サステナブル投資の取り組みに利益を得る方法

エネルギー危機がグリーン投資や社会投資の需要と利回りを押し上げ
サステナビリティ関連債券の利回りがリセットされ、競合が増しています。

Theme 4 infographic: a way to benefit from the sustainable investing push

出所:Bloomberg, Allianz Global Investors. ICE BofAの各指数の利回りは、指数構成債券の現地通貨建て利回りを加重平均したものです。投資適格インフラストラクチャー・プライベートデットの利回りは近似値で、参照金利のユーロ15年ミッドスワップ+170bpで試算しています(15年ミッドスワップがマイナス水準の際はゼロフロア)。過去のパフォーマンスは、将来のリターンを予測するものではありません。指数採用銘柄および考慮すべき重要なリスクについては、本記事の末尾の開示事項をご覧ください。指数に直接投資することはできません。

注目するべき点
  • サステナビリティに投資する債券、および持続可能な開発目標に照準を合わせたクレジット戦略が注目されます。
  • 電力価格の高騰が、社会的責任を果たす低炭素経済への移行を促す可能性があります。

1 出所: Inflation in the US rose to around 14% in 1980, according to Federal Reserve public data, Federal Reserve Bank of St Louis
2 出所: Bloomberg. ICE BofA and JP Morgan indices; Allianz Global Investors. Data as at 31 August 2022.

  • Disclosures, Important risk considerations, Disclaimer
    Disclosures indices

    US aggregate (represented by the Bloomberg US Aggregate Bond Index): The Bloomberg US Aggregate Bond Index tracks the investment-grade. USD-denominated. fixed-rate taxable bond market. The index includes treasuries. government-related and corporate securities. fixed-rate agency MBS. ABS and CMBS (agency and non-agency); US investment grade (Bloomberg US Corporate Bond Index): The Bloomberg US Corporate Bond Index tracks the investment-grade. fixed-rate. taxable corporate bond market. It includes USDdenominated securities publicly issued by US and non-US issuers; US High Yield (ICE BofA US High Yield Index): The ICE BofA US High Yield Index tracks USD-denominated below investment-grade corporate debt publicly issued in the US domestic market; US floating-rate notes (Bloomberg US Floating Rate Notes Index): The Bloomberg US Floating Rate Notes Index tracks USD-denominated. investment-grade. floating-rate notes across corporate and government-related sectors; US fixed-rate preferred securities (ICE BofA Fixed Rate Preferred Securities Index); The ICE BofA Fixed Rate Preferred Securities Index tracks fixed-rate. USD-denominated. investment-grade exchange-traded preferred securities ($25 par) with outstanding market values of at least USD100 million issued in the US domestic market; Euro aggregate (Bloomberg Euro Aggregate Bond Index): The Bloomberg Euro Aggregate Bond Index tracks the investment-grade. EUR-denominated. fixed-rate bond market. including treasuries. government-related. corporate ad securitized issues; Euro investment grade (ICE BofA Euro Corporate Index): the ICE BofA Euro Corporate Index tracks EUR-denominated investment-grade corporate debt publicly issued in the euro domestic or eurobond markets; Euro high yield (ICE BofA Euro High Yield Index): The ICE BofA Euro High Yield Index tracks EUR-denominated below investment-grade corporate debt publicly issued in the euro domestic or eurobond markets; Euro floating-rate notes (Bloomberg Euro Floating Rate Notes Index): The Bloomberg Euro Floating Rate Notes Index tracks EUR-denominated. investment-grade floating-rate notes across corporate and government-related sectors; Asian investment grade (JP Morgan Asia Credit Index – Investment Grade): The JP Morgan Asia Credit Index – Investment Grade tracks fixed-rate. USD-denominated investment-grade bonds issued by Asia sovereigns. quasi-sovereigns. banks and corporates; Asian high yield (JP Morgan Asia Credit Index – Non-Investment Grade): The JP Morgan Asia Credit Index – Non-Investment Grade tracks fixed-rate. USD-denominated below investment-grade bonds issued by Asia sovereigns. quasi-sovereigns. banks and corporates; China government & policy bank bonds (Bloomberg China Treasury and Policy Bank 1-10 Year Index): The Bloomberg China Treasury and Policy Bank 1-10 Year Index tracks CNY-denominated bonds issued by the Ministry of Finance of the People’s Republic of China (PRC). and debt issued by Chinese policy banks (PRC government agencies which are not guaranteed by the government). that are listed on the China Interbank Bond Market (CIBM); Global emerging market sovereign debt (JP Morgan Emerging Market Bond Index (EMBI) Global Diversified): The JP Morgan EMBI Global Diversified Index tracks liquid. USD-denominated emerging market fixed- and floating-rate debt instruments issued by sovereign and quasi-sovereign entities; Global government bonds AAA-AA (Bloomberg Global Government AAA-AA Capped Index): The Bloomberg Global Government AAA-AA Capped Index tracks local currency bonds with a minimum AA rating issued by governments of developed countries worldwide; Global inflation-linked bonds (Bloomberg Global Inflation-Linked Index): The Bloomberg Global Inflation-Linked Index tracks investment-grade. government inflation-linked debt from 12 different developed market countries; Global green bonds (Bloomberg MSCI Global Green Bond Index): The Bloomberg MSCI Global Green Bond Index tracks the global market for fixed income securities issued to fund projects with direct environmental benefits. An independent research driven methodology is used to evaluate index-eligible green bonds to ensure they adhere to established Green Bond Principles and to classify bonds by their environmental use of proceeds; Global convertible bonds (ICE BofA Global 300 Convertibles Index): The ICE BofA Global 300 Convertibles Index includes 300 convertible securities and is considered generally representative of the global convertible market; Global emerging market corporate debt (JP Morgan Corporate Emerging Market Bond Index (CEMBI) Broad Diversified): The JP Morgan CEMBI Broad Diversified Index tracks the performance of USD-denominated bonds issued by emerging market corporate entities; Global aggregate (Bloomberg Global Aggregate Bond Index): The Bloomberg Global Aggregate Bond Index tracks the performance of the global investment-grade. fixed-rate bond markets and includes government. government-related and corporate bonds. asset-backed. mortgage-backed and commercial mortgage-backed securities from both developed and emerging markets issuers; Euro inflation-linked bonds (Bloomberg Euro Government Inflation-Linked Bond All Maturities Index): The Bloomberg Euro Government Inflation-Linked Bond All Maturities Index tracks the performance of EUR-denominated investment-grade inflation-linked bonds issued by governments of the euro area across the whole yield curve.

    Disclosures indices continued & simulated performance

    Global multi-sector credit (Bloomberg Global Multiverse Credit Index): The Bloomberg Global Multiverse Credit Index provides a broad-based measure of the global corporate bond market.. representing the union of the Global Aggregate Index and the Global High Yield Index and captures investment grade and high yield securities in all eligible currencies. Euro government bonds 1-3 years (Bloomberg Euro-Aggregate Treasury 1-3 Year): The Bloomberg Euro-Aggregate Treasury 1-3 Year Index measures the performance of the euro area government bond market and includes only bonds issued in euros or legacy euro currencies with a maturity between 1 and up to (but not including) 3 years. US Treasury bonds 1-3 years (JP Morgan Government Bond Index United States 1-3 Year Select Maturity): The JP Morgan Government Bond Index United States 1-3 Year Select Maturity Index tracks the performance of eligible fixed-rate. USD-denominated treasury bonds issued by the US Government with time to maturity between 1 and 3 years. The ICE BofA US Bond Market Option Volatility Estimate Index (MOVE) measures US bond market yield volatility by tracking a basket of over-the-counter options on US Treasury notes and bonds. The basket is comprised of at-the-money one-month options on the current 2-year. 5-year. 10-year and 30-year Treasuries. The Index value is equal to the average of the implied normal yield volatility of the four options. where the 10-year option is given a 40% weight and the other basket components each hold a 20% share. The ICE BofA Global High Yield Index tracks the performance of USD. CAD. GBP and EUR denominated below investment grade corporate debt publicly issued in the major domestic or eurobond markets. The ICE BofA Green Bond Index tracks the performance of investment grade-rated securities issued for qualified green purposes. Qualifying bonds must have a clearly designated use of proceeds that is solely applied toward projects or activities that promote climate change mitigation or adaptation or other environmental sustainability purposes as outlined by the ICMA Green Bond Principles. The index includes debt of sovereign. quasi-government and corporate issuers. but excludes securitized and collateralized securities. The ICE BofA Global Corporate Green Bond Index is a subset of the ICE BofA Global Corporate Index that tracks the performance of securities issued for qualified green purposes as outlined by the ICMA Green Bond Principles. The ICE BofA Social Bond Index tracks the performance of investment grade-rated securities issued for qualified social purposes. Qualifying bonds must have a clearly designated use of proceeds that is solely applied toward projects or activities that directly aims to address or mitigate a specific social issue and/or seeks to achieve positive social outcomes as outlined by the ICMA Social Bond Principles. The index includes debt of sovereign. quasi-government and corporate issuers. but excludes securitized and collateralized securities. The ICE BofA Sustainable Bond Index tracks the performance of securities issued for qualified sustainable purposes. Qualifying bonds must have a clearly designated use of proceeds that is solely applied toward projects or activities that promote a combination of climate change mitigation. adaptation or other environmental sustainability purposes. and that directly aims to address and mitigate a specific social issue and/or seeks to achieve positive social outcomes as outlined by the ICMA Sustainability Bond Guidelines. The index includes debt of sovereign. quasi-government and corporate issuers. but excludes securitized and collateralized securities.

    Simulated performance data have many inherent limitations, only some of which are described as follows:(i) They are designed with the benefit of hindsight, based on historical data, and do not reflect the impact that certain economic and market factors might have had on the decision-making process, if a client’s portfolio had actually been managed. No simulated performance can completely account for the impact of financial risk in actual performance.(ii) They do not reflect actual transactions and cannot accurately account for the ability to withstand losses.(iii) The information is based, in part, on hypothetical assumptions made for modelling purposes that may not be realised in the actual management of portfolios. No representation or warranty is made as to the reasonableness of the assumptions made or that all assumptions used in achieving the returns have been stated or fully considered. Assumption changes may have a material impact on the model returns presented. Investors should not assume that they will experience a performance similar to the simulated performance shown. Material differences between simulated performance results and actual results subsequently achieved by any investment strategy are possible.

    Exhibit 4. Simulation methodology for global high-yield corporate bonds: To calculate returns. we first take the current effective yield of the ICE BofA Global High Yield Index. Highyield spreads are a function of expected default rates with an assumed 35% recovery rate. plus an illiquidity premium that is correlated to the VIX. We compute what spreads should be under the default and VIX scenarios in the table. We then look at the change in spread from the current level for the Index and multiply this by the duration of the Index. This impact is added to/subtracted from the Index’s effective yield. Finally. we take the default rate less the 35% recovery rate. and then deduct that number from the return calculation to give us the expected Index returns. Note that we make no assumptions on changes in interest rates.

    Simulation methodology for emerging-market external sovereign bonds: Index returns for emerging-market external sovereign bonds are composed of moves in US Treasury yield. moves in emerging-market credit spreads. and the carry from being long the Index over the holding period. We look at the change in yield and spread. multiplied by the duration of the Index. and add/subtract this figure to/from the yield of the Index to calculate the expected Index returns.

    Important risk considerations

    This presentation describes certain product capabilities of Allianz Global Investors U.S. LLC (“AllianzGI US”). These strategies involve selling and buying derivatives including futures and swaps and may not be suitable for every investor. No assurance can be given that any particular investment objective will be achieved. Among the risks specific to these strategies that AllianzGI US wishes to call to the attention of prospective investors are the following:

    The use of derivatives involves risks different from, and possibly greater than, the risks associated with investing directly in the investments underlying the derivatives. Derivatives can be more volatile and involve significant risk and can disproportionately increase losses and reduce opportunities for gains.

    Derivative transactions may produce effects similar to leverage and expose an account to related risks. Consequently, an adverse change in the relative price level can result in a loss of capital that is more exaggerated than would have resulted from an investment that did not involve the use of leverage inherent in the derivative contract.

    For each strategy, the collateral requirement may vary depending on the use of an active or passive underlying portfolio, and on the extent to which the strategy uses derivatives. For each strategy, securities from the passive or active underlying portfolio may be pledged as collateral in order to implement the derivative positions. The collateral rules are based on the greater of Reg T rules (standard collateral rules defined by the CBOE and the SEC) and requirements of counterparties. When collateral is used to implement derivative positions, it is possible that a decline in market value of the positions could force the portfolio to cover any shortfall by liquidating noncash assets. The timing of such liquidation may be adverse.

    The account may be required to sell investments at times it would not otherwise choose to do so in order to settle derivatives. Such sales may result in losses on such investments and will, in addition, involve transaction costs.

    Options on indices may not correlate perfectly with the underlying investments and may not act as expected. Such transactions may not achieve their objectives and may result in (or add to) losses to the account.

    Strategies described herein are dependent on the smooth functioning of the markets for the particular instruments being purchased or sold. If such markets do not operate as expected, the strategies described herein could be adversely affected.

    Swap agreements involve the risk that the party with whom a client has entered into the swap will default on its obligation to pay the client and the risk that the client will not be able to meet its obligations to pay the other party to the agreement. Collateral for swaps is determined by each counterparty under ISDA agreements.

    Past performance does not predict future returns. Performance may be volatile.

    Disclaimer

    Investing involves risk. The value of an investment and the income from it may fall as well as rise and investors might not get back the full amount invested. Investing in fixed income instruments may expose investors to various risks, including but not limited to creditworthiness, interest rate, liquidity and restricted flexibility risks. Changes to the economic environment and market conditions may affect these risks, resulting in an adverse effect to the value of the investment. During periods of rising nominal interest rates, the values of fixed income instruments (including short positions with respect to fixed income instruments) are generally expected to decline. Conversely, during periods of declining interest rates, the values of these instruments are generally expected to rise. Liquidity risk may possibly delay or prevent account withdrawals or redemptions. The volatility of fund unit/share prices may be increased or even strongly increased. Past performance does not predict future returns. If the currency in which the past performance is displayed differs from the currency of the country in which the investor resides, then the investor should be aware that due to the exchange rate fluctuations the performance shown may be higher or lower if converted into the investor’s local currency. This is for information only and not to be construed as a solicitation or an invitation to make an offer, to conclude a contract, or to buy or sell any securities. The products or securities described herein may not be available for sale in all jurisdictions or to certain categories of investors. This is for distribution only as permitted by applicable law and in particular not available to residents and/or nationals of the USA. The investment opportunities described herein do not take into account the specific investment objectives, financial situation, knowledge, experience or specific needs of any particular person and are not guaranteed. The views and opinions expressed herein, which are subject to change without notice, are those of the issuer companies at the time of publication. The data used is derived from various sources, and assumed to be correct and reliable at the time of publication.

    Disclaimer

    Investing involves risk. The value of an investment and the income from it will fluctuate and investors may not get back the principal invested. Past performance is not indicative of future performance. This is a marketing communication. It is for informational purposes only. This document does not constitute investment advice or a recommendation to buy, sell or hold any security and shall not be deemed an offer to sell or a solicitation of an offer to buy any security. The views and opinions expressed herein, which are subject to change without notice, are those of the issuer or its affiliated companies at the time of publication. Certain data used are derived from various sources believed to be reliable, but the accuracy or completeness of the data is not guaranteed and no liability is assumed for any direct or consequential losses arising from their use. The duplication, publication, extraction or transmission of the contents, irrespective of the form, is not permitted.
    This material has not been reviewed by any regulatory authorities. In mainland China, it is for Qualified Domestic Institutional Investors scheme pursuant to applicable rules and regulations and is for information purpose only. This document does not constitute a public offer by virtue of Act Number 26.831 of the Argentine Republic and General Resolution No. 622/2013 of the NSC. This communication's sole purpose is to inform and does not under any circumstance constitute promotion or publicity of Allianz Global Investors products and/or services in Colombia or to Colombian residents pursuant to part 4 of Decree 2555 of 2010. This communication does not in any way aim to directly or indirectly initiate the purchase of a product or the provision of a service offered by Allianz Global Investors. Via reception of his document, each resident in Colombia acknowledges and accepts to have contacted Allianz Global Investors via their own initiative and that the communication under no circumstances does not arise from any promotional or marketing activities carried out by Allianz Global Investors. Colombian residents accept that accessing any type of social network page of Allianz Global Investors is done under their own responsibility and initiative and are aware that they may access specific information on the products and services of Allianz Global Investors. This communication is strictly private and confidential and may not be reproduced. This communication does not constitute a public offer of securities in Colombia pursuant to the public offer regulation set forth in Decree 2555 of 2010. This communication and the information provided herein should not be considered a solicitation or an offer by Allianz Global Investors or its affiliates to provide any financial products in Brazil, Panama, Peru, and Uruguay. In Australia, this material is presented by Allianz Global Investors Asia Pacific Limited (“AllianzGI AP”) and is intended for the use of investment consultants and other institutional/professional investors only, and is not directed to the public or individual retail investors. AllianzGI AP is not licensed to provide financial services to retail clients in Australia. AllianzGI AP is exempt from the requirement to hold an Australian Foreign Financial Service License under the Corporations Act 2001 (Cth) pursuant to ASIC Class Order (CO 03/1103) with respect to the provision of financial services to wholesale clients only. AllianzGI AP is licensed and regulated by Hong Kong Securities and Futures Commission under Hong Kong laws, which differ from Australian laws.
    This document is being distributed by the following Allianz Global Investors companies: Allianz Global Investors U.S. LLC, an investment adviser registered with the U.S. Securities and Exchange Commission; Allianz Global Investors Distributors LLC, distributor registered with FINRA, is affiliated with Allianz Global Investors U.S. LLC; Allianz Global Investors GmbH, an investment company in Germany, authorized by the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin); Allianz Global Investors (Schweiz) AG; in HK, by Allianz Global Investors Asia Pacific Ltd., licensed by the Hong Kong Securities and Futures Commission; in Singapore, by Allianz Global Investors Singapore Ltd., regulated by the Monetary Authority of Singapore [Company Registration No. 199907169Z]; in Japan, by Allianz Global Investors Japan Co., Ltd., registered in Japan as a Financial Instruments Business Operator [Registered No. The Director of Kanto Local Finance Bureau (Financial Instruments Business Operator), No. 424], Member of Japan Investment Advisers Association, the Investment Trust Association, Japan and Type II Financial Instruments Firms Association; in Taiwan, by Allianz Global Investors Taiwan Ltd., licensed by Financial Supervisory Commission in Taiwan; and in Indonesia, by PT. Allianz Global Investors Asset Management Indonesia licensed by Indonesia Financial Services Authority (OJK).

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Top Insights

市場は大きく変化しています。再び資本の調達コストの高まりが懸念され、株式以外の選択肢を検討する必要があるかもしれません。ただ、これは単に、超低金利と良好なインフレ環境が長期化した金融市場が正常な状況に戻ったことを意味するのでしょうか。それとも、この先には何か不確定要素があるのでしょうか。2023年は市場が調整され、安定し始めるにつれて、投資家にとって潜在的な機会が出現する可能性があると考えています。

詳しくはこちら

戦争、景気の減速、エネルギー価格高騰を背景に、今年は持続可能性へのコミットメントが試される1年となっています。困難にかかわらず、こうした問題は最終的にはエネルギー転換を加速させる役割を果たし、サステナブル投資機会を積極的に追求しようとする投資家を後押しすると思われます。

詳しくはこちら

ウクライナでの戦争をきっかけに起こったエネルギー危機を受けてエネルギー転換が見直されており、原子力と天然ガスという議論の分かれる電力源に注目が集まっています。持続可能な投資に関するEUタクソノミーに含めることで、将来のエネルギーミックスにおける原子力と天然ガスの役割が明確になるのでしょうか。

詳しくはこちら