It's been a bad year for global bonds. U.K. corporate bonds are being hit especially hard by a toxic mix of political turmoil, high inflation and soaring interest rates.
by a toxic mix of political turmoil, high inflation and soaring interest rates.
Highly rated corporate bonds issued in the British pound have posted a negative total return of around 25% this year as measured by the ICE BofA Sterling Corporate Index, by far the largest loss in the index’s almost 26-year history. In comparison, a similar index tracking U.S. dollar bonds is down 18% while one for euro-denominated bonds has lost 15% on a total-return basis, which includes price changes and interest payments.
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