Trade Finance offers a compelling, defensive fixed income strategy to navigate today’s markets. It has seen growing appeal as an investment strategy as investors seek refuge from large bouts of market volatility and sell-offs in global fixed income markets. Many investors like the ultra-short duration profile of Trade Finance, with underlying assets typically averaging around 90 days. Compared to Investment Grade or High Yield fixed income benchmarks, where average duration will be over four years and which have witnessed significant sell offs during the year, Trade Finance strategies can offer a comparable credit spread with significantly less duration risk.
The ultra-low volatility exhibited by a well-managed Trade Finance strategy also resonates with investors looking for a reliable source of diversification and downside protection. Market swings in bond and equity markets do not have a major effect on the short-dated corporate operating payment claims that constitute trade finance portfolios. Trade Finance strategies can therefore see annualised volatility at a fraction of that exhibited by public fixed income strategies. Investors also gravitate toward the complexity premium that can be realised from Trade Finance strategies. The asset class is operationally intensive and has numerous barriers to entry. A persistent gap of the supply of trade finance in the market is one reason why trade finance assets often benchmark favourably vs public CDS and bond spreads for the same issuer, prior to considering the significantly lower duration.
Trade Finance investors can therefore be justified in a sanguine outlook in a continually changing market environment, as the asset class has the right ingredients to offer a stable and defensive fixed income investment strategy in all market contexts.
Allianz Global Investors is a leading active asset manager with over 600 investment professionals in over 20 offices worldwide and managing EUR 578 billion in assets. We invest for the long term and seek to generate value for clients every step of the way. We do this by being active – in how we partner with clients and anticipate their changing needs, and build solutions based on capabilities across public and private markets. Our focus on protecting and enhancing our clients’ assets leads naturally to a commitment to sustainability to drive positive change. Our goal is to elevate the investment experience for clients, whatever their location or objectives. Active is: Allianz Global Investors.
Raphael Haselberger is a Senior Product Specialist for alternative investments at Allianz Global Investors, which he joined in 2017. He started his career on the business development side where he worked with various types of institutional clients and across a broad range of asset management strategies. He worked for more than 10 years at Goldman Sachs AM in Frankfurt and New York and previously worked at McKinsey, HVB and BMW. He has a Master’s degree in Business Administration and Management by Humboldt University (Berlin) and a Bachelor’s degree on Business Administration and Management by University of Regensburg and University of Valparaíso (Chile). He is a CFA charter holder.
Director Business Development
+34 910477412
romualdo.tranchobayon@allianzgi.com
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