10.30 - 10.50

PRESENTATION

Trade Finance: Resilient Fixed Income

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.

SPEAKER

Raphael Haselberger, CFA

Senior Product Specialist, Alternative InvestmentsALLIANZ 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.

CONTACTS

Romualdo Trancho

Director Business Development
+34 910477412
romualdo.tranchobayon@allianzgi.com

FUND INFORMATION

Allianz Working Capital Fund (ALWOCA)

ISIN: LU1946739494

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italy

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United Kingdom

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PANEL DEBATE II

How to Deal With Sustained Inflation

Steinar Eikeland

Chief Investment Officer
at Industrifinans Kapitalforvaltning

Erik Hilde

Global Head of External Strategies
at Norges Bank Investment Management

Petter Slyngstadli

Head Of Research
at Norne Securities

Leif-Rune Husebye Rein

Chief Investment Officer
at Nordea Life Norway

PANEL DEBATE I

Panel debate I theme title

Steinar Eikeland

Chief Investment Officer
at Industrifinans Kapitalforvaltning

Erik Hilde

Global Head of External Strategies
at Norges Bank Investment Management

Petter Slyngstadli

Head Of Research
at Norne Securities

Leif-Rune Husebye Rein

Chief Investment Officer
at Nordea Life Norway

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