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Fueled by growing inflation concerns and attractive prices, particularly relative to nominal bonds, investors poured money into inflation-linked bonds in 2009. In the US, investors believe unprecedented fiscal and monetary stimulus will lead to more US dollar depreciation and higher inflation. In the UK, investors fear the Bank of England’s reluctance to raise rates will fuel inflation. While inflation has been muted in recent years, it remains a concern for pension funds, endowments and other institutional investors who must meet real, rather than nominal, liabilities. Inflation-linked bonds, such as US Treasury Inflation-Protected Securities (TIPS) and UK inflation-linked Gilts, can help hedge this risk because their principal is adjusted to reflect changes. | A reference guide to inflation-linked bonds the nuts and bolts of fixed income management Goldman Sains Asset Management Introduction Contents What are inflation-linked bonds .2 What are TIPS .3 Comparing inflation-linked bonds and conventional bonds.4 Understanding breakeven inflation.5 Volatility in inflation-linked bonds.6 What are the potential benefits of inflation-linked bonds .7 What are some of the main risks of inflation-linked bonds .8 Conclusion.9 Behind the industry jargon.10 Learn more.11 Fueled by growing inflation concerns and attractive prices particularly relative to nominal bonds investors poured money into inflation-linked bonds in 2009. In the US investors believe unprecedented fiscal and monetary stimulus will lead to more US dollar depreciation and higher inflation. In the UK investors fear the Bank of England s reluctance to raise rates will fuel inflation. While inflation has been muted in recent years it remains a concern for pension funds endowments and other institutional investors who must meet real rather than nominal liabilities. Inflation-linked bonds such as US Treasury Inflation-Protected Securities TIPS and UK inflation-linked Gilts can help hedge this risk because their principal is adjusted to reflect changes in inflation. In addition to the embedded inflation protection these bonds offer other potential benefits to an investment portfolio. In this reference guide is an overview of the 1.5 trillion inflation-linked bond market as well as a closer look at how these securities react to changing market conditions over short- and long-term periods. This material is provided for educational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. Goldman Sachs Asset Management I 1 What are inflation-linked bonds What are TIPS Inflation-linked bonds sometimes known as linkers are high-quality securities issued mostly by governments that provide income and total return which .
