FOR money managers on Wall Street more than for investors on Main Street, the return of the 30-year bond is like the rekindling of a close relationship.
“It’s like having an old friend back,” says Clifford A. Gladson, a senior vice president for fixed-income investments at USA A Investment Management. And David R. Glocke, a fixed-income portfolio manager at Vanguard, says that while he has no special feelings for the 30-year-bond, many colleagues do. “I’ve heard people refer to the 30-year in various tones,” he said. “There’s a love affair out there for some people.”
Clearly, many fixed-income specialists have been strangely moved by the recent announcement from the Treasury that, after a four-year gap, it will begin to reissue the 30-year bond early next year. Before that pause, the bond had long served as the world’s benchmark fixed-income instrument.
For Wall Street asset managers, the literal meaning of the bond’s return is less portentous but still important: in pension funds, mutual funds and other large portfolios, managers will again be able to lock in yields of fully backed government debt for 30 years. Individual investors will be indirectly affected by these developments, but for their own portfolios, the availability of the 30-year bond will probably be much less significant. Bonds of shorter maturities may make more sense because they are less sensitive to changes in interest rates - and because few individuals are likely to buy and hold a bond for a full 30 years.
More: nytimes.com
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