Bridgewater To Launch TIPS Portfolio

  • 15 Sep 2002
Email a colleague
Request a PDF

Bridgewater Associates will launch a portfolio of Treasury Inflation-Protected Securities in the coming months for institutional investors, says Daniel Bernstein, director of research at $35 billion in assets Bridgewater. He says the time is right for TIPS because pension funds are focusing more on protecting assets as the equity markets continue to slide. "In the $150 billion TIPS market, treasuries are growing at about $20-25 billion a year, which means that there is a lot of growth in that asset class," said Bernstein.

Bernstein said TIPS are attractive to institutional investors, who are becoming more sensitive to macro-economic factors such as inflation as the equity market continue its slide. Additionally, he noted that there is nothing in a traditional pension plan that protects against inflation because fixed-income and equity will both perform poorly when inflation rises.

Bernstein added that although the CPI-U rose only 0.1% in July, the month-to-month movements of the index has little affect on the long-term price of TIPS. The firm hopes to garner about $500 million for the new fund in its first year, and already has received interest from several funds, which Bernstein declined to name.

  • 15 Sep 2002

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 67,814.25 217 8.37%
2 JPMorgan 64,786.86 230 8.00%
3 Barclays 55,262.22 183 6.82%
4 Bank of America Merrill Lynch 48,274.42 172 5.96%
5 Deutsche Bank 43,665.36 159 5.39%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 6,217.19 6 15.22%
2 Deutsche Bank 3,538.77 6 8.66%
3 Citi 2,570.45 7 6.29%
4 Commerzbank Group 2,532.05 5 6.20%
5 BNP Paribas 1,798.71 8 4.40%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UBS 998.25 3 12.17%
2 Citi 693.55 2 8.46%
3 Morgan Stanley 606.80 4 7.40%
4 Bank of America Merrill Lynch 509.34 3 6.21%
5 Jefferies LLC 409.89 4 5.00%