Die besten inflationsgeschützten Anleihen - Seite 2

- the fiscal situation for sovereign issuers in the Eurozone. This issue has taken on particular importance given the massively costly rescue packages undertaken to prop up the financial system. European bond investing is once again requires careful analysis of the fiscal positions of each sovereign issuer in order to made judgements about relative valuations. This constitutes a core skill of BNPP AM and is an area which we expect to provide numerous opportunities in our active management in coming months.
- future policy from the European Central Bank with regard to the normalisation of monetary policy after the provision by the ECB of liquidity to the European banking system since the start of the crisis. We expect a gradual, catious normalisation of monetary policy by the ECB. We do not expect the ECB to raise official rates before the second quarter of 2011.
Finally, the structure and organisation of the Eurozone is currently open to question following the events related to Greece's fiscal problems. We believe ultimately that the Greek saga will give rise to a more pronounced integration of economic policy within the Eurozone. However, we do not exclude further volatility as the political process is likely to be long and create uncertainty."

Tamsin Balfour, Investment Director - Fixed Income bei Standard Life Investments, "Standard Life IG SICAV Euro Inflation-Linked Bd A" (24.03.2010): "The three phases of economic recovery are firstly the inventory cycle turning, secondly a pick up in industrial production and thirdly an improvement in consumer demand and capital investment. While the first two are arguably well under way, the third remains in doubt so we are paying particular attention to signs of growth in capital investment and to signs of current and future growth in consumer demand such as retail sales, unemployment and capital investment data .
We are also looking very closely at the current political situation in Europe, particularly in the UK where the possibility of a hung parliament grows, and in Greece, whose need for a bail-out has potential ramifications for the rest of the EU."

Sylvain De Bus, Senior Asser Manager at Dexia Asset Management, "Dexia Bonds Euro Inflation Linked C C" (25.03.2010): "The fundamental factors that should hold center stage in European government bonds markets over the coming months are: the fiscal situation and consolidation process of European countries and the evolution in monetary policy of the major central banks.