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Searching for and finding attractive yields in fixed income markets distorted by the ECB

Bron: Article Frank Meijer, Head of European ABS and Mortgages Aegon Asset Management - 11 december 2018

As a result of the ECB’s asset-purchase program, yields in most fixed-income classes have fallen sharply. Attractive yields can still be found in fixed income segments where the ECB has not distorted the market, such as asset-backed securities (ABS) and Dutch mortgages, according to Frank Meijer, Head of the Alternatives and Private Debt team at Aegon Asset Management.

Can fixed income markets function normally if the ECB is purchasing so much?
'Several years ago, the ECB launched a monetary easing programme on a scale never seen before which is still in force but will end at the end of 2018. As regards the public sector, the purchasing percentage is 25% and for credits and covered bonds, the percentages are 14% and 42%, of their respective eligible universe. That measure has resulted in substantial yield compression in these asset classes, particularly in traditional fixed income. But if the ECB halts its asset purchasing, given the substantial presence of the ECB in these asset classes, the yields will probably return to normal and will result in negative returns on these asset classes in the near future. Within alternative fixed income, there has been far less ECB-related involvement and the accompanying yield compression, which means that higher returns can be achieved within that category and that the future looks more rosy.'

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