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Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. ## Straight from the Desk # **Syz** the moment Live feeds, charts, breaking stories, all day long. - [All](https://blog.syzgroup.com/syz-the-moment) - [equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) - [United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) - [Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) - [Food for Thoughts](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thoughts) - [markets](https://blog.syzgroup.com/syz-the-moment/tag/markets) - [Central banks](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) - [bitcoin](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin) - [Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) - [geopolitics](https://blog.syzgroup.com/syz-the-moment/tag/geopolitics) - [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) - [Asia](https://blog.syzgroup.com/syz-the-moment/tag/asia) - [gold](https://blog.syzgroup.com/syz-the-moment/tag/gold) - [europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) - [Commodities](https://blog.syzgroup.com/syz-the-moment/tag/commodities) - [investing](https://blog.syzgroup.com/syz-the-moment/tag/investing) - [Technology](https://blog.syzgroup.com/syz-the-moment/tag/technology) - [Crypto](https://blog.syzgroup.com/syz-the-moment/tag/crypto) - [technical analysis](https://blog.syzgroup.com/syz-the-moment/tag/technical-analysis) - [nvidia](https://blog.syzgroup.com/syz-the-moment/tag/nvidia) - [oil](https://blog.syzgroup.com/syz-the-moment/tag/oil) - [china](https://blog.syzgroup.com/syz-the-moment/tag/china) - [ETF](https://blog.syzgroup.com/syz-the-moment/tag/etf) - [earnings](https://blog.syzgroup.com/syz-the-moment/tag/earnings) - [Forex](https://blog.syzgroup.com/syz-the-moment/tag/forex) - [energy](https://blog.syzgroup.com/syz-the-moment/tag/energy) - [banking](https://blog.syzgroup.com/syz-the-moment/tag/banking) - [magnificent-7](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7) - [Volatility](https://blog.syzgroup.com/syz-the-moment/tag/volatility) - [Alternatives](https://blog.syzgroup.com/syz-the-moment/tag/alternatives) - [Real Estate](https://blog.syzgroup.com/syz-the-moment/tag/real-estate) - [apple](https://blog.syzgroup.com/syz-the-moment/tag/apple) - [google](https://blog.syzgroup.com/syz-the-moment/tag/google) - [emerging-markets](https://blog.syzgroup.com/syz-the-moment/tag/emerging-markets) - [Middle East](https://blog.syzgroup.com/syz-the-moment/tag/middle-east) - [switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) - [tesla](https://blog.syzgroup.com/syz-the-moment/tag/tesla) - [amazon](https://blog.syzgroup.com/syz-the-moment/tag/amazon) - [United Kingdom](https://blog.syzgroup.com/syz-the-moment/tag/united-kingdom) - [microsoft](https://blog.syzgroup.com/syz-the-moment/tag/microsoft) - [assetmanagement](https://blog.syzgroup.com/syz-the-moment/tag/assetmanagement) - [ethereum](https://blog.syzgroup.com/syz-the-moment/tag/ethereum) - [russia](https://blog.syzgroup.com/syz-the-moment/tag/russia) - [meta](https://blog.syzgroup.com/syz-the-moment/tag/meta) - [Healthcare](https://blog.syzgroup.com/syz-the-moment/tag/healthcare) - [Industrial-production](https://blog.syzgroup.com/syz-the-moment/tag/industrial-production) - [ESG](https://blog.syzgroup.com/syz-the-moment/tag/esg) - [Global Markets Outlook](https://blog.syzgroup.com/syz-the-moment/tag/global-markets-outlook) - [Turkey](https://blog.syzgroup.com/syz-the-moment/tag/turkey) - [bankruptcy](https://blog.syzgroup.com/syz-the-moment/tag/bankruptcy) - [inflation](https://blog.syzgroup.com/syz-the-moment/tag/inflation) - [brics](https://blog.syzgroup.com/syz-the-moment/tag/brics) - [Market Outlook](https://blog.syzgroup.com/syz-the-moment/tag/market-outlook) - [performance](https://blog.syzgroup.com/syz-the-moment/tag/performance) - [africa](https://blog.syzgroup.com/syz-the-moment/tag/africa) - [LLM](https://blog.syzgroup.com/syz-the-moment/tag/llm) - [Global](https://blog.syzgroup.com/syz-the-moment/tag/global) - [Market News](https://blog.syzgroup.com/syz-the-moment/tag/market-news) - [Weekly Equities](https://blog.syzgroup.com/syz-the-moment/tag/weekly-equities) Show more 6 Oct 2023 - - - #### Long dated bonds: are investors in denial? As $TLT and $ZROZ duration bond funds fell in price, their assets under management kept increasing as investors just kept pouring their funds in. Source: Lyn Alden [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#markets](https://blog.syzgroup.com/syz-the-moment/tag/markets) ![Long dated bonds: are investors in denial?](https://blog.syzgroup.com/hubfs/1696543406905.jpg) ![Long dated bonds: are investors in denial?](https://blog.syzgroup.com/hubfs/1696543406905.jpg) 6 Oct 2023 - - - #### CDS traders are sending default swaps on the big US BANKS sharply wider \- Deutsche Bank believes the rise in yields could propel Banks' Unrealized losses $140 Billion higher to a record $700 Billion. DB strategist Zeng warns the Q3 explosion in rates has no doubt widened the unrealized losses in US banks bond portfolios, which was already the catalyst for multiple bank failures this year at a time when #rates blew out to far more normal levels. [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#banking](https://blog.syzgroup.com/syz-the-moment/tag/banking) ![CDS traders are sending default swaps on the big US BANKS sharply wider](https://blog.syzgroup.com/hubfs/1696532320094.jpg) ![CDS traders are sending default swaps on the big US BANKS sharply wider](https://blog.syzgroup.com/hubfs/1696532320094.jpg) 6 Oct 2023 - - - #### The global bond markets rout in one chart The world's biggest bond markets hit by heavy selloff: Bond yileds hit post-crisis highs around the world: US 30y yields hit 5% before retreating. German bund yields hit 3%. Bond rout sounds alarm bells globally. Source: HolgerZ [#Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) ![The global bond markets rout in one chart](https://blog.syzgroup.com/hubfs/1696525468644.jpg) ![The global bond markets rout in one chart](https://blog.syzgroup.com/hubfs/1696525468644.jpg) 5 Oct 2023 - - - #### Long-Term Bond Prices Hitting Historic Lows in Global Aggregate Bonds Index: A Cautionary Tale of Convexity? The average price of long-term bonds has recently reached historic lows, a significant development since the inception of the Bloomberg Global Aggregate Bonds Index in the early 2000s. If the "higher for longer" narrative materializes and persists, it carries substantial implications for bond investors, especially those with long-term bond holdings. This pertains to the convexity of long-term bonds, a crucial yet often underestimated aspect of fixed-income investments. Choosing to retain long-term bonds with reduced prices and the associated lower coupon payments may lead to overlooking the attractiveness of short-term bonds, which currently offer more technically appealing yields. This decision could potentially entail a nuanced opportunity cost in the short term, especially if the 'higher for longer' scenario (which implies a soft landing) persists. Source : Bloomberg [#Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) ![Long-Term Bond Prices Hitting Historic Lows in Global Aggregate Bonds Index: A Cautionary Tale of Convexity?](https://blog.syzgroup.com/hubfs/202310_average%20prices%20in%20Bloomberg%20Global%20Agg%2010y+%20index.png) ![Long-Term Bond Prices Hitting Historic Lows in Global Aggregate Bonds Index: A Cautionary Tale of Convexity?](https://blog.syzgroup.com/hubfs/202310_average%20prices%20in%20Bloomberg%20Global%20Agg%2010y+%20index.png) 5 Oct 2023 - - - #### A lot has changed over the last two years... Source: Charlie Bilello [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#investing](https://blog.syzgroup.com/syz-the-moment/tag/investing) ![A lot has changed over the last two years...](https://blog.syzgroup.com/hubfs/1696490315040.jpg) ![A lot has changed over the last two years...](https://blog.syzgroup.com/hubfs/1696490315040.jpg) 5 Oct 2023 - - - #### 10-Year Treasuries have declined 46% from the peak in March 2020 which is among the greatest meltdowns in financial history including the 49% drop in equities during the Dotcom Bubble Source: Bloomberg, Barchart [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#investing](https://blog.syzgroup.com/syz-the-moment/tag/investing) ![10-Year Treasuries have declined 46% from the peak in March 2020 which is among the greatest meltdowns in financial history including the 49% drop in equities during the Dotcom Bubble](https://blog.syzgroup.com/hubfs/1696484474944.jpg) ![10-Year Treasuries have declined 46% from the peak in March 2020 which is among the greatest meltdowns in financial history including the 49% drop in equities during the Dotcom Bubble](https://blog.syzgroup.com/hubfs/1696484474944.jpg) 5 Oct 2023 - - - #### US Investment Grade bond yields have moved up to 6.3%, their highest level since June 2009 In early 2021 they hit an all-time low of 1.79%. A competition for stocks? Source: Charlie Bilello [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![US Investment Grade bond yields have moved up to 6.3%, their highest level since June 2009](https://blog.syzgroup.com/hubfs/1696454263408.jpg) ![US Investment Grade bond yields have moved up to 6.3%, their highest level since June 2009](https://blog.syzgroup.com/hubfs/1696454263408.jpg) 5 Oct 2023 - - - #### Embrace the new normal… Source: Nikolay Kolarov [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#Food for Thoughts](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thoughts) ![Embrace the new normal…](https://blog.syzgroup.com/hubfs/1696436225352.jpg) ![Embrace the new normal…](https://blog.syzgroup.com/hubfs/1696436225352.jpg) ❮❮ [❮](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/62) [61](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/61) [62](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/62) [63](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/63) [64](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/64) [65](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/65) [❯](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/64) [❯❯](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/67?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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