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US bonds: renewed interest among investors?

US bonds: renewed interest among investors?
  • AGEFI

    AGEFI

  • Daniel Varela

    Daniel Varela Chief Investment Officer

US bonds: renewed interest among investors?

With long-term yields reaching or even exceeding 5%, US bonds are becoming increasingly attractive again. In an analysis published in L’Agefi, Daniel Varela, Chief Investment Officer at Piguet Galland, examines the opportunities and risks associated with this market.

While long-term inflation expectations remain relatively stable, real yields on US bonds have reached particularly attractive levels.

Despite uncertainties surrounding US government debt and the direction of monetary policy, Daniel Varela highlights the structural strengths of the US bond market: its depth, liquidity and the central role of the US dollar.

Beyond US Treasuries, high-quality corporate bonds also present opportunities, with yields potentially exceeding 6%.

According to Daniel Varela, current yield levels offer more attractive compensation for risk, alongside opportunities for portfolio diversification and potential capital appreciation.

Why are US bonds becoming attractive again? What risks should investors be watching?

Read Daniel Varela’s full analysis in L’Agefi (french only)

Authors

  • AGEFI

    AGEFI

    linkedIn
  • Daniel Varela

    Daniel Varela

    Chief Investment Officer

    linkedIn

    A graduate of the University of Geneva in Business Administration with a specialisation in finance, Daniel Varela began his career in 1989 as a fixed‑income portfolio manager. He joined Banque Piguet & Cie in 1999 as Head of Institutional Asset Management, also overseeing the Bank’s fixed‑income analysis and management. In 2011, he took charge of Piguet Galland’s investment strategy and the Investment Department. He has been a member of the Executive Committee since January 2012, serving as Chief Investment Officer.

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