BM Talks Bonds Part 1: For Your Yields Only

++ Emergency Podcast Klaxon ++

It's happening! Bonds are selling off again! What's going on? Can politicians afford to go to party conferences when fiscal plans may be in tatters as soon as they're announced? Do you know your swap rate from your Bank Rate? What even is "The Bond Market"?

We have recorded a two-part podcast special on Bonds with market expert, and friend of the show, Ben Ashby, CIO of Henderson Rowe to discuss all this and more. In Part One we cover:

• A bond is simply a tradable IOU - and why bond prices and yields move in opposite directions.
• There is no single “interest rate” - Bank Rate, two-year rates, mortgage rates and thirty-year gilt yields can all move differently for different reasons.
• “The bond market” is not one entity - it is a collection of pension funds, insurers, banks, hedge funds, central banks and others, all acting for different reasons.
• Bond markets are part of the economy’s plumbing - they underpin government borrowing, mortgages, corporate finance, collateral and the wider financial system.
• The market prices both cost and credibility - not just how much it will cost to borrow, but how long investors are willing to lend.