Treasuries at 3% Will Tempt $67 Billion Spanish Fund Manager
- CaixaBank AM’s CIO Hermida says may build ‘tactical’ long
- ‘Artificially low’ euro-zone yields not attractive: Hermida
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CaixaBank Asset Management says it is preparing to buy Treasuries should the benchmark yield break above 3 percent, having lost interest in many European sovereign bonds.
Spain’s biggest money manager, which oversees the equivalent of $67 billion, wants to add U.S. debt to build a “tactical” position, Chief Investment Officer Guillermo Hermida said in an interview at his Madrid office. The purchases won’t need hedging as long as the euro stays in a range of $1.18-$1.25, he said.