When trying to construct bond portfolios, paying attention to what happens when nothing material appears to be happening is crucial. Bonds earn interest over time, so maximising the interest is important, but the shape of the yield curve dictates how individual bonds react when nothing is overtly happening. This is a concept called “bond carry” – the return you get for owning (carrying) a bond.
As we sit here in early 2024, the coming turn in the RBA cycle will be pivotal. But if the RBA doesn’t begin cutting rates until 2025, then investors may well spend all of 2024 and part of 2025 waiting for the RBA to move rates and for the yield curve to change shape. Lennon famously sang “Life is what happens to you while you’re busy making other plans”. The same thing can happen in bond markets. You need to have a long-duration position when the rally starts, but you also want to think about what happens while we wait for that rally.
FIIG advocated taking duration in anticipation of the eventual rally in our original LOCK strategy. We have recently examined precisely where to hold that duration in a piece entitled Lucky 7 which also had a follow-up podcast discussion. The long and short of it is that from here, in most foreseeable futures, the 7Y part of the bond curve performs very well. Though it’s not luck at all that makes it so; it’s driven by the shape of the yield curve and an analysis of bond carry.
The Lucky 7 piece steps through four different possible outcomes for the RBA. The scenarios range from an unexpectedly high interest rate outcome to a rate cut cycle that would only occur if the economy materially weakened. In between are two much more likely scenarios that involve much less movement in the RBA rate. Specifically, the scenarios are:
- Scenario 1: RBA raises 25bp – the RBA hasn’t ruled out raising rates and with unemployment down and some CPI series suggesting stickiness, it wouldn’t take too much strong data to induce a further rate rise. That being said, most data series are showing slow trend weakness, so strong data has been relatively rare of late.
- Scenario 2: RBA does nothing – the inflation pulse is working through the economy while moderately high rates are constraining growth and lowering CPI without causing unduly fast rises in the unemployment rate. If it ain’t broke, don’t fix it. The RBA simply leaves rates unchanged for 12 months.
- Scenario 3: RBA meets the current market pricing for 2024 (circa 50bp of cuts) – the market has priced a moderate rate cut cycle that lowers rates back towards the neutral level over the coming year. In this scenario, the RBA lowers rates by around 50bp on the schedule priced into bond markets.
- Scenario 4: RBA is forced to cut rates aggressively because the economy weakens – while things look to be holding together now, there are also some signs of trend weakness in the economy. If the weakness comes to the fore and becomes more pronounced, the RBA might be forced to lower rates aggressively into stimulatory territory.
The below chart shows the 12-month return to each Government bond if the RBA proceeds as outlined in the respective scenarios. The 7Y sector performs tolerably well compared to the other sectors in the two extreme scenarios (1 and 4). So even in a tail-end risk scenario, the 7Y sector is fine to own. The way to read this chart is to compare the returns for each individual scenario on a standalone basis. The chart represents the returns to bonds in a particular state of the world. What we are looking for is a sector of the curve that does well compared to the other points on its line but does so on all four lines. You cannot use this chart to compare between the scenarios.
Bond returns in different RBA scenarios – 7Y doing well
![](data:image/png;base64,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)
Source: FIIG Securities,
Bloomberg
However, it’s the quiet middle scenarios where the 7Y sector
shines. The 7Y is the strongest sector in the two more likely scenarios (2 and
3). The unexpected scenarios with large movements above make the nuance of the
more likely scenarios hard to see. As such, the below chart shows the bond
returns in only the two more likely scenarios. As you can see the 7Y sector
(bonds which are currently around 2031 or 2032) performs materially better than
surrounding bonds.
Bond returns in different RBA scenarios – Scenarios 2 and
3
![](data:image/png;base64,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)
Source: FIIG Securities,
Bloomberg
As we noted above, there are good reasons why the 7Y sector
performs so well. The main one being the slope of the curve.
Generally, bond investors don’t want to lock their money
away for the long term, but bond borrowers do want to be able to secure funding for
longer periods. The compromise is that borrowers pay higher yields for
longer-term investments. That’s why the yield curve is normally positively
sloped. Unless the RBA cash rate is likely to fall in the near future, the
longer the bond the higher the yield.
But the benefit from the higher yields on longer bonds
doesn’t always accrue consistently across time. The coupon will be higher once
the coupon is fixed, but the bond price can shift, too.
Because bonds have a fixed maturity date, each day that
passes means they are one day shorter. In a year’s time, a bond that is
currently a three-year bond is only a two-year bond, etc. etc. If nothing
material happens in that year, then we actually have a decent estimate of what
the one year ahead price for a 3Y bond is: it’s the current price of the 2Y
bond. But because bonds are mostly considered in yield terms and the bond price is
higher the lower the yield, the greatest returns for a bond are in places where
the yield curve is locally steep.
You can also think about this from the other direction. If a
4Y bond has the same yield as a 3Y bond, investors are not being rewarded for
extending their investment. But if the same curve has a steep slope between 4Y
and 5Y then the extra inducement to extend to 5Y is material. That’s what we
are looking for: places where the yield curve is steep in the vicinity of the
proposed investment.
On the current curve, the steepest part is the 5Y to 7Y
sector. Investors receive materially higher yields for investing for 7Y rather
than 5Y. This outperformance is a strong reason why the 7Y part of the curve
performs well in the “quiet” RBA scenarios we modelled above.
The current shape of the Government bond curve
![](data:image/png;base64,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)
Source: FIIG Securities,
Bloomberg
At different points in the cycle the analysis conducted here
will show different parts of the curve to be most beneficial.
As things currently stand, however, the 7Y part of the curve
offers duration in an eventual rally and offers higher yields in the
short-term. Finally, the 7Y sector offers the prospect of outperformance over
the medium-term because 5Y and 6Y bonds have materially higher prices. If
nothing too unexpected happens, the relatively cheap 7Y bond purchased today
will be a more expensive 5Y bond in a couple of years’ time.
FIIG has dubbed the 7Y sector the “Lucky 7” because it is
likely to perform well in most scenarios. The driver of that return is the
steep part of the curve between the 5Y and the 7Y, which is causing strong bond
carry (that is, high anticipated returns) for the 7Y bonds.