Live from @CFASocietyIndia First India Fixed Income Summit. We start with @abhishekloonker opening remarks. Abhishek invokes Benjamin Graham to mention the best investment is knowledge! #ifis2019 
Dr Arvind Rajan's session on Global Fixed Income market, explaining the conundrum, how does higher level of global debt ratios lead to lower and lower bond yields. @CFASocietyIndia #ifis2019
The relationship between debt burden and global growth. We can expect debt burdens to remain a drag on global growth. @CFASocietyIndia #ifis2019
The demographic trends are starting to look ominous for global growth. China, the growth engine of the world, is seeing a transformation in its population from young to old. Ageing populations will be globally accompanied with slowing growth. @CFASocietyIndia #ifis2019
The evidence overwhelmingly favours lower interest rates and not higher. In both the graphs below, ee are moving more towards the bottom left hand corner. @CFASocietyIndia #ifis2019
Long term rates to remain low. The low rate environment will continue. Most fail to recognize that US rates are higher compared to other regions @CFASocietyIndia #ifis2019
There is a large scale transformation happening in China (look at the blue box below). Only in China can such a transformation be undertaken without major upheavals, due to the unique characteristic of Chinese form of government. @CFASocietyIndia #ifis2019
Emerging markets inflation and interest rates are unusually benign. Only red spots are Argentina and Turkey. Thus, there is a good pool of emerging markets assets to invest in. @CFASocietyIndia #ifis2019
This is a cracker! EM debt is the second best asset class after US stocks. Who would have thought! @CFASocietyIndia #ifis2019
Chat between @bama_bee1 and Dr. Arvind Rajan, PGIM. How will all this playout - softlanding? @CFASocietyIndia #ifis2019 @_NorthernArc
Fireside chat between Santosh Kamath, Franklin Templeton, and Sriram Mahadevan, Azim Premji Trust. @CFASocietyIndia #ifis2019
Fixed income markets key in an economy. Fixed income markets help in discovery of discount rates, without which nothing can be valued - Santosh
I started in an era where there was once a truck load of physical securities which came to office post execution of a trade - Santosh @CFASocietyIndia #ifis2019
Too many rules and regulations, and segments within our debt market. This has hampered the free flowing development of a deep corporate bond market - Santosh @CFASocietyIndia #ifis2019
Till the time there is this mindset that if I am investing in fixed income market, there has to be a fixed income, the debt markets will not develop. Volatility is a part of any market, and fixed income is no different. Need to be a portfolio approach - Santosh @CFASocietyIndia
Some day, EPFO and Provident Funds should start doing MTM. Today, only Mutual Funds do MTM. Wider MTM application will significantly help in the development of a stronger and deeper debt capital markets - Santosh @CFASocietyIndia #ifis2019
Lack of a widely used Index in the debt market is a concern. For equity, there are widely used benchmark indices - Sriram @CFASocietyIndia #ifis2019
Mutual Funds have gradually (at least some) become more investment driven rather than sales driven. This has allowed the MF sector to play an important role in credit intermediation - Santosh @CFASocietyIndia #ifis2019
Next: Dr Anantha, Dean, @kreauniversity and Member, Part-time, PM's Economic Advisory Council, speaking on the Indian Economy. (Talk given in his personal capacity). @CFASocietyIndia #ifis2019
This is the first slowdown in India after the advent of social media. Some concerns justified, some not - Dr Anantha @CFASocietyIndia #ifis2019
Most proximate cause of the slowdown is the fall (squeeze) in credit growth. @CFASocietyIndia #ifis2019
Gap between repo rate and lending rate very high. Like during the taper tantrum. Rate transmission is broken due to risk averseness. @CFASocietyIndia #ifis2019
India's realty sector in comparison to other countries not doing that bad. Vacancies are moderate compared to other countries - Dr Anantha, @CFASocietyIndia #ifis2019
We have a large problem of "small". Like farm sizes, even in corporate India, there is a plethora of small firms - Dr Anantha @CFASocietyIndia #ifis2019
We are seeing some risks in the divergence between stock market performance and real economy. Globally as well as in India - Dr Anantha @CFASocietyIndia #ifis2019
Interactive session between @ananthng and Dr. Anantha. Dr. Anantha mentioned that he looks forward to reading two columns for illumination - one is that of @ananthng, and the other is @andymukherjee70 #ifis2019
@threadreaderapp please unroll
