At the core of every Pareto bond strategy is a bespoke credit assessment process: With long standing proprietary credit evaluation models, combined with dedicated local expertise and access to the issuers.
The approach provides a Nordic/Global corporate credit exposure with low geopolitical risk and a sound ESG profile.
Reported inflation rates for January were somewhat elevated at 3.6% y-o-y in Norway, which led to some added volatility and rising interest rates on the NOK. This was also supportive for FX rates helping NOK appreciate versus the Euro. By contrast, inflation rates in Sweden and in Denmark remained subdued with 0.5% and 0.8%, respectively. Finland even went negative with -0.2% in January. The developments starting on the last days in February did not affect results in February.
Given the low inflation numbers, central banks have kept their policy rates unchanged during February. Despite some interest rate volatility following the January inflation spike, Norges bank has also maintained its policy rate unchanged at 4.0%.
Cont:
Die Nordics
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