Fixed-Rate vs Inflation-Linked Bonds
Rédaction Financial World News · Explication pédagogique · Comment nous sourçons les rendements
Nominals: known cash, unknown real. Linkers: known real (index permitting), unknown nominal.
Le briefing complet de ce guide est en anglais. Le titre, le résumé et la navigation sont dans votre langue pour que vous puissiez décider de poursuivre la lecture.
Fixed-Rate vs Inflation-Linked Bonds — the mechanics
Pick nominals when you have a fixed cash need. Pick linkers when your costs rise with CPI/RPI. Mixing them is how many official institutions actually invest.
Fixed: known nominal, unknown real. Linker: known real (if held to maturity, after index rules), unknown mark-to-market when real yields move.
UK RPI lag, US CPI-U, Italian FOI, euro HICP — the index is part of the product. Mixing them in one sentence is how people mis-hedge.
Tax on linker accretion (TIPS in US taxable accounts) can flip the choice. Wrapper first.
Official sources (International guides)
Primary statistics and prospectuses for International guides are published by the issuer, not by this newsroom. The labelled links at the end of this page go to those official sites (DMO, TreasuryDirect, Finanzagentur, MEF, AFT, SNB or ECB as relevant).
Our live board is a teaching overlay: dated prints, named sources, estimated ISIN lines. It is not a replacement for the issuer’s calendar.
Points essentiels
- Fixed: known nominal, unknown real.
- Prices and yields change. When this site quotes them, it dates them on the live board.
- Credit of a G7 government in its own currency is not the same as a stable screen price, and not the same as a bank deposit.
FAQ
- Do linkers always beat nominals when CPI is high?
- Only versus what was already priced. High inflation that everyone expected is already in the linker’s price.