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Year 2008 to be year of bond funds on Romanian market

Half of the open investment funds which ended January on a surplus, with variations ranging between 0.04 and 6.25 percent, are bond funds. Although the domestic bond market is still young, 2008 might bring a special interest for the fixed income instruments, amid extended corrections on the financial markets.

The small dimensions of the market and the depreciation of the national currency placed Pioneer Europa Obligatiuni (bonds) in the top of the profits hit last month, with the fund being one with an exposure to the foreign markets. The placements in units of this fund brought a profit standing at 6.2 percent in January this year, while the share funds recorded drops ranged between 4.4 and 20.21 percent. 'The probability that the volatility on our market and on the foreign markets to continue makes us believe the beginning of the year will be dominated by the evolution of the bond funds,' the BCR Asset Management (which manages such funds) Chairman Dragos Neagu said. This evolution will follow closely the offer on the bond market and also the interest of the investors in relocating their portfolios. The Europa Obligatiuni fund has an exposure of approximately 25 percent on the Romanian market, with the rest of the placements being made on the foreign markets. 'The increase in the first month in 2008 was ensured especially by the game on the foreign exchange market,' the manager of the fund manager Florin Dolea said. The BRD Asset Management Chairman Dan Mihai Nicu thinks that the bond funds on the domestic market might become successful this year, nevertheless such success depends on the bond issues. 'The domestic bond market is currently very poor, says Florin Dolea. The domestic market is affected not only by the lack of the bond issues, but also by the lack of new products, especially such products with exposure on the foreign markets. The fund managers have already started to capitalize this possibility. BCR Asset Management estimates thus a diversification of the placements on the international markets of five funds administrates. On the background of the diminishing of the share funds' assets, the assets of the bond funds recorded in January such significant increases of more then 50 percent in certain cases. The net assets of the open investment funds dropped in January this year down to 866.39 million lei, by 9.2 percent under the level recorded late last year. According to the data reported on Wednesday, February 6, of the National Union of the Collective Investments Organizations (UNOPC), the assets of the share funds diminished, as against the level recorded in December 2007, with percentages ranging between 3.6 and 24.6 percent. Sursa: http://www.rompress.ro

Tags: funds foreign markets percent market brd bcr

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