Tips and the iceberg
The global market for US government Treasury Inflation-Protected Securities(Tips) and other sovereign inflation-linked bonds is now bigger than that for emerging market debt. But rising interest rates could limit further growth.
According to Bridgewater Associates, the US research firm, the global market for inflation-indexed bonds is now worth $440.8 billion – not that much smaller than the global market for high-yield bonds at $589.2 million, and nearly twice the size of the emerging markets bond business, at $234.6 million.
The UK government was the first to issue inflation-linked bonds (or gilts) back in 1981. Italy
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