Inflation markets are getting back to normal after the hiatus that followed the collapse of Lehman Brothers. Then, liquidity dried up markedly as investors fled from the market, dumping capital-intensive inflation-linked bonds on their way out the door.

Luckily for the inflation markets, asset swap investors were there to take up the slack. With linkers becoming significantly cheaper versus comparable nominal government bonds, investors were able to benefit through asset swaps – essentially

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