Tied to the market



In July this year, the debt capital markets marked the thirtieth anniversary of the first ever index for the fixed-income universe.

The founders of that first index, Lehman Brothers’ Art Lipson and John Roundtree, argued for a market-weight construction since the rules are easy to communicate, easy to understand and easy to conform to: the more debt you issue, the greater your position in the index. Consultations with the Bond Portfolio Managers’ Association, an industry body of

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