Viewpoints by John F. Addeo, at Manulife Investment Management
John F. Addeo, CFA, is the Global Fixed Income Chief Investment Officer at Manulife Investment Management. John is a value-oriented fundamental investor with over 25 years of experience investing across the entire capital structure and credit spectrum.
Prior to joining the company, he was with MFS Investment Management, where he held progressive portfolio management roles, most recently as an investment officer for the High Yield Bond Group, while playing an integral role in that firm’s expansion into global credit. Earlier in his career, John held high yield analyst roles at Eaton Vance and Keystone Investments, covering a wide variety of industries and gaining broad experience in public and private placement markets, restructurings and liquidations. He is a CFA charterholder and a member of the CFA Society Boston, Inc.
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Generating income in the era of negative bond yields
The idea that an investor would pay to lend money over any time period, much less over 30 years, was more or less academic before 2009. In that year, in the depth of the financial crisis, Sweden’s central bank cut its overnight deposit rate to –0.25%. The European Central Bank (ECB) and the Bank of Japan (BoJ) followed suit in 2014 and 2016, respectively, marking their policy rates down to negative territory and bringing the concept firmly into the mainstream of monetary policy.
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