The 30-year interest-only bonds are priced off the grid in the higher coupons, making them an obvious buying opportunity. The levels from the heydays are restored, but the question remains to which extent the investors are once bitten twice shy? In this edition of Bonds & bold I’m glad that I can finally show that the excess pickup in callable bonds is restored to the level of the Heydays, giving rise to hope that we might face a more positive period. That being said, the risk remains very high compared to for example covered bullets, and my view is therefore only moderately positive for now. But first I start with ... (full story)