{"id":5292,"date":"2026-09-14T16:36:54","date_gmt":"2026-09-14T14:36:54","guid":{"rendered":"https:\/\/banorsicav.com\/higher-for-longer-or-higher-forever\/"},"modified":"2026-09-17T11:13:27","modified_gmt":"2026-09-17T09:13:27","slug":"higher-for-longer-or-higher-forever","status":"publish","type":"post","link":"https:\/\/banorsicav.com\/it\/higher-for-longer-or-higher-forever\/","title":{"rendered":"Rendimenti ai massimi da vent\u2019anni: perch\u00e9 l\u2019obbligazionario torna remunerativo"},"content":{"rendered":"

A cura di Francesco Castelli, Responsabile Obbligazionario di Banor<\/em><\/p>\n

\n

Il rialzo delle lunghe scadenze segna la\u00a0fine dell\u2019era dei tassi zero<\/strong>\u00a0e apre una\u00a0nuova fase per debito pubblico<\/strong>\u00a0e finanziamento delle imprese.<\/p>\n

I tassi governativi globali tornano sui livelli precedenti alla Grande Crisi finanziaria, una dinamica evidente anche sul Treasury USA a 30 anni.\u00a0A spiegare la salita degli ultimi cinque anni sono soprattutto i tassi reali<\/strong>, mentre le\u00a0aspettative di inflazione restano sostanzialmente ancorate<\/strong>. Sul lato dell\u2019offerta pesano il Tesoro USA, con oltre 2.000 miliardi l\u2019anno di nuove emissioni, e un anno record per le emissioni corporate, trainate dai bond legati all\u2019intelligenza artificiale e alla costruzione dei data center. Il rialzo dei tassi si traduce poi in una discesa dei corsi, pi\u00f9 marcata sui titoli governativi e sui corporate di alta qualit\u00e0.<\/p>\n

La discesa dei prezzi rappresenta quindi un\u2019occasione di ingresso nel mercato obbligazionario<\/strong>, che torna a offrire agli investitori di lungo periodo strumenti capaci di proteggere dall\u2019inflazione. Allo stesso tempo, le principali banche centrali restano orientate al rialzo dei tassi.<\/p>\n

In questa fase, la sfida \u00e8 bilanciare i rendimenti pi\u00f9 interessanti con una traiettoria della politica monetaria ancora da definire.<\/p>\n

\u00a0<\/div>\n

Sfoglia le slide:<\/em><\/p>\n\n\n

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Il presente documento \u00e8 stato predisposto dall\u2019investment manager della SICAV, Banor Capital Ltd., societ\u00e0 autorizzata e regolamentata dalla Financial Conduct Authority (FCA). Il contenuto ha finalit\u00e0 esclusivamente informative e non costituisce consulenza in materia di investimenti, raccomandazione, offerta o sollecitazione all\u2019acquisto o alla vendita di alcun investimento. Le opinioni espresse sono quelle del relatore e possono essere soggette a modifiche. Eventuali considerazioni relative a future condizioni di mercato, all\u2019andamento dei settori o ai rendimenti degli investimenti costituiscono dichiarazioni previsionali e potrebbero non realizzarsi. I risultati effettivi potrebbero differire in misura significativa. Le previsioni non rappresentano un indicatore affidabile dei risultati futuri<\/strong>. La presente comunicazione non \u00e8 rivolta a persone residenti in giurisdizioni nelle quali la sua diffusione sarebbe contraria alla legge; la distribuzione potrebbe essere soggetta a restrizioni.<\/span><\/em><\/p>\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

A cura di Francesco Castelli, Responsabile Obbligazionario di Banor<\/p>\n","protected":false},"author":4,"featured_media":5311,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_uag_custom_page_level_css":"","footnotes":""},"categories":[81],"tags":[],"class_list":["post-5292","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-il-punto-sui-bond"],"acf":[],"yoast_head":"\nRendimenti ai massimi da vent\u2019anni: perch\u00e9 l\u2019obbligazionario torna remunerativo - BANOR SICAV<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/banorsicav.com\/it\/higher-for-longer-or-higher-forever\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rendimenti ai massimi da vent\u2019anni: perch\u00e9 l\u2019obbligazionario torna remunerativo - 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