Morningstar - Fall 2019 - 29

Spotlight

Bonds

Rocky Times Ahead for Bond Investors?

34

The Bond Landscape Through
an Index Prism
Benchmarks reveal the
changing nature of
the fixed-income market.
BENCHMARKS

Dan Lefkovitz

The issuance of bonds traces its history to early
human civilization, when payments were
made in grain and terms were chiseled on tablets.
In the 12th century, European rulers funded
military adventures through debt instruments,
giving rise to the sovereign credit market.
Borrowing made possible through long-term
obligations propelled the development
of the West, supplying the capital not just for
wars but also for global trade and foundational

infrastructure such as canals and railroads.
Generations of American investors have bought
Treasury bills, notes, and bonds backed by
the "full faith and credit" of the U.S. government.
To this day, the bond market stands as a pillar,
not just of the global financial system, but of the
real economy and, more broadly, society. By
setting the price of borrowing, the bond market
provides a feedback mechanism for policymakers,
corporate executives, and a range of other
debt issuers. The bond market's ability to reward
prudence and punish profligacy is seen by
many as a force for law and order, property rights,

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Morningstar - Fall 2019

Table of Contents for the Digital Edition of Morningstar - Fall 2019

Contents
Morningstar - Fall 2019 - Cover1
Morningstar - Fall 2019 - Cover2
Morningstar - Fall 2019 - 1
Morningstar - Fall 2019 - 2
Morningstar - Fall 2019 - Contents
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