The prospect of interest rates falling from their recent highs is supportive of valuations albeit tempered by economic uncertainty. The growing European long income property market provides a good source of such assets, with greater than EUR1bn of pipeline to a diversified set of sectors and pan European geographies.
Over the quarter, the nominal gilt curve has shifted up by around 50 basis points (0.50%) on average across all maturities.
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Over the quarter, the nominal gilt curve has shifted down by around 25 basis points across the medium to longer maturities.
A broadly parallel upward shift of approximately 20 basis points is evident across the nominal gilts curve, with yields reaching multi-year highs.