HSBC: Maintaining underweight exposure to US Treasury bonds.

In the outlook for the second half of the year, HSBC stated that the bank will continue to underweight US Treasuries in order to provide funding for overweight stocks and high-yield credit bonds. HSBC said, "Any move towards the year's highs in long-term yields would be an opportunity to increase exposure to US Treasuries." In tactical terms, HSBC maintains a higher allocation to European duration compared to the US. The bank also added that in the past four months, the relative value of developed market rates has been more dependent on energy prices.