This episode examines the evolving role of government bonds in institutional portfolios. Once considered the unquestioned anchor of stability, sovereign debt now faces pressure from rising public debt levels, geopolitical tensions and increasing political influence on central banks. The discussion explores how government bonds contribute to capital preservation, diversification and risk management in today’s environment — and how interest‑rate policy, currency exposure and varying credit qualities shape future allocation decisions.
The conversation provides a practitioner‑level perspective on the relevance of government bonds across regions, from US Treasuries to European and Swiss sovereign debt. The speakers discuss how monetary policy cycles, fiscal dynamics and geopolitical risks influence yields and term premia. They also address the implications of higher debt burdens, the resilience of safe‑haven flows and the role of sovereign bonds within multi‑asset strategies. Listeners gain insight into how fixed income leaders assess duration, creditworthiness and currency risks when constructing robust portfolios in a shifting macro landscape.
🔎 Key Topics:
The changing role of government bonds in institutional portfolios
Capital preservation, diversification and risk management
Impact of interest‑rate policy and monetary cycles
Currency risks across US, European and Swiss sovereign debt
Rising debt levels and geopolitical tensions
Credit quality differences and implications for allocation
Duration management in a volatile macro environment
👤 Speakers: Sébastien Zöller, Head Fixed Income, Zürcher Kantonalbank Sébastien leads the Fixed Income division of Zürcher Kantonalbank, overseeing all active Swisscanto Invest bond strategies. He is a seasoned fixed income expert with extensive experience developing innovative solutions for low‑rate environments. His career spans senior roles at Credit Suisse in alternative fixed income and earlier work in interest‑rate derivatives trading. He holds an MA in Banking & Finance from the University of St. Gallen (HSG) and is a CFA charterholder.
Agim Xhaja, PhD, Head of Fixed Income, BCV Agim joined BCV Asset Management in 2006 and manages Swiss and international bond portfolios. He previously worked in credit risk control and financial research at UBS and as a financial engineer at MAN Investment. With nearly 25 years of experience across fixed income, he holds a PhD in Finance from the FAME programme (now Swiss Finance Institute), a master’s in international economics from Geneva, and a mathematics degree from the University of Tirana.
👤 Moderation: Andreas Rothacher, CFA, CAIA Senior Investment Consultant and Head of Investment Research at Complementa AG. Andreas advises institutional investors on planning and monitoring their portfolios. He is co‑author of the Complementa Pensionskassen‑Studie, publishes regularly and serves on the Swiss Pensions Conference Committee of CFA Society Switzerland. He is also Chapter Head at CAIA Switzerland.
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