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BL Global Bond Opportunities

Bond fund

Data as of 22/01/2020

Risk level

Low High
Recommended investment horizon : > 2 years


Average annual performance since launch 4,36 %

Performance as at 22/01/2020

2017 0,45 %
2018 -2,25 %
2019 0,44 %
Since 01/01/2020 0,51 %
Over the last 12 months 0,75 %
Over 3 years -0,82 %
Since launch 177,59 %
Asset breakdown
Bonds 95,00 %
Cash 5,00 %
Breakdown by currency
EUR 96,09 %
USD 3,65 %
PLN 0,26 %
Main positions
Russia 2013 3.625% 16-09-2020 3,62 16/09/2020 2,58 %
Belgique 2016 .2% 22-10-2023 0,20 22/10/2023 1,78 %
Romania Series 2015-1 2015 2.75% 29-10-2025 2,75 29/10/2025 1,68 %
Portugal Obrigacoes do Tesouro 2015 2.2% 17-10-2022 2,20 17/10/2022 1,60 %
Nestle Finance International Ltd Series 94 Tranche 1 2017 1.75% 02-11-2037 1,75 02/11/2037 1,50 %


Investment objective and policy

The fund invests principally in bonds issued in the currencies of the leading industrialised countries (without the Yen). In addition, some 20% of the assets are invested in emerging market bonds. On average the compartment is invested by about ¾ in the euro zone and by about ¼ in the dollar zone. Its key objective is to achieve a regular income.

Management report - 3d Quarter 2019

Eurozone sovereign bonds rallied during the quarter. The JPMorgan GBI EMU Bond index posted positive performance of 3.84%. US Treasuries posted positive performance over the period. The JPMorgan index for this market was up 2.59%. The US 10-year yield ended the quarter at 1.66%, which is 33 basis points lower than at the end of the previous quarter. The Germany 10-year bond yield declined from -0.327% to -0.57% over the period. On 12 September, the ECB kept its headline rate unchanged but cut its deposit facility rate again, taking it to -0.50%. It also announced a new round of QE at a monthly pace of 20 billion euros. The purchases will commence on 1 November. Inflation in the eurozone continues to fall and is now coming it at below 0.9%. Over the same period, emerging market debt gained nearly 1.15% according to the JP Morgan Euro EMBI Global Diversified index. This coincides with the yield spread narrowing by nearly 15 points to 205 basis points at the end of the quarter. The third quarter of 2019 saw the more accommodative monetary policy statements from the first half of 2019 take shape. This environment allows emerging market countries some monetary flexibility. While some emerging market economies (like Croatia, Senegal and Vietnam) can profit from it by following the monetary easing trend, others (like Ukraine, Argentina and Nigeria) are more limited since they are already posting inflation above the range defined by their respective central banks. On corporate debt, despite widening yield spreads, yields fell from 0.54% to 0.38% between June and September for the MAGGIE Corporate sub-index. Given the uncertainties over the trade negotiations between China and the United States as well as Brexit, and considering the weakening industrial sector in Europe and America, we think that European monetary policy will continue to be accommodating and supportive of the bond markets, despite low interest rates.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (22/01/2020) 688,12 EUR
NAV class A capitalisation shares (22/01/2020) 282,90 EUR
Latest dividend 3,33 EUR
Date of last dividend payment  08/02/2019
CODES Internal capitalisation code : 1061310000
Internal distribution code : 1136231000
ISIN capitalisation code : LU0093569910
ISIN distribution code : LU0093569837
WKN capitalisation code : 921164
WKN distribution code : 937797
SICOVAM capitalisation code : 959302
SICOVAM distribution code : 989724
Net assets (million) 399,34 EUR
Launch date 29/02/1996

Before making any decision to subscribe, customers must ensure they have understood the product, having measured the risks associated with it and consulted their own advisers on the appropriateness of the product for their particular financial situation, taking into account legal, tax and accounting aspects. This fact sheet has been drawn up for information purposes and shall in no event be considered a solicitation to buy or an offer to sell securities or other financial instruments. Information provided to the interested party does not constitute legal or fiscal advice and the Bank shall not be held liable for such information. The securities referred to in this document may cause the investor to incur significant risk and may not be appropriate for all investors. Such risks include market risks, high volatility, credit risk, liquidity risk and interest-rate risk. There is no guarantee that the securities described in this document will achieve their investment objectives. Past performance is no indication of future returns. The Bank shall not be held liable for the future performance of these securities. Potential investors must ensure that they understand the risks of investing in such products and should only take an investment decision after giving careful consideration, together with their professional advisers, to the appropriateness of this investment to their specific financial situation, particularly with regard to legal, tax and accounting aspects. We have made every effort to verify that the information presented in this document is correct, in particular the estimated values, opinions and other estimates. Nevertheless, no guarantee can be given as to the validity, timeliness, completeness, correctness or accuracy of the information, which is provided for guidance only. Information may be subject to change without prior notice.