Is there overvaluation of fixed income? The Eurozone vs. the US

espanolEl presente estudio trata sobre la valoracion de los activos de renta fija en la Zona Euro y en Estados Unidos bajo diferentes escenarios macroeconomicos y de politica monetaria en bonos investment grade. A traves de la estimacion de las curvas de tipos de interes teoricas y a plazo para las dos uniones monetarias, encontramos que la renta fija por encima del investment grade se encuentra ligeramente infravalorada en el escenario central que planteamos, donde la mayor probabilidad recae sobre una politica monetaria acomodaticia. Enfatizamos, ademas, el papel que juega el rating en la formacion de los precios de aqui a 2025 EnglishThis paper deals with the valuation of fixed income assets in the Eurozone and in the United States against the backdrop of different macroeconomic scenarios and monetary policy regarding investment grade bonds. By estimating the theoretical and forward interest rates curves for the two monetary unions, our findings show that the above-investment-grade fixed income is slightly undervalued in the core scenario that we present, where there is a greater likelihood of an accommodative monetary policy. Furthermore, we highlight the role played by rating in price formation between now and 2025.