Solvency II has and will make corporate bonds more expensive

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<title>Solvency II has and will make corporate bonds more expensive</title>
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<namePart>L'Hoir, Mathieu</namePart>
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<namePart>Sauve, Mathilde</namePart>
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<publisher>AXA Investment Managers</publisher>
<dateIssued>2012</dateIssued>
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<abstract displayLabel="Summary">According to our forecast, very large asset flows of about  500 bn come as a direct result of insurers shifting asset allocations in light of upcoming Solvency II regulations. This rebalancing process began at the end of 2009 and is likely to continue to unfold over the course of the next five years. The expected reallocation consequences of Solvency II are well known, encouraging insurers to reduce equity exposure and give preference to the less volatile short-term fixed income assets. As the study shows, this reallocation has already had an impact  for instance, it may explain up to 25% of the current gap in equity prices with respect to pre-crisis price levels (Exhibit 2)  and will continue to impact European equity and fixed income markets in the  coming years</abstract>
<note type="statement of responsibility">by Mathieu LHoir & Mathilde Sauve</note>
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<topic>Solvencia II</topic>
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<topic>Inversiones</topic>
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<topic>Mercado de valores</topic>
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<topic>Activos financieros</topic>
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<topic>Cotizaciones bursátiles</topic>
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<topic>Perspectivas económicas</topic>
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<title>Investment Essentials</title>
<partNumber>28th November 2012</partNumber>
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