Fund that made money on Treasuries says rally is about to end

Singapore

PRUDENTIAL Plc's Asian asset management unit, which profited from the rebound in 30-year Treasuries last month, has taken its money off the table with the view that the three-week rally in US government debt is coming to an end.

Nicholas Ferres, who oversees multi-asset investments at Eastspring Investments in Singapore, unwound his holdings of 30-year bonds on Friday and Monday, selling them at yields as low as 2.96 per cent, after US jobs and wage data backed the case for faster policy tightening.