Amid long yields that would climb marginally higher but at a slower pace, and short-term yields that will stay below inflation in many developed countries, investors scarcely have a choice when it comes to boosting the performance of their bond portfolios : either take on credit risk or duration risk. While the first choice seems obvious in light of the unanimous popularity of corporate and other high yield bonds in the market, the second choice is counter-intuitive at first glance.
Delfin, Italian eyewear maker Luxottica's controlling shareholder, and lens maker Essilor have announced the signing of an agreement to merge Luxottica and Essilor. The combination of the two companies should happen through an exchange of shares and without any significant cash payout. The merger will create the largest vertically integrated group in the eyewear industry, which will have a unique global leading position.