If equity market exuberance was the story of last year, it is the bond markets which are roaring at the moment.
The hunt for yield has accelerated from Q2 onwards: the unprecedented yield compression already seen in credit is now apparent in sovereign debt markets once again: whether peripheral European nations, core government bond markets, or even new issuers. The situation is such that Franklin Templeton’s Michael Hasenstab – known for having taken major positions in unloved bond markets like Ireland and Ukraine in recent weeks – has told Investment Week there are no “extreme outlier” opportunities available to him right now. The manager noted these kind of bargains typically emerge every co...
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