From May to the end of June, many investors appeared to have fallen under a spell, writes Andrew Harmstone, portfolio manager for the global multi-asset team at Morgan Stanley Investment Management.
Company's ambition exceeds its cashflow
IG bonds saw €2.9bn inflows
For high yield investors, taking long credit risk in industries that are undergoing secular changes presents a challenge, writes Meridith Alin, senior credit analyst at NN Investment Partners.
The monetary policy debate is likely to continue to dominate volatility in government bonds markets, and its ripples are likely to impact broader fixed income markets.
Emerging market bonds generated decent performance in the first half of 2017, rallying well after weakening towards the end of last year on the US election result.
With many asset classes having been pumped up to high valuations by central bank stimulus, we are concerned that investors are no longer receiving particularly generous rewards for taking market risk.