Bonds

High yield and investment grade US credit are the cheapest asset classes in the market as they are discounting a "savage recession", said Odey's macro strategist Tim Bond.

HSBC's Azim Meghji has joined Santander Asset Management as head of credit and manager of the £977m Sterling Corporate Bond fund.

PIMCO's Bill Gross, manager of the world's biggest bond fund, has apologised to his investors for a "stinker" of a year after failing to anticipate the fear driving markets since the summer.

Bond fund manager has made a number of changes since returning to Kames.

ON BONDS

The week has once again been dominated by the eurozone crisis, with a crucial meeting taking place today, while the regulator has warned the Arch cru debacle may not be anyone's fault.

Slight changes in performance is all that separates the leaders and the laggards in diminutive sector.

Ten-year gilt yields have approached a two month high as signs eurozone leaders are closer to resolving the crisis cooled demand for the relative safety of Britain's government debt.

UK gilts extended declines as the Bank of England refused to buy bonds maturing in 2017 in Monday's auction, after traders aggressively drove up prices.

Paul Shuttleworth, manager of the £115m BlackRock Corporate Bond fund, has resigned after 11 years at the firm.