The Big Question: Where are you finding the most value in bonds?

Nick Hayes portfolio manager, AXA Investment Managers    US high yield/EMD Generally, companies are healthy, characterised by a conservative management approach (low debt, high cash) that we expect to continue. With regard to financial sector credit, we like banks currently, given that, despite greater risk, the yield is compelling. Similarly, select peripheral European corporates look attractive. Universally lumped in with (heavily indebted) sovereigns, peripheral corporates offer large spreads, arguably stronger balance sheets and are more (geographically) diversified than resp...