Sterling corporate bonds enjoyed a strong 2017, returning over 5.5% as credit spreads have continued to tighten.
Gilts by contrast have returned just over 1.25%, the bulk of that from the long end. The main driver of corporate returns during the year has been the steady decline in credit spreads, from 140 in early...
The US dollar is close to peaking and the risks now seem to be on the downside.
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