The recent drop of the 10-year German bund yield into negative territory has left many bond investors scratching their heads.
Many are questioning whether it is possible to find appealing risk/reward profiles anywhere within European debt markets. I would argue that European investment grade credit currently provides appealing investment opportunities. Admittedly, compared to early 2018, when the prevailing narrative still revolved around global synchronised growth, the economic outlook for Europe has darkened significantly. Recent PMI readings were grim, to say the least. Not all BBB bonds are created equal While I do not dispute a meaningful slowing of economic growth, I fundamentally believe that worr...
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