New Star's James Gledhill and Phil Roantree believe investment-grade and high-yield bonds are at all-...
New Star’s James Gledhill and Phil Roantree believe investment-grade and high-yield bonds are at all-time bargain levels despite the bleak macro outlook. The managers said spreads remain at historic highs, and the market has priced in more possible defaults than they expect. “You are probably already protected, on the downside, against a worst case scenario,” said Gledhill. Roantree added that while we are moving into a period of cyclical slowdown that would normally be very bad news for investment grade bonds the recent sell-off stands the market in excellent stead regardless. “We a...
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