Invesco Perpetual's Read expects defaults to peak in six months

Invesco Perpetual co-head of fixed interest Paul Read does not expect default rates to peak for at l...

Invesco Perpetual co-head of fixed interest Paul Read does not expect default rates to peak for at least another six months. Read - the co-manager of the group's Corporate Bond, Distribution and Monthly Income Plus funds - believes defaults will first find a ceiling in the US market, with the UK and Europe to follow shortly after. "I think we are six to nine months from default rates peaking," Read says. "To a sense it does not matter, it has already been priced in. Look at General Motors paper, it is priced in pennies." The £3.89bn Invesco Perpetual Corporate Bond fund is ranked 28...