By Sajiv Vaid, bond fund manager at Royal London Asset Management Within the fixed income universe...
By Sajiv Vaid, bond fund manager at Royal London Asset Management Within the fixed income universe during 2001, there has been one sector that has shone out and become firmly established as a market in its own right ' the non-gilt (credit) market. Reasons for growth in the sector are well known, in particular the support derived from the fiscal and monetary discipline of the UK government since 1995. Over this period, government finances as a percentage of GDP went from a deficit of 5% to an estimated 1% surplus for 2001, which meant a marked decline in gilt issuance. The decline in ...
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