By Jennifer Chirrey, a fund manager at Abbey National Asset Managers This year has been one of t...
By Jennifer Chirrey, a fund manager at Abbey National Asset Managers This year has been one of the most challenging and volatile for bond investors in all asset classes, with such names as WorldCom, Tyco and Ericsson all falling into the sub-investment grade category. Before this there had been extremely strong technical demand for sterling corporate bonds. Falling equity markets have forced insurers to review equity backing ratios to maintain solvency ratios and pension fund trustees to increase bond weightings to maintain the minimum funding requirement. This has resulted in an i...
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