Bond opportunities despite atrocious background

InvPerp's Paul Causer believes worst of de-leveraging phase is over, highlighting strong April returns for credit market

High-profile bond managers claim the asset class continues to present opportunities despite the atrocious macro environment. Invesco Perpetual manager Paul Causer is positive on bank bonds and believes the worst of the de-leveraging process is over. "Despite some retrenchment in recent weeks, credit markets have rallied sharply since mid March," he said. "The rescue of Bear Stearns marked the nadir of at least the first phase of the credit crunch and credit markets have since rallied sharply. "April saw the strongest return in credit markets for over five years and high-yield spread...