Fidelity's Spreadbury snaps up Italian and Spanish debt

Fidelity's Ian Spreadbury has snapped up some Italian and Spanish sovereign debt, as well as corporates in both regions, to provide his funds with some extra yield.

Spreadbury, running the group's MoneyBuilder Income and Strategic Bond funds, said there was an opportunity in both Spanish and Italian government debt thanks to the attitude of politicians in Europe. "The resolve in Europe is strong to keep these countries [like Greece] in the eurozone," he said. "The problem I have is the level of uncertainty in Europe, and if Greece was to leave that could cause more volatility. "But clearly the yields on those bonds are pretty high relative to what you get in core bonds, and I do hold both sovereign and corporate bonds in peripherals like Spain...