Value is still available in corporate bonds but only by carefully avoiding the losers

The Debate

This week's conjecture debates what lies in store for the the credit market

Corporate bonds were seen as an investment haven during the bear market but have since fallen from favour on the back of soaring valuations. This week's Conjecture discusses the outlook for the market. Taking part in the debate were Chris Bowie, head of credit at Britannic Asset Management, and Paul Brain, director of investment management at Newton. What have been the major themes in the corporate bond market over the past five years? Paul Brain (PB): The biggest theme that has changed over the five-year period is that we have moved from bondholder-friendly activity to shareholder-frien...