Widespread chaos has been predicted in the bond markets as the world's three largest ratings agencies said their ratings could not be used in any marketing material.
Old Mutual's Stephen Snowden says subdued economic growth is a positive driver for credit markets as it forces companies to become more fiscally prudent.
Henderson head of retail fixed income John Pattullo believes subordinated bank bonds could enjoy a sharp price spike should this month's European stress tests prove positive.
Growing negative sentiment surrounding oil giant BP has led to one of its bonds being the most shorted of any US investment grade corporate issue.
Gartmore head of multi-management Tony Lanning has added the BlackRock European Dynamic fund to his portfolios, reducing his long-term underweight in the region.
Corporate bond fund managers have been forced to build high cash positions in their portfolios after new issuance from European companies dried up over the past month.