Corporate bonds, not sovereigns, now the safe haven – L&G
In certain troubled eurozone countries corporate paper is safer than the government bonds
High grade, non-financial corporate bonds have replaced sovereign bonds as a safe haven for insurers and pension funds previously invested in the troubled sovereign bonds of the European peripherary, according to the asset management arm of UK insurer Legal & General.
Georg Grodzki, head of credit research at Legal & General Investment Management, says the exploding spreads of Greece, Ireland, Italy, Portugal and Spain in some cases exceed those of the high-grade corporate sector within the
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