Sector roundup

Sectors

The European bond markets are practically unrecognisable compared with last year. With few credit blow-ups and very tight spreads, the focus for credit investors this year has been selecting the correct sector rather than avoiding the bad apples. This means the sectors that provide most yield have benefited most, especially telecoms and more recently autos.

This, suggests one portfolio manager, signals that the end of the credit strategy holiday is nigh. Rather than sell-side cr

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