High yield but not high enough

Abbey National, Europe's largest investor in high yield debt, has slashed its junk bond portfolio by almost 30%, according to a company spokesperson.

The move to cut the portfolio from €2.8 billion to €2 billion followed an investment review, instigated by Mark Pain – who was appointed as head of the investment banking arm, Abbey National Treasury Services, in October last year.

As part of the change two of Abbey National’s investment managers responsible for high yield, Louise Parker and Jim

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