Matt King, Global head of credit products strategy, Citigroup, London
The fundamental links between credit and yield levels are weaker than many investors think, and the inconsistencies in the recent correction lead us to believe that, as in February, this sell-off has more to do with positions than anything else. Once positions have fallen significantly, our recommendation is to buy.
This might seem to fly in the face of the 'common sense' relationship between yields and credit. Bond yields r