Forbidden fruit

Unrated bonds

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Anybody waiting for investors to reach anything approaching a consensus view on the thorny issue of unrated bonds would be well advised not to hold their breath.

Admittedly Karl Bergqwist, head of credit research at Gartmore Investment Management, speaks for a number of fund managers when he delivers his uncompromising verdict on unrated paper. “Unrated bonds are fundamentally bad for the market,” he says. “It is a worrying and unfortunate trend that we have seen so many unrated bonds coming to

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