Technicals don’t reflect fundamental truths

Far from perfect

rob-davies-v2-credit-2009

What a strange old time it has been in the bond markets. To look at where the various benchmark indexes finished March compared with where they ended February, it might be easy to think last month was one of the most uneventful of recent times.

The average yield to maturity on Barclays Capital’s Aggregate Global High Yield Corporate index – a good barometer of investor sentiment – stood at 7.58% on March 28, 11 basis points wider than February 28. The Euro Aggregate Treasuries index, which had

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