Slim pickings

New Issues

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Corporate bond investing has always used an ‘avoid the bad apple’ approach – pick a diversified portfolio and watch for the ones going sour. But after a year in which many important European and US corporate borrowers have turned out to be unsavoury and in some cases plain rotten, investors are now suspicious of every company.

Investors’ priority is damage limitation. Fund managers are selling any holdings in bonds that start to move by even the smallest amount and eschewing any new deals wit

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