Index delays leave passive bond funds in purgatory

Robert Mackenzie Smith
Olesya Dmitracova
06 Apr 2020

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Diverging approaches to the impact of coronavirus by credit rating agencies and fixed income index providers are setting up a potential wave of forced selling at the end of April, with passive funds most at risk from steep falls in the prices of corporate bonds.

As the pandemic brings entire industries to a near-standstill, rating agencies say they cannot ignore its implications for many companies’ prospects and must go ahead with downgrades, even if the crisis may prove short-lived.

“We can't

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