Corporate bonds are back in vogue this year but how sustainable is it?
Just to highlight how bullish people have become, see following comments from fund managers:
“We do see scope for 2012 to deliver narrower corporate credit spreads and that will be the major positive contributor to fixed income returns this year.” – Chris Iggo, CIO Fixed Income, AXA Investment Managers)
Sums up the mood nicely: “‘Make-or-break’ EU summit No. 5,693″ from Credit Agricole
Who’s tired of the ”Markets up on Greece, markets down on Greece” headlines of the past few weeks? (I am.)
Today it’s an up day, with world stocks hitting a six-month peak on hopes that Greece will secure a second bailout package next week (finally, really).
LONDON (Reuters) – World stocks rose near a six-month peak on Friday and the dollar hit a 3-1/2 month high against the yen as hopes for a long-awaited Greek bailout deal next week following on from strong U.S. data encouraged investors to buy riskier assets.
Greece expects to get approval on Monday from euro zone finance ministers to begin a debt swap with private bondholders, a spokesman for the Greek government said, moving closer to averting a disorderly default.