< The 2014 All-Europe Fixed-Income Research Team
James Reid and his Deutsche Bank crew repeat at the head of this roster, earning praise for being “always on top of everything,” as one investor says. Indeed, the London-based threesome also captures first place for a fourth year running in both General Strategy and Investment-Grade Strategy. Central banks’ interventions in 2014 will continue to generate surplus global liquidity, suppressing interest rates and supporting near-zero default rates for European high-yield fixed income, which in turn will “drive investors down the credit curve,” says Reid, 39. “Spreads are through their long-term averages,” he adds, “but are not yet close to extreme levels.” Accordingly, the strategists are long on the asset class and predict a narrowing of 50 to 70 basis points by the end of the year. In particular, they deem single-B issues the most inexpensive and therefore favorable of high-yield bonds. Reid and his colleagues “produce timely information and insightful macro commentary” that is “one of the most read,” acclaims another advocate. |
