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Six months is now a very long time in the bond markets. “If you had said to someone in the midst of the May and June sell-off that within a couple of months there would be a deal that would attract $100 billion of orders and tighten 60bp in the first two to three days of trading, they would have raised their eyebrows,” says Jamie Stuttard, head of international bond portfolio management at Fidelity Investments.
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