 Marks: surprised by European demand |
Take the archetypal European bond investor, perhaps not the Belgian dentist of lore but a successful Italian fashion designer. She used to get a double-digit return on her Italian government bonds but, according to the story we have all learnt by heart, the introduction of the euro has brought yields on government bonds down to rock-bottom levels.
Add another entry to the long list of products – corporate bonds, high-yield bonds, municipal bonds, asset-backed securities, convertibles and so on – which can give her a yield pick-up.
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