Asset owners discuss debt mandate flexibility

Allowing changes in fixed income mandates can enable investors to cope better with rising interest rates, widening credit spreads and falling prices, said participants at a recent roundtable, as they discussed portfolio positioning. With expectations that government bond yields will rise and credit spreads will widen as the US tapers its stimulus programme, Stephen Thariyan, global head of credit at Henderson Global Investors, urged flexibility in bond investment guidelines. “Th…