MSIM favours European over US, Japan debt
With the US having exited quantitative easing and Japan doubling down on stimulus, Jim Caron of Morgan Stanley Investment Management sees European debt as attractive given low interest rate risk.
Though Europe is languishing in the economic doldrums, fixed income from the continent offers value as interest rate risk is comparatively low, said Jim Caron, portfolio manager for global fixed income at Morgan Stanley Investment Management.
He is similarly enthusiastic about debt in commodity-based economies, but downbeat on Japanese and US fixed income.
Real yields are relatively high across much of peripheral Europe, with high-yield bonds returning close to 4%, and issues da…
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