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By Gaurav CHATLEY, fund manager of the MG European Credit Investment Fund
We are increasingly becoming a more indebted society. This has been the case for years and the issue has been compounded by the covid-19 pandemic and the financial and economic problems resulting from this crisis.
The European Central Bank (ECB) has been an active investor in the European fixed income markets for around a decade. This started during the financial crisis and was still ongoing when the current crisis hit the markets. The actions of the ECB has led to a growing belief amongst the European credit investors that in this surreal landscape – where we have a huge and price-insensitive buyer in the form of the central bank – credit spreads are unlikely to...
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