< The 2014 All-Europe Fixed-Income Research Team
| James Reid & team | Deutsche Bank | First-Place Appearances: 2 Total Appearances: 3 Team Debut: 2012 | James Reid and his Deutsche Bank crew repeat at the head of this roster, earning praise for being “always on top of everything,” as one investor says. Indeed, the London-based threesome also captures first place for a fourth year running in both General Strategy and Investment-Grade Strategy. Central banks’ interventions in 2014 will continue to generate surplus global liquidity, suppressing interest rates and supporting near-zero default rates for European high-yield fixed income, which in turn will “drive investors down the credit curve,” says Reid, 39. “Spreads are through their long-term averages,” he adds, “but are not yet close to extreme levels.” Accordingly, the strategists are long on the asset class and predict a narrowing of 50 to 70 basis points by the end of the year. In particular, they deem single-B issues the most inexpensive and therefore favorable of high-yield bonds. Reid and his colleagues “produce timely information and insightful macro commentary” that is “one of the most read,” acclaims another advocate. |