< The 2014 All-Europe Fixed-Income Research Team
Deutsche Bank and J.P. Morgan tie for second place, advancing from No. 3 and runner-up, respectively. London-based Francis Yared pilots his seven-person Deutsche squad to its first second-place appearance. The researchers anticipate a normalization of core rates this year, propelled by growth in the euro area and a slowdown in the pace of fiscal tightening. Overall, they believe that the region will enjoy structural improvements as European markets grow increasingly domestic and the European Central Bank becomes more active and preemptive in implementing its policies. In light of expected tightening in European asset-backed-securities spreads, Yared and his colleagues expect senior tranches of U.K. nonconforming residential mortgage-backed securities and leveraged-loan collateralized loan obligations to be top performers in 2014. Finally, they also favor second-tier Spanish covered bonds, as well as Italian Treasury notes and bonds. |