< The 2014 All-Europe Fixed-Income Research Team Andrew Sheets & team Morgan Stanley First-place appearances: 0
Total appearances: 1
Team debut: 2014 Andrew Sheets captains his Morgan Stanley quartet to a third-place debut. The researchers, who also garner runner-up positions in General Strategy and Investment-Grade Strategy, have a pessimistic macro stance on Europe this year. “We only expect growth of 0.5 percent,” says American native Sheets, “due to sluggish consumer demand, hesitancy for consumers to borrow and government policy focused on recovery.” Given that anticipated weakness, they recommend climbing the credit rating spectrum from subordinated debt to senior secured paper. In addition, the strategists dislike short-dated high-yield credits and favor higher-rated bonds, moving from single-B to double-B issues, which they believe offer better value at extended maturities. The Morgan Stanley troupe composes “comprehensive reports on all the high-yield technicals, fundamentals and valuations a high-yield investor needs,” cheers one admirer. London-based Sheets also co-leads (with Phanikiran Naraparaju) the No. 2 squad in Credit Derivatives.