Anne Milne & team Bank of America Merrill Lynch
Holding third place for a second straight year is the Bank of America Merrill Lynch foursome guided by Anne Milne, who is based in New York. “Anne and her team are extremely detailed with their analysis — her depth of knowledge is quite impressive,” applauds one investor. “Global uncertainty has led to a volatile market with sharp movements in prices and valuations,” Milne says. The team’s advice? Hang on. The strategists are urging investors to remain long on Latin America bonds, which in the first half of the year underperformed relative to other emerging markets’ bonds, Milne explains. Among the instruments they recommend are the 8 percent 2018 Eurobonds of Chilean bus services provider Inversiones Alsacia, “on improved results and new concession agreements that are more favorable to operators,” she says. Issues to avoid include the 2016, 2018 and 2020 dollar-denominated bonds of Brazilian beef processor Marfrig Alimentos, because of “outperformance on the bonds and underperformance on the fundamental side — Marfrig remains highly leveraged, with low interest coverage and negative cash,” the team leader says. — Thomas W. Johnson
RUNNER(S)-UP
Christopher Buck & team Barclays
Jacob Steinfeld & team J.P. Morgan