Europe’s largest asset manager, Amundi, expects Additional Tier 1 bank bonds to extend gains in what it sees as a broadly positive market for corporate debt. “We’re obviously in this kind of Goldilocks scenario, I think, where the central bank put remains on the table,” Steven Fawn, head of global credit at Amundi Asset Management, tells Bloomberg News’ James Crombie and Bloomberg Intelligence’s Stephane Kovatchev. “Sub-debt is one part of the market which we like,” Fawn says in the latest Credit Edge podcast, referring to subordinated bonds, including bank AT1s. In addition, the portfolio manager discusses Amundi’s macroeconomic outlook, fund flows and positioning by industry sector and ratings tier. Also in this episode, BI’s Kovatchev analyzes the impact of the Baltimore bridge collapse on the global supply chain.
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