Investors in the riskiest bank debt in Europe were stung by losses in March as the fledgling market more than doubled in size.
Aviva Investors sees value in some of Europe’s riskiest bank debt as defaults in the region decline amid signs of economic stability.
When a French utility completed its sale of 100-year bonds denominated in pounds in January, Mexico took note.
Investors are selling Spanish debt, judging the rally that cut the country’s borrowing costs by 8.5 billion euros ($11.8 billion) last year has run its course.
Aviva Plc took a 132 million pound ($221 million) charge after saying two former employees breached its trading policy since 2006 to the benefit of external hedge funds.
Chinese companies will have to pay higher yields to borrow in dollars as the first default on an onshore bond looms, Aviva Investors Asia Pte said.
Aviva Investors’ Chief Investment Officer Shahid Ikram has left the firm following a review of the business, according to a person with knowledge of the matter.
The number of Chinese companies with debt double equity has surged since the global financial crisis, suggesting the first onshore bond default won’t be the last.
Aviva Plc rallied to its highest in more than five years after profit beat analysts’ estimates and Chief Executive Officer Mark Wilson said he planned to restore bonuses at the U.K.’s second-biggest insurer by market value.
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