Lack of New Supply, Low Rates Has Managers Tapping Secondary

Albano, Christine
May 2003
Bond Buyer;5/16/2003, Vol. 344 Issue 31637, p27
Trade Publication
The article focuses on the strategy adopted by portfolio managers to enter into the U.S. secondary market. Some are finding success with such traditional high-yield products as nonrated life-care bonds and lower-investment-grade utility debt, while the volatile airline and tobacco sectors have attracted the attention of others. Jim Murphy, a vice president at T. Rowe Price in Baltimore, said his core strategy is rooted in sector allocation and name selection, as well as staying fairly conservative when it comes to airlines and tobacco bonds.


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