Besieged bond funds wait to pull the trigger

Fortune favours the bold, wrote Virgil. But his Trojan Aeneis, mythical founder of Rome, obviously never invested in credit-spread products.Global fixed-income fund managers say they are not yet ready to take big positions despite the tantalising opportunities that the current bout of volatility is creating.ôStunning value is being created,ö says Kevin Colglazier, London-based CIO at Standard Bank, which specialises in high yield and emerging-market debt, areas where spreads have ball…