Funds, private banks dump bonds over Fed signals
In one of the worst sell-offs since the European sovereign crisis in 2011, PMs and private banks took cue from the Fed's QE exit hints to cut their bond portfolios significantly.
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Portfolio managers and private banking clients were behind this week’s haphazard sell-off of Asia sovereigns and corporate bonds, caught out by the US Federal Reserve’s signals to taper off quantitative easing.
Bond traders and strategists say both high-yield and high-grade bonds – ranging from emerging market issues from countries such as Indonesia and the Philippines to those from leading Asian banks and conglomerates – had suffered.
Amid perhaps the biggest sell-off since Oct…
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