Bond markets face stagnation -- or do they?

Citigroup exec paints a bleak picture, but some bond managers disagree.

There is nothing more wearisome than a panel of experts at a conference who all agree with one another. Fortunately for the audience, a panel of fixed-income experts yesterday at a conference on global bond markets held in Hong Kong failed to see eye to eye.

Scott Peng, director at Citigroup Global Markets and head of US interest rate strategy, outlined a bleak view of the bond markets in 2006, arguing that trends were headed for stagnation, meaning active managers would struggle more than ever to add alpha.

Three panellists from the fund management world disagreed and said in fact opportunities continued to exist, but these would...

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