Carley's way

Jason Carley, head of fixed income research at Merrill, talks about some of the calls that have upset investment banking.

Have you seen a trend this year of fixed income research moving down the credit spectrum

It's been an interesting year in that regard, because high yield in Asia hasn't done terribly well. Realistically, our goal in providing high yield recommendations at this point in the cycle has been to help investors avoid problems, rather than suggesting aggressively that investors allocate into high yield names. There have been some high yield bonds that have done well through the year and we continue to like them. But realistically, when you look at some of the default rates in Asian high over the past two years, they are horrific.

Consequently, the focus from our end has...

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