Cheng says it's about yield

Stephen Cheng talks about sub-investment grade bonds

In the first in a series of interviews with fixed income research heads, UBS Warburg's Stephen Cheng talks about his firm's approach and the best calls they have made this year.

What have been the major trends in fixed income research in the past year
It's important to recognize that the fall in interest rates has meant that a lot more investors have been looking for incremental yield. So we've seen a lot more investors coming and asking questions about investments lower down the credit curve. So from a trend perspective, I have been looking more at the sub-investment grade category. Two years ago investors were more focused on high grade names. Now they...

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