The USD 9bn of subordinated euro bonds sold by Sweden’s property companies could suffer further price drops after hitting record lows last month, said Max Berger, a portfolio manager at DWS Investment GmbH in Frankfurt, which oversees USD 902bn of assets including active fixed-income portfolios.
Still, the so-called hybrids -- notes that rank junior to senior debt and have very long or no maturities -- may now offer a good entry point for investors with a long-term horizon, according to Berger. He spoke to Bloomberg’s Love Liman in a series of interviews culminating on July 8. Comments have been edited and condensed.
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