Swedish manager who bought junk at crisis lows has a new trade

The head of fixed income at one of Sweden’s largest pension funds is selling investment-grade bonds that have seen their valuation soar amid central bank interventions.
Skandia building | Photo: CHRISTENSEN SØREN/ERH
Skandia building | Photo: CHRISTENSEN SØREN/ERH
By Rafaela Lindeberg / BLOOMBERG

Skandia’s Alexander Onica, a portfolio manager whose department oversees USD 28bn of assets, is reducing exposure to “rated bonds down to BBB from real estate companies, banks, even industrial companies.”

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