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’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.”

These notes are trading with credit spreads that “are tighter now than before the Covid-19 crisis in February,” Onica said in an interview.

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