The USD 1.5 trillion asset manager is overweight in both sectors amid confidence that the European Central Bank will keep supporting lenders and that the economy will bounce back from a coronavirus slump, said David Zahn, its head of European fixed income. Double-B and other high-yield bonds are a particular focus.
"We think that is a good place to be in both financials and industrials," Zahn said by phone, without naming specific companies. In financials, the investor is overweight in both subordinated and senior debt.
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