Fund managers, including UBS and Schroders, are among those who have been buying property companies’ so-called hybrid bonds, hoping to profit from falling interest rates as some of these companies raise fresh capital to ease short-term cash flows.
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Investors pounce on ‘once in a decade’ trade in European property bonds
“This has been a once in a decade trading opportunity” for credit investors, said Zac Swabe, lead portfolio manager on European High Yield at UBS Asset Management.
