An Edhec-Risk Institute survey found that in Europe, exposure to government bonds rose from 13 per cent to 66 per cent between 2006 and 2019, while corporate bonds increased from 6 per cent to 68 per cent in the same period. Drilling down, Edhec’s research, to be published on Monday at an ETF Stream conference, found that about three-fifths of the institutions it surveyed focused on three factors integral to the credit risk market: carry/level of the yield curve, credit and slope of the yield curve.
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