09 Jul 2019 2 min read

Credit before credit is due

The return investors expect for accepting credit risk is often thought of as the credit spread, minus the cost of downgrades and defaults.

But that neglects the significant benefits that can come from credit spreads tightening as bonds get closer to maturity, also called credit rolldown.

John Roe

Head of Multi-Asset Funds

With failed football dreams behind him, John applies the same level of enthusiasm to investing and how to improve outcomes by battling behavioural biases. He leads on oil research, but also gets involved in a wide range of macro topics. That love of variety also explains his craft beer fascination. Hard to shut up, he’s a regular guest on Bloomberg, a conference speaker and an LGIM Director. His analytical thinking benefits from being an Actuary with an economics degree and having previously worked as a strategist at RBS.