Telecoms give the best performance in sector

Investment grade telecom bonds are presently the best performing area in the sector, with spreads tightening by 10 basis points over the past month, says Andrew Crawford, head of investment grade credit research at Threadneedle. Crawford says that within the sector rating levels are considered to have stabilised, companies with debt positions have because more discrete about capital expenditure, investment spending and merger and acquisition activities, and a lot of the underperformance in the 12 months to April 2001 was down to a reaction to new debt issues. For the remainder of the y...