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Ostrum takes part in AGEFI roundtable on convertible bonds


French financial weekly L’AGEFI Hebdo recently welcomed Philippe Garnier, convertible bond portfolio manager and co-fund manager for Ostrum Asset Management’s Ostrum Convertibles Euro Fund, for one of its traditional roundtable discussions, along with three other portfolio managers who cover the same asset class. The discussion was included in the Débats & Opinions supplement published with the June 28, 2018 L’AGEFI Hebdo, “OBLIGATIONS : le temps des convertibles” (in French only).

This was an opportunity for Philippe Garnier to introduce Ostrum Asset Management’s convertible bonds team and present his take on convertible bonds and why they are attractive in today’s environment: they carry much lower risk than in the past, they should act as an accelerator for European growth, and they provide clear advantages in light of central banks’ intervention that has been artificially compressing yields. Philippe also discusses central banks’ policies in the context of increasing regulatory requirements for banks, as well as liquidity and credit risk on convertible bonds. He provides insight into convertible bonds’ greater volatility, which explains their cost, and discusses the importance of the timing of arbitrage moves, while also giving an analysis of volatility trends and valuations across Asia, Japan, Europe and the US.

Click here to view the L’AGEFI Hebdo “OBLIGATIONS” supplement (in French only)

On 3 April 2018, Natixis Asset Management became Ostrum Asset Management.