Europe’s born-again bonds

FIFTEEN years ago, Guillermo Felices was helping clients navigate Europe’s sovereign debt crisis. Now, he’s extolling the bonds once at the centre of that storm. 

Italy, Spain, Ireland, Portugal and Greece, which nearly collapsed under the burden of their debt in 2011, have since transformed into top picks for firms like PGIM Fixed Income, where Felices works as a London-based investment strategist.