Floating on a system for fixed income

What was formerly referred to simply as the bond market has become both one of the most complex and demanding areas for investors and their portfolio managers (PMs) - and the most attractive. With variations in instrument structures, liquidity sources and potential returns for investing in debt, the world of fixed income shed its fusty image some time ago, and is no longer seen as the secure, if slightly staid, safety net of a balanced portfolio.

The days of the 60-40 fund have become something o