One-time bond pariahs like Ireland now go neck and neck with Germany, France

European Central Bank official Philip Lane pointed to the relative stability of euro-area bonds this year, even as other debt markets saw significant price swings.

A decade and a half 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.