J.P Morgan's Gartside: Why I am backing Spanish debt

J.P. Morgan Asset Management's Nick Gartside bought Spanish 10 year debt as the ECB's bond buying plan, announced last week, means he now knows "the rules of the game".

The manager of the £552m Strategic Bond fund and CIO of global fixed income said the central bank's recent actions indicate a turning point for fixed income markets in Europe. Gartside described the eurozone crisis as a three legged wobbly stool, with week public finances, sovereign stress and bank fragility.  "The ECB's Ongoing Monetary Transations (OMT) can stabilise sovereign stress, yields in Spain and Italy are already meaningfully down. It buys time again, which allows countries to deliver on political and economic reforms," he said. The manager now has 5% of his portfolio in...