In this episode of No Free Lunch, host Greg Stewart engages with Conway Williams, head of credit at Prescient Investment Management, to explore the intricacies of the bond market. They discuss the fundamental nature of bonds, the current dynamics affecting credit pricing, and the role of asset management in navigating these challenges. The conversation also delves into the impact of state-owned enterprises on market liquidity and the implications of global trends on local bond markets. Throughout the discussion, the importance of understanding risk and making informed investment decisions is emphasised.