It seems like a bad dream now. The storm that engulfed bond funds a few years ago has given way to calm. It has been some time since the last credit event. No longer are these funds ‘side-pocketing’—carving out bad apples from a portfolio. Haemorrhaging in the asset base of debt funds has mostly subsided. Embattled Franklin Templeton India has salvaged some of its reputation by largely paying back investors in its six wound-up debt funds. A
