Santosh Das Kamath, MD & CIO for fixed income at Franklin Templeton Asset Management India Pvt, told Mint that currently the spreads on lower rated papers are significantly higher than AAA papers or government bonds. "Though there are some risks of some credit going bad. over a long term, on a net risk-reward basis, credit funds offer significant opportunities for retail investors,” he said. The fund manager was speaking on the sidelines of the Mint Mutual Fund Conclave in Mumbai.