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The European Credit Strategist

The European Credit Strategist by BofA Merril Lynch - 11 June 2012.

The European Credit Strategist
Home, sweet home

The Eurozone cavalry to the rescue

Longs are scared, shorts are also scared. That sums up the price action in credit over the last month: an orderly sell-off rather than a plunge. We see spreads squeezing for the early part of this week though, thanks to the Eurogroup’s commitment to help Spanish banks. Yet, until we see signs that growth and confidence have stabilized in the Eurozone, we remain cautious on credit. Bonds remain tight to CDS, and still vulnerable to repricing wider, especially over an illiquid summer.

“Nationalising” credit
Anecdotally, credit flows have become very biased to home names lately. French investors have been focused on French credits, Italian investors on Italian credits, for instance. Rather than a coincidence, this reflects a bigger...

Read more: download the PDF in English below (15 pages)

Jeudi 14 Juin 2012

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