Credit’s demise has been greatly exaggerated

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Research & Strategy Insights

• Amongst risk assets, credit markets have continued to enjoy a positive backdrop – and we believe this looks set to persist in the near term.
• We expect lagging Euro Investment Grade spreads to catch up, in the wake of European Central Bank policy, stronger balance sheets and government bond curve dynamics.
• The tightening in US lending standards has pushed US default forecasts higher – for now.