Published: Nov. 13, 2023

Now available our HY CREDIT MARKET COMMENT by Ver Capital SGR !!
Key highlights:
- This week, investors' attention is mainly focused on upcoming macro data, in particular US inflation on Tuesday and the Biden-Xi Jinping meeting (Wednesday) on the sidelines of the APEC event;
- Last week, Powell said that further progress in the process of slowing price increases is uncertain, and that the Fed is not convinced that it has already reached a sufficiently restrictive level of monetary policy;
- In the fight against inflation, the Eurozone is only apparently better off than the US. In the next 12 months prices are expected to rise by 4% y/y from 3.5% in August;
- European high-yield issuance year-to-date stood at €35.2 billion ($37.3 billion), compared with €23.9 billion for the same period in 2022;
- Many issuers are focusing on deleveraging, notably through asset disposal;
- Credit selection progress will be the key for future performance. The Euro HY market is now offering an average YTW of 7.87% with BBs yielding at 6.5%, Single Bs at 8.5%.
Read the Comment for further details!