Published by : Legg Mason Global Asset Management
Brandywine offers its opinion about current pricing and risks in the global high yield market:
- Unlike in the U.S., where banks have appropriately deleveraged, European deleveraging must continue before a vibrant lending market can re-emerge and the economy can reach a sustainable growth velocity.
- Credit investors prepared to act as disintermediators play a vital role in not only improving the systemic strength of the European economy, but also may benefit from attractive prices as new credit supply comes in the form of old loans being sold off bank balance sheets or new loans that come directly to market and never reach balance sheets.
- In our view risk is generally receding in Europe and valuations are relatively attractive. Therefore, we believe the best combination of value and compensated risk is found in European corporate credit, European asset-backed debt, and European structured credit.
Published:22 September 2014
Business Area: Markets
Type: Portable Document Format (.pdf)
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