Global Credit Insights

Sebastian Ashton, CFA

SAA Advisors

Thematic (Sector/Industry)

Czech republic / Thematic (Sector/Industry)

Following the continued volatility in global markets we have updated our relative value analysis shown though visualizations that compare and contrast both the European and US high yield credit markets.The charts highlight that the European credit markets are trading wider in Z spread terms and with greater dispersion than the US market suggesting that this maybe a more attractive market to look for idiosyncratic opportunities.Despite the weakening macro economic backdrop, we believe this view to be supported by the continued lower default rate environment in the European market.

Following the continued volatility in global markets we have updated our relative value analysis shown though visualizations that compare and contrast both the European and US high yield credit markets.The charts highlight that the European credit markets are trading wider in Z spread terms and with greater dispersion than the US market suggesting that this maybe a more attractive market to look for idiosyncratic opportunities.Despite the weakening macro economic backdrop, we believe this view to be supported by the continued lower default rate environment in the European market.

Global High Yield Relative Value Update