I September 2015
Corporate Credit: Back to school - The edge of normality
[Figure 47: EUR-GBP Bond Yield and Spread Differentials
50 *Yield • ASW (local) ASW (EUR)
0
• ," • . • •
•e
iiti I WINO on • rate ri iff le a
-50 • qui It • ils IN a
IIII *
la is 3
OE • II M • •
II • • •
• II
-100 • • • a
• *•.. • II.e • • • • ••
•• •
Ste a • •• • •
-150 • 4%
• S. $1 I
• .•
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** •
•
-200 •
-250
0 2 4 6 8 10 17 14 16
Life (Years)
Sant Datum Ber.t. looney manor UP
Overall it does appear that even once we've taken into account the yield and
currency impacts USD and GBP credit is starting to look more attractive.
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