Euro Investment Grade Credit: The Ukraine Shock That Never Was?

Bonds word in wooden blocks with coins stacked in increasing stacks

Andres Victorero

By Sandrine Soubeyran, Global Investment Research, FTSE Russell

2022 has been a volatile year for credit markets, but a closer inspection highlights some striking differences. Let’s take the EM, Euro and US high yield (HY) credit markets* as examples (Chart 1).

Regional high yield credits

Corp bonds vs. equities performance

Euro credit spreads

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