Global Head of Research, Strategy and Analysis at Amundi
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The Eurozone sovereign spreads have fluctuated depending on electoral and political events over the last six months. However, the evolution of the ECB's QE's will also play a crucial role. it is very likely that we will enter an era of higher Eurozone sovereign spreads.
Strategy and Economic Research at Amundi
EUR corporate bonds continue to track the firming momentum of macro and micro trends, and spreads have tracked the fall in equity implied volatility to lower levels. Credit markets, therefore, recently de-coupled from sovereign debt, which is being negatively impacted by political uncertainties. After such an outperformance we address the valuation issue, with specific reference to the usual drivers and the yield curve segments.
Valentine AINOUZ, Sergio BERTONCINI