FIXED INCOME
European credit is not at extreme historical valuations
The move from 2022 has been impressive
Index spread percentile over 20 years
Low prices
High prices
Europe IG
27%
Europe Fins IG
27%
Europe Corp IG
26%
Europe HY
21%
US IG
1%
US Fins IG
18%
US Corp IG
1%
US HY
6%
EM Hard currency
1%
EM Local currency*
1%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100%
2023
2022
Public
92
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