FIXED INCOME
Financials still offer excess spreads relative to corporates But it is becoming necessary to be selective within the capital structure
Tier 2/Senior spread (in bps)
Spread difference between financials and corporates (in bps)
300
Fin/Indu Z spread
250
90
200
150
100
70
50
0
2019 2020 2020 2021 2021 2022 2022 2023 2023 2024 2024
50
Tier 1/Tier 2 spread (in bps)
30
500
400
10
300
200
-10
100
2019
2020
2021
2022
2023
2024
0
2019 2020 2020 2021 2021 2022 2022 2023 2023 2024 2024
Public Sources : Rothschild & Co Asset Management, Bloomberg – 31/12/2024 This presentation contains historical market data. Historical market trends are not a reliable indicator of future market behavior. This data is provided for illustrative purposes only. Depending on the date of issue, the information presented may differ from the updated data
95
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