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European investment grade credit: market sell-off exposes value


European investment grade credit has experienced widening credit spreads since February, which has created stock-specific value and enabled us to reduce our underweight in this area.

  • European investment grade credit spreads have widened significantly this year as the market has sold off
  • Certain stocks have reached spreads last seen pre-QE in 2016
  • Having been underweight European investment grade credit for the past year, we are reducing our underweight in this area

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