European Morning Credit: Today in European Credit

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European Morning Credit: Today in European Credit

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European Morning Credit

Today in European Credit

Strategy 13 July 2026

Follow The Flow: Over the past week, inflows accelerated notably into high-grade and Credit

high-yield funds. In a world of lower rates volatility and attractive yields across fixed- Europe

income products inflows into both credit and government bonds remained strong last European Credit Rsch Grp

week. See: A hot summer for credit (IA) BofASE (France)

See Team Page for List of Analysts

Chemicals

Akzo Nobel (AKZANA): Akzo Nobel confirmed it has received multiple non-binding

proposals from Nippon Paint regarding acquiring Akzo’s Decorative Paints business.

Nippon Paints’ offer values Akzo’s Deco Paints business at €7.5bn EV, 11.6x to EBITDA Exhibit 1: Just published

(FY25). The offer comes after Akzo rejected multiple offers from a Sherwin-Nippon Recent publications from European Credit

consortium looking to buy its entire business, to be split between the two acquirers. Research

Akzo Nobel’s Board sees the current Nippon offer as undervaluing its Deco Paints Follow The Flow

business and continues to recommend the Axalta merger as the best path forward. (WD) A hot summer for credit

Ioannis Angelakis

Bayer (BAYNGR): Moody’s have changed Bayer’s outlook to stable from negative,

affirming its Baa2, citing a meaningful reduction in glyphosate litigation tail risk post Source: BofA Global Research

SCOTUS decision. Moody’s also highlights Bayer’s recent €3bn minority equity BofA GLOBAL RESEARCH

transaction with Apollo Global, expecting the transaction to help cover near term

litigation outflows and 2026. liquidity needs. S&P also affirmed its BBB rating for Bayer

but kept its negative outlook.