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 18 May 2026

Follow The Flow: Over the past three months, amid rising geopolitical tensions, we Credit

have seen a barbelling tendency to flow trends. EM debt and government bond funds Europe

have been seeing strong inflows, while credit funds have been lagging overall. See our European Credit Rsch Grp

full note: Follow The Flow: Barbelling flows 15 May 2026. (IA) BofASE (France)

See Team Page for List of Analysts

Financials

UK Banks: the UK chancellor is set to unveil reforms to the UK ring-fencing regime,

according to an unconfirmed Sky News report on Saturday. Reforms would broaden

asset eligibility criteria for the safer ring-fenced entities. Sky cites public financial Exhibit 1: Just published

institutions and selected infrastructure projects and hedging assets. If confirmed, we Recent publications from European Credit

would see it as neutral for UK banks’ investment theses. See below. (RT/LG) Research

Mining FollowBarbellingTheflowsFlow

Anglo American (AALLN): Anglo American has announced a deal to sell its Australian Ioannis Angelakis

steelmaking coal mines to Dhilmar Ltd for US$3.875bn. The deal consists of a US$2.3bn

upfront cash on completion and a price-linked earn-out of US$1.575bn, with all proceeds

to go towards net debt reduction. With the announced sale to Dhilmar, Anglo completes Source: BofA Global Research

the sale of its steelmaking coal business for US$4.9bn, including the US$1bn Jellinbah BofA GLOBAL RESEARCH

mine sale. The sale is expected to be completed by 1Q27. On the Peabody termination

of the initial steelmaking coal deal (for $3.8bn), Anglo continues to pursue arbitration