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 10 July 2026

The European Credit Strategist: 2H has started with rotations and "pain" trades. In Credit

credit, AT1s take a big leg tighter while retail sector bonds widen. Hyperscalers at close Europe

to $200bn supply this year. Signs of "indigestion" clear. But CHF/Euro/CAD bonds European Credit Rsch Grp

proving defensive. Corps "safer" than sovereigns. 10yr rolling returns negative for bunds, BofASE (France)

but positive for credit. See: Let’s get hyper (BM) See Team Page for List of Analysts

RV Panorama: Macro vol has subsided and yields in the credit space remain attractive.

However, valuations are rich, too. For CLOs, we see value in new issue triple-As. Lower

in the cap stack, we prefer more defensive positioning. We look for best relative value

Exhibit 1: Just publishedopportunities between the two markets. See: Credit vs. CLOs – searching for value (IA)

Recent publications from European Credit

Paper and Packaging Research

Stora Enso (STERV): Yesterday, Stora Enso published the results of its bond consent The European Credit Strategist

solicitations ahead of the spin of its Forest business. The notice states the Extraordinary Let’s get hyper

Barnaby Martin

Resolutions regarding all the SEK bonds and the Euro 2029s were successfully passed by

bondholders. Meanwhile, the meetings regarding the Euro 2028s, Euro 2030s and the Merlin Entertainments

USD 2036s were dissolved with the consent solicitations terminated for these bonds. Deep dive into park crowd data

(WD) Mark Xu, CFA

Leisure RV Panorama Credit vs. CLOs – searching for value

Merlin Entertainments (MERLLN): We deep dive into 10 years of crowd data across Ioannis Angelakis