Debt

Fitch Ratings says in its latest Macro-Prudential Monitor that global credit growth is not likely to have a strong pick-up in 2015. Hence, macro-prudential risk indicators (MPI) could continue to trend lower with the highest risks still largely confined to emerging markets (EMs).

Amundi adds to its Fixed Income ETF range by launching the first ETF in Europe to offer exposure to the Markit iBoxx EUR Liquid Corporates BBB Top 60 index. This innovative ETF, listed today on Euronext, will then be cross-listed on the major European stock exchanges.

By hook or by crook, senior bondholders are in line to help plug the €14.4 billion capital gap that the ECB’s asset quality review and stress test revealed in Greek banks’ balance sheets.

After a long period of decay, asset quality is improving at Portugal’s banks — and political uncertainty seems unlikely to interrupt the trend.

Concerns about a weakened bank’s senior unsecured debt potentially being bailed in should not taint investment views for banks in decent-to-good credit shape; for financially healthy banks resolution remains a very remote probability.