{"id":54564,"date":"2023-08-29T19:25:05","date_gmt":"2023-08-29T23:25:05","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/too-soon-to-wave-goodbye-to-euro-high-yield-credit\/"},"modified":"2023-08-29T19:25:11","modified_gmt":"2023-08-29T23:25:11","slug":"too-soon-to-wave-goodbye-to-euro-high-yield-credit","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=54564","title":{"rendered":"Too Soon To Wave Goodbye To Euro High Yield Credit?"},"content":{"rendered":"
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By Sandrine Soubeyran and Robin Marshall, Global Investment Research, FTSE Russell <\/em><\/p>\n

Euro high yield (HY) credits have outperformed Euro investment grade (IG) corporate bonds, and those of other regions, both in July and since the beginning of the year.<\/p>\n

The FTSE Euro High Yield Bond index was up 1.3% and 6.5% respectively in July, and year-to-date, compared to 1.0% and 3.4% for the IG equivalents, while credits in other regions were modestly higher or lower. So why did Euro high yield credit outperform, and can this outperformance continue?<\/p>\n

Chart 1 shows Euro high yield bonds have followed Eurozone equities higher over the last twelve months, with much of the increase seen since Q2 2023, while the performance of investment grade corporate bonds was more subdued.<\/p>\n

Credit rallied for a number of reasons, renewed optimism over early central bank pivots, more confidence in a soft landing for growth and inflation, low default rates and increased risk appetite.<\/span><\/p>\n

Also, both the US Fed and Swiss SNB intervened to calm markets, and reduce systemic risks, after the collapse of Silicon Valley Bank, and Credit Suisse (CS) in Europe, upgrading depositor protection, and providing emergency liquidity.<\/p>\n

The Swiss authorities\u2019 decision to \u201cbail-in\u201d Contingent Convertible bond holders, or Cocos, added pressure on high yield debt markets since equity holders in Credit Suisse were treated more favourably than Coco bondholders in the resolution. But contagion has proved limited, helped by higher Eurozone bank Tier 1 capital ratios.<\/p>\n

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\"Euro <\/picture>
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The FTSE Euro high yield bond market has a sizeable exposure to banks (12%) and with other financials, they account for a weight close to 20% as Table 2 shows.<\/p>\n

Moreover, the next two largest industries, manufacturing and services represent a weight of over 20% and 25% respectively. While manufacturing has slowed within the Eurozone, services have remained robust, underpinned by post-Covid recoveries in consumer demand in sectors like tourism and travel.<\/p>\n

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\"Euro <\/picture>
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Shorter duration has also offered investor protection in high yield indices<\/strong><\/h2>\n

High yield credit issuers are rarely able to borrow in longer maturities, so HY indices tend to have shorter duration than IG indices. HY index duration proved volatile in the early days of Covid, as HY credits first fell sharply in price on risk-aversion and default fears, before rallying after the ECB began QE programmes, and eased financial conditions through its bank LTROs.<\/p>\n

Overall, as Chart 2 illustrates, the effective duration for the FTSE Euro High Yield Bond index fell from about four years in 2020 to close to its pre-Covid level of about three years.<\/p>\n

But HY issuance in Euros has been generally very low since Covid, as companies have often substituted bank finance, at more favourable terms. The maturity profile and duration of Eurozone HY debt has also shortened as a result.<\/p>\n

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\"Euro <\/picture>
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A further breakdown of the Euro HY performance across the curve shows yields declining in most maturities over the last year, with the 5-7-year section dropping the most, from 8% to about 6%.<\/p>\n

Even so, yield levels for Euro HY are still high, and higher than during the Covid spike. Only the 1-3-year area, which was close to 11% has fallen to about 8%. The longest part of the curve, the 10-year plus, while stable over the last twelve months, has seen the least yield compression since 2020 (Chart 3).<\/p>\n

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\"Euro <\/picture>
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Despite the higher yields, credit defaults, while rising, have remained relatively modest this year. According to S&P Global Ratings, the number of defaults in Europe fell from seven to six since January[1]<\/sup>.<\/p>\n

Meanwhile, European default rates are expected to rise \u201cto 4.25% in the US and 3.6% in Europe by spring 2024\u201d[2]<\/sup>, notably in the more speculative end of the market.<\/p>\n

However, comparing and projecting default rates with previous credit cycles may not be a reliable metric, given that default rates are also driven by covenants within bond prospectuses, and investor protection covenants have tended to weaken since the GFC.<\/p>\n

Credit quality of HY indices has improved as share of BB-rated securities increased<\/strong><\/h2>\n

Looking instead at the performance of different rating buckets within high yield, lower rated CCC securities have underperformed, as Chart 4 shows, and much of the positive performance came from the higher quality BB-B securities, which make up 76% of the FTSE Euro High Yield Bond index exposure.<\/p>\n

The higher share of BB-rated securities in HY indices reflects the impact of rating downgrades, in some cases \u201cfallen angels\u201d, which have migrated from IG to HY. But this has improved the overall credit quality of HY indices.<\/p>\n

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\"Euro <\/picture>
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[1] S&P Global Ratings: Credit Market Research | S&P Global Ratings (spglobal.com).<\/p>\n

[2] S&P Global Ratings: Credit Conditions | S&P Global Ratings | S&P Global Ratings (spglobal.com).<\/p>\n

\u00a9 2023 London Stock Exchange Group plc and its applicable group undertakings (the \u201cLSE Group\u201d). The LSE Group includes (1) FTSE International Limited (\u201cFTSE\u201d), (2) Frank Russell Company (\u201cRussell\u201d), (3) FTSE Global Debt Capital Markets Inc. and FTSE Global Debt Capital Markets Limited (together, \u201cFTSE Canada\u201d), (4) FTSE Fixed Income Europe Limited (\u201cFTSE FI Europe\u201d), (5) FTSE Fixed Income LLC (\u201cFTSE FI\u201d), (6) The Yield Book Inc (\u201cYB\u201d) and (7) Beyond Ratings S.A.S. (\u201cBR\u201d). All rights reserved.<\/p>\n

FTSE Russell\u00ae is a trading name of FTSE, Russell, FTSE Canada, FTSE FI, FTSE FI Europe, YB and BR. \u201cFTSE\u00ae\u201d, \u201cRussell\u00ae\u201d, \u201cFTSE Russell\u00ae\u201d, \u201cFTSE4Good\u00ae\u201d, \u201cICB\u00ae\u201d, \u201cThe Yield Book\u00ae\u201d, \u201cBeyond Ratings\u00ae\u201d and all other trademarks and service marks used herein (whether registered or unregistered) are trademarks and\/or service marks owned or licensed by the applicable member of the LSE Group or their respective licensors and are owned, or used under licence, by FTSE, Russell, FTSE Canada, FTSE FI, FTSE FI Europe, YB or BR. FTSE International Limited is authorised and regulated by the Financial Conduct Authority as a benchmark administrator.<\/p>\n

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No member of the LSE Group nor their respective directors, officers, employees, partners or licensors provide investment advice and nothing in this document should be taken as constituting financial or investment advice. No member of the LSE Group nor their respective directors, officers, employees, partners or licensors make any representation regarding the advisability of investing in any asset or whether such investment creates any legal or compliance risks for the investor. A decision to invest in any such asset should not be made in reliance on any information herein. Indexes cannot be invested in directly. Inclusion of an asset in an index is not a recommendation to buy, sell or hold that asset nor confirmation that any particular investor may lawfully buy, sell or hold the asset or an index containing the asset. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional.<\/p>\n

Past performance is no guarantee of future results. Charts and graphs are provided for illustrative purposes only. Index returns shown may not represent the results of the actual trading of investable assets. Certain returns shown may reflect back-tested performance. All performance presented prior to the index inception date is back-tested performance. Back-tested performance is not actual performance, but is hypothetical. The back-test calculations are based on the same methodology that was in effect when the index was officially launched. However, back-tested data may reflect the application of the index methodology with the benefit of hindsight, and the historic calculations of an index may change from month to month based on revisions to the underlying economic data used in the calculation of the index.<\/p>\n

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Original Post<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Sandrine Soubeyran and Robin Marshall, Global Investment Research, FTSE Russell Euro high yield (HY) credits have outperformed Euro investment grade (IG) corporate bonds, and those of other regions, both in July and since the beginning of the year. The FTSE Euro High Yield Bond index was up 1.3% and 6.5% respectively in July, and […]<\/p>\n","protected":false},"author":1,"featured_media":54565,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-54564","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nToo Soon To Wave Goodbye To Euro High Yield Credit? | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By Sandrine Soubeyran and Robin Marshall, Global Investment Research, FTSE Russell Euro high yield (HY) credits have outperformed Euro investment grade\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=54564\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Too Soon To Wave Goodbye To Euro High Yield Credit? 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