In our view, there is a major disconnection between the degree of extreme market pessimism and the fundamentals that, if they deteriorate, lead us to expect a much less catastrophic trend. Indeed, we expect credit fundamentals within corporate and financial institutions segment to continue to erode over the next period, but not fall off a cliff, thanks to a sound starting point. Many bad news is already incorporating the credit market valuations which seem to be cheap, given the fundamentals and flaws they infer. These levels should be placed in the context of a near recession (estimated around Q4 2022/Q1 2023), which is more of a soft landing than a hard landing of economic activity.

  • Stéphane Déo

    Stéphane Déo

    Head of Market Strategy

  • Sanda Molotcov

    Sanda Molotcov

    Head of Credit Research

  • Philippe Berthelot

    Philippe Berthelot

    Head of Credit & Money Market

Podcast
Reading time : 15 min.
NEWS MARKETS
Read our market review and find out all about our theme of the week in MyStratWeekly and its podcast with our experts Stéphane Déo, Axel Botte, Aline Goupil-Raguénès and Zouhoure Bousbih.
11/29/2022
Podcast
Reading time : 15 min.
NEWS MARKETS
Read our market review and find out all about our theme of the week in MyStratWeekly and its podcast with our experts Stéphane Déo, Axel Botte, Aline Goupil-Raguénès and Zouhoure Bousbih.
11/22/2022
Podcast
Reading time : 15 min.
NEWS MARKETS
Read our market review and find out all about our theme of the week in MyStratWeekly and its podcast with our experts Stéphane Déo, Axel Botte, Aline Goupil-Raguénès and Zouhoure Bousbih.
11/14/2022