The European sovereign debt crisis has changed the rules of the game for euro high-yield investors. Fixed-income managers are being challenged to think differently about both the risks and the opportunity set. (more…)
As Spain slips back into recession, the Spanish government has begun talks on ring-fencing the country’s bad property loans in one or more separate entities. While this may help, we doubt whether the move will be enough on its own to solve Spain’s problems, as our European banking analyst, Victoria Norman, discusses below.