Scouring European Credit for Value

Chenavari welcomes its 10th year of operation

HAMLIN LOVELL
5

Generalisations can be dangerous in European credit markets, because any rule has exceptions and it is precisely the anomalies that provide the greatest opportunities. Headline yields for European high yield are well below those for US high yield, but the tables can be turned for mezzanine structured credit, which pays significantly more in Europe than the US. Many segments of direct lending have seen yield compression as tens of billions have been deployed, but a number of niches can still command...

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