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2022/07/13 / Erste Group Research
Credit Markets Weekly

Pessimism spreading

Fading economic growth momentum coupled with high inflation rates are fueling fears of recession. In addition, there is uncertainty as to whether Russian gas supplies via Nord Stream 1 will be fully resumed after the end of the expected ten-day maintenance window on July 21. Furthermore, the first-time EUR-USD parity weighs on the economic outlook.

The ECB, in its role as currency guardian, should set the first interest rate hike in about a decade at its July meeting, probably 25 bps. A further hike of 50 bps is expected at the September meeting.

In this setting, priorities seem to be shifting: Security of supply takes precedence over sustainability.

Special topics of the week:
- Issuer in focus: Nova Ljubljanska banka

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General information

AuthorErste Group Research
Date2022/07/13
Product typeweekly / bi-weekly
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Languageen
Market cap-
AvailabilityAll [1]
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