Look for:

Our offer for

Markets by Region

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

PDF Download Download PDF (424kB)

General information

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


We use cookies and web analysis software to give you the best possible experience on our website. If you consent, these tools will be used. Please read more information here


Any information, material and services regarding financial instruments and securities provided by Česká spořitelna/Erste Group/ or any of its affiliates (collectively “Erste Group“) on this and any linked website hereafter (jointly the “Websites“) shall be exclusively to investors who are not subject to any legal sale or purchase restrictions.

By agreeing to this hereto, the visitor entering this Websites confirms that has read, understood and accepted this Information and the Disclaimer