HSBC On European Credit: Night Vision Required

European corporate hybrids are set to face volatility during 1H2017, as the Australian construction materials firm Wienerberger may not call its euro-denominated 6.5% hybrid on the first call date, while RWE is likely to call its CHF-denominated hybrid on its first call date. HSBC analysts, led by Michael Ridley, said in their November research titled “Night Vision Required - European Corporate Credit Outlook 2017” that they believe Trump’s victory has enhanced the likelihood of a rising U.S. dollar.
QE-masked . . .


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