Accounting risk for European credits

New Angles

The euro’s rally has created demand for assets dominated in the currency, keeping spreads tight. But on a fundamental basis, many European corporate bonds are looking too rich for their accounting risk profiles.

Raja Visweswaran, Bank of America’s head of international credit strategy, says many European credits are trading too tightly, especially given aggressive accounting practices. Visweswaran and his team have created a ranking of 54 credits based on risk related to accounting practices

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