Leverage gains

chart of the month

This chart, provided by Citigroup, shows whether European borrowers are increasing or decreasing leverage – as measured by the net debt-to-Ebitda ratio. According to Roberto Fumagalli, credit strategist at Citigroup in London, it shows that the outlook for corporate fundamentals remains very positive.

To create the chart, Fumagalli took the year-on-year change in net debt and year-on-year change in Ebitda of 195 non-financial issuers in Citigroup’s euro and sterling indices. The median

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