Financials: safe as houses

Credit of the month

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For much of 2003, buy- and sell-side credit analysts have been warning that the corporate bond markets are pricing in good news that they have yet to receive. This has also been true of the financial sector where investors, struggling to find other sectors to be overweight in, have been marginally positive on banks and insurance debt, especially those with higher yield.

There have been some signs of improvement in European financials: HVB is selling assets to reduce debts, and risin

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