• Get 30-Days Free → “The Macro Show” With CEO Keith McCullough

    Turn off the CNBC nonsense. Proactively prepare your portfolio. Get 30-days free access to The Macro Show —no credit card, no strings attached. The smartest market TV available.

European junk bonds are now trading at higher yield levels than equivalent US credits and, according to Bloomberg, more than 30% of European high-yields are trading at distressed levels – that's the most since 2003.

The easy money story of 2005-2007 was global indeed – and so is the aftermath. As European economies cool down and interest rates climb, bond buyers will continue to demand higher risk premiums.

Andrew Barber
Director