In a quiet week for IPOs in Europe, Dr. Sebastian Raedler, Head of European Equity Strategy at Bank of America Merrill Lynch asks whether investors can find any value left in the market; as growth has accelerated, he argues they need to ask which growth scenario is currently priced into the market to assess that potential.
Barnaby Martin, head of European Credit Strategy at BofA Merrill Lynch says that with an expected €600 billion raised by corporates this year, companies may have gone too far. Supported by central bank activity many are now sitting on more than a year’s worth of earnings, and high yield is really the only market in which investors can find strong yields.
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