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‘Indicators make people wonder if there is going to be a recession in the US’“We honestly don’t know if there will be a US recession or not; it’s very difficult to predict, so we’re not going to try to do that. What we can say for sure is that a potential recession is already priced into the current spreads; they are not as high as in 2008, but they are at levels which are associated with recessions. Only an ‘Armageddon situation’ has not been priced in, but that’s not what we expect,” Bus says.
‘We have very limited exposure to the riskier bank CoCos’“We are still long Europe versus the US, which is mainly the result of sector preferences and the fact that we still want to be underweight the segment rated CCC, which is much bigger in the US,” Bus says.
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