ECB meeting will provide impetus

Risk premiums continued to narrow on the corporate bond market. They are now at similar levels to those seen at the beginning of the year. Annual performance is positive across all rating categories, with the high-yield segment performing the best. At the same time, corporate credit profiles remained stable on average in the first quarter. The corporate bond market should receive support from a further interest rate cut in the Eurozone. We expect the ECB to lower key interest rates by another 25 basis points this week.