EU Corporate Credit Watch October: Gap Widens
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We have just taken a look at Eurozone corporate loan trends for October using our proprietary EU Credit Benchmark Model®.
Main Findings October:
– Eurozone corporate loan growth stood at -1.8% yoy in October, continuing its slow but steady improvement path
– PIIGS (Portugal, Ireland, Italy, Greece, Spain) corporate loans are down 6.1% pa unchanged over September (-6.1%)
– Improvement on EU level was therefore driven by Core countries (Germany, France, Finland, Austria, Luxembourg) with 2.1% annual loan growth (September +1.7% pa)
– Core/PIIGS growth gap increased to 8.2% pa. In other words, the corporate lending gap between Core and PIIGS countries continues to widen (see Chart below)
=> BIG BERTHA IS STILL NOT FIRING!
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