EU Corporate Credit Watch December: PIIGS Improve
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We have just taken a look at Eurozone corporate loan trends for December using our proprietary EU Credit Benchmark Model®.
Main Findings December:
– Eurozone corporate loan growth further improved in December to -1.3% yoy vs. Nov. (-1.7% yoy)
– The relatively strong growth improvement trend seems intact or has even accelerated
– Loan growth improvement is driven by PIIGS (Portugal, Italy, Ireland, Greece, Spain) countries (see Chart below)
– Loan growth in Core countries (Germany, France, Finland, Austria, Luxembourg) slowed in December, largely driven by a weak Germany
=> Signs of hope for PIIGS‘ lending
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