EFTA Document EFTA01458273

1 September 2016 Corporate Credit: Back to school - The edge of normality Speed forecasts Below we update our spread forecasts into year-end for EUR and GBP credit. Generally ifs bullish although many of these indices now struggle to tighten through start of the year levels. Financial senior tightens but under-performs due to expectations of heavy supply. (Figure 10: Year End Spread Forecasts Stan ol Year Contra YF Forecast Cash Meant EUR 1G Non-Fin 99 121 105 -16 Fin Sonic(