European Credit Spreads Fail to Price in Drought Exposure

Dow Jones08-19 22:46

1446 GMT - Credit spreads on European bonds do not reflect the risk some debt issuers face from exposure to drought conditions, Nuveen's Laura Cooper says in a note. Companies with significant exposure to the effects of drought could be more negatively affected than corporates with diversified revenue streams, she says. Third-quarter corporate earnings are likely to reveal the impact of drought. "Companies with diversified generation, alternative logistics or pricing power should be rewarded as earnings separate the resilient from the exposed."

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