With credit markets enjoying a strong 2024 and with many uncertainties, charting the course for 2025 is a challenge. Will US trade policies slow Fed cuts and will ECB easing stay the course as priced, and what will this mean for credit? Will stubborn US yields filter into Europe? In this episode of our Credit Crunch podcast, host Mahesh Bhimalingam, chief European credit strategist at Bloomberg Intelligence, and Marc Rovers, Head of European Credit at Legal & General Investment Management, discuss the state of credit and the 2025 outlook for US and Europe.

They tackle relative value across credit on both sides of the Atlantic; high yield and high grade; fund flows and supply; defaults and ratings; fundamental and curve views. They also detail the risks across the US, UK and Europe, including German and French politics.