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Franklin Res: No Red Flags for Euro Credit

FINANCIALS

Franklin Resources (BEN US); not a credit name in Europe but some credit market highlights from its 4Q23 call last night:


  • Mgmt feels that, with rates at current levels, fixed income opportunities are more attractive and may provide a better total return option over high-yielding cash equivalents.
  • These credit products get very strong inflows after the Fed stops hiking.
  • There is specific interest in alternative credit, specifically direct lending, in both the US and Europe.

So mgmt striking a positive tone towards credit markets with private credit, often feared to be a potential source of “the next problem” being an area Franklin’s expecting to see growth. So no red flags, from a product flow perspective, for European credit from this mega-manager.

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