European Industrial Bonds – 2025 Themes for Vigilance: 2025 Credit Outlook
European Industrials' balance sheets could remain resilient in 4Q, thanks to price increases and robust backlogs, yet bondholders' focus may quickly shift to rising 2025 risks. Political uncertainty, lower disposable incomes, softer shipping rates and tight valuations may be key for industrial spreads in the near term. Names including Alstom, Maersk, Siemens, Selecta and Webuild could remain volatile in 2025, our analysis suggests.