European Industrial Bonds – 2H25 Themes for Vigilance: BI Video
European Industrials' balance sheets could remain resilient in 2Q, thanks to price increases and robust backlogs, yet bondholders' focus may quickly shift to rising 2H risks. Geopolitical 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 2H, our analysis suggests.