Creating opportunities out of the drama in Europe

Presented by

Brendan Maton

About this talk

Creating opportunities out of the drama in Europe: How a disciplined approach can generate attractive levels of income in a low yielding market environment The issues • Is the euro crisis over? Did the ECB draw a line in the sand with its OMT initiative and its stated intention to do “whatever it takes”. Or are we looking at a re-run of the dramatic pre-euro convergence of the late 1990’s? • Do Italian / Spanish assets offer value? Many investors liquidated their Italian and Spanish fixed income assets in 2011 and 2012. Will they be tempted to buy them back? • Should we be concerned about German sovereign credit quality? • Will Europe’s periphery follow through with its structural reforms and what will be the upside? • What is driving credit spreads: Fundamentals (arguably deteriorating in Europe at least) or abundant liquidity supplied by central banks? Or both? • Can credit spreads tighten further? The strategy •How do we generate alpha in 2013? Pioneer will present some ideas to capture the upside and, perhaps more importantly, protect the downside in Europe in 2013. SPEAKERS: Cosimo Marasciulo, Head of Government Bond and FX, International Garret Walsh, Head of Credit Research Europe

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