The biggest threat to European credit is EM, say EM buyers

Emerging markets are now a greater threat to European credit markets than eurozone sovereign debt levels and central bank policy, according to investors in a Fitch survey published on Monday. But some specialist EM accounts feel fears of contagion across credit markets is overblown and suggest that the greatest threat EM poses to developed markets is through luring investors away from developed markets and into a revalued asset class.