Fallen angels flood Crossover in latest roll

Fallen angel Madrid from Adobe 19Aug20 575x375
By Owen Sanderson
22 Sep 2020

Series 34 of the iTraxx Europe Crossover index saw seven fallen angels join the index, following the three added in March’s roll, as the coronavirus pandemic pressures sectors such as autos, transport and retail.

Rolls-Royce, Lufthansa, Valeo, Peugeot, Accor, ITV, Next and Galp Energia will all join the index. Galp joined the main index only last year and is unrated, but the others have all had coronavirus-driven downgrades.

However, credit distress at the bottom end of the Crossover had a surprisingly muted ...

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