Neu Capital Thredbo Ski Trip 23

So what’s in store for 2025?

Will the record inflows into credit, both directly and via CIO allocations, continue?Will credit spreads continue to rally?

What will a change in the US Presidency bring (that hasn’t already been priced in)?Can the consumer and SMEs keep hanging tough?

Will the lift in bank and fund manager share prices in 2024 spill over into non-bank lender valuations, or will their share prices remain subdued?

Will we see a major market wobble, and if we do, what will be the catalyst and where will the casualties occur?

We have some views on all of these so please reach out if you’d like to discuss our thoughts on why the rally in credit spreads probably has further to run.