...EMEA Corporate M&A to Trump Shareholder Returns in 2016 EMEA corporates' cash spending on shareholder returns is likely to remain muted in 2016, despite greater headroom due to stronger cash generation, as many companies will prefer to focus their resources on M&A opportunities. We estimate that Fitch-rated European corporates have around EUR84bn available to either spend on growth or return to shareholders in 2016 without weakening their leverage ratios. Fitch 50 Europe: Adding Transparency and Focus to Credits Rated 'B+' and Below The European high-yield corporate bond market is exhibiting signs of maturing following several years of banking system deleveraging and the "search-for-yield" in European fixed income. Notably, the rapid growth in "highly speculative" 'B' category issuance has slowed in 2015. While default rates remain low and Europe has little exposure to stressed commodity-related sectors, recent market volatility, diverging global monetary policy debates and the uncertain...
