European banks are lending less to smaller companies, creating a big opportunity for credit funds, particularly in Europe’s core. But this is still a niche product and growth is being held back in the periphery by hostile laws, high costs and lenders’ economic worries.
A minority partner’s deal with the U.S. government is a promising sign ahead of a critical civil trial opening on Feb. 27. Extreme financial penalties look priced into BP stock whatever the verdict. So too is a big management discount. There’s lots of upside if BP isn’t thwacked, and its board restores credibility.