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  • High-yield-bond covenants - Emerging markets: Investor protection is much stronger than for EMEA and North American bonds
  • Corporates - Europe: Trade tensions will modestly disrupt Europe’s trade flow with the US and China
  • Property — China: Rated developers’ credit metrics to improve in 2019 despite margin squeeze
  • Trade, healthcare and immigration policy to remain in spotlight after US midterm elections
  • Cross-Sector – EMEA: Five vulnerabilities will deepen the impact in Europe of the next downturn

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