BlackRock and others pick Europe credit over US as bank woes deepen

NEW YORK - Some of the world’s biggest asset managers are buying up European corporate bonds – seeing the region as a safer bet as

turmoil engulfs US regional banks.

BlackRock and Legal & General Investment Management prefer high-grade European corporate bonds over similar US debt in the aftermath of

the collapse of Silicon Valley Bank

and rescue deal for First Republic Bank. They see a buying opportunity in Europe’s credit spreads – which are still wider than the US’ after last year’s rout for the asset class.