OREANDA-NEWS. According to delegates at Fitch Ratings' recent 'Viking Tour', 64% see the European Central Bank's EUR1.1trn quantitative easing (QE) programme as the key driver to credit market performance this year.

In contrast, only a minority saw fundamentals (4%), economic growth (16%) or geopolitics (16%) as a key driver.

"These results underline how QE will further intensify investors' search for yield. With the programme expected to create a shortage of government bonds and an increasing amount of these already yielding negative, investors are instead now piling into corporate bonds," said Monica Insoll, Managing Director, Credit Market Research, Fitch Ratings.

Between April 14 and 17, Fitch's annual 'Viking Tour' visited Oslo, Copenhagen, Stockholm and Helsinki. The tour was attended by 240 delegates including bankers, issuers, and investors.

When asked about expectations for the eurozone this year, 54% of delegates saw economic recovery while only 7% felt there would be a renewed crisis, with the remaining 39% expecting economic stagnation.

Delegates had more mixed views on what will significantly affect the risks for EU banks' senior unsecured creditors over the next 18 months. In Oslo and Copenhagen, an average of 44% said that the new resolution agenda will make losses for bank creditors more likely, while a median 43% of delegates in Stockholm and Helsinki believed that banks are becoming intrinsically stronger, more than offsetting negative pressures from reducing state support.

"Viking Tour 2015 Credit Conference April 2015 - Ask the Audience Poll" is available at www.fitchratings.com or via the link above.