Rising borrowing costs are giving a long-awaited lift to Europe's beleaguered banks, but they come with a sting in the tail.
Last year central banks ended a decade of rock-bottom interest rates as the U.S. Federal Reserve and then the European Central Bank moved towards tightening.
"On the one hand, interest rates are going up, which is good and helps banks," said Jerome Legras of Axiom Alternative Investments. "But the economic outlook is uncertain, and risk of credit losses high." Britain, one of the region's biggest credit markets where rates have risen the fastest in western Europe, is a bellwether for the market.
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