Corporate issuance goes in fits and starts as summer looms
The puzzling and fitful nature of the European corporate bond market at present was evident again today, when after two solid days of new issuance, with stockmarkets only slightly down at the open, no investment grade company took advantage of the opportunity to issue in euros or sterling.
Standard & Poor’s downgraded Italy last night from BBB+ to BBB, but markets appeared unbothered this morning. The BTP yield widened only 4bp, while the Bund tightened about 1bp.
Stocks did fall for the first half of the morning, while the Markit iTraxx Europe Main index was 2bp
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