Corporate bond thrills are good for Europe’s health
Corporate credit investors started the new year in fine spirits, easing their risk throttles open to take January at a fair lick. In the past 10 days they have thrown off their crash helmets too and are gunning the engines as hard as they can. Does freedom beckon, or will they end up wrapped around a tree?
The hesitant tone of late 2011 has gone. High yield, a wasteland in Europe for six months, is bursting with deals, both from the junk sectors blue chips like Ineos and Schaeffler, and long-marooned LBOs like Securitas Direct.
Deal after investment grade deal has been hugely oversubscribed. Bouygues, Alstom
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