Corporates in charge as rally builds despite insecurities
Investors’ eagerness to buy European corporate bonds has become so hot that bankers are beginning to declare it an issuer’s market. Yet some still feel the rally is fragile — that investors are buying because they have to, rather than out of real confidence.
This week brought 5.2bn of deals in euros, including a cross-over credit, an Italian car finance company and a sub-benchmark issue all no-nos for investors before Christmas.
Virtually all the deals were several times oversubscribed, enabling the leads to tighten guidance and price at the tight end of
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