Rally brings flurry of corporate bonds, more expected
European corporate bond issuers’ prayers were answered this morning when last week’s rally in risk assets outlived the weekend. Spanish oil producer Repsol YPF, German gases group Linde and Petrobras, the Brazilian oil company, have all taken advantage.
The Euro Stoxx 50 index opened up 0.9% this morning and has climbed another 0.8% during the day. Markits iTraxx Europe index was 9bp tighter at 168bp by mid-afternoon, now 40bp tighter than its recent peak of 208bp on Wednesday.
Bankers predicted last week that if the strong recovery
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