Evonik and Campari bonds blow out as investors’ lust for exotic credits deepens
Two unrated debut issuers sold European corporate bonds this week — German industrial group Evonik Industries and Italian drinks firm Davide Campari-Milano — as lower-rated crossover credits look likely to continue dominating supply until the end of the year.
While many bankers were encouraged that the market was opening up to more unusual names, some participants, including investors, raised concerns that buyers were rushing into too many deals for unrated and crossover-type credits far too quickly in their search for yield.
But Evonik and Campari were able
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