Turbulence clouds market as Telecom Italia sells 50yr
Volatility returned to the world's bond markets this week as a sharp rise in oil prices sparked renewed inflation fears in the US and Treasuries sold off, pushing the 10 year yield up through the 4.5% level and taking swap spreads and credit spreads wider with it.
Issuance continued at a moderate pace in the US high grade corporate bond market, where investors largely disregarded the volatility and came in keenly for a range of deals, pushing spreads for the sector tighter by 1bp.
In Europe and Asia, the Treasury sell-off, taking
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