Investors, issuers braced for impact as Greek vote nears

The corporate bond market has been showing off its capacity to surprise this week. Monday morning’s rally after news of the Spanish bank bail-out was a sham that had melted by the afternoon, but it was good enough to embolden investors to lap up €1.5bn from Telecom Italia — the first peripheral corporate benchmark deal for two months. That was a highlight of the busiest day in the European corporate market this year, with €6.5bn of paper priced — more than in a typical busy week.