Crossover Brenntag could lead high yield revival
Both the primary and secondary parts of the European high yield market were blessed with good news on Wednesday. Brenntag, the German chemicals distribution group rated Ba1/BBB-, could lead the way for more issues as soon as next week. Meanwhile, both bonds and credit default swaps traded up in sympathy with equities as the Greek parliament passed the second of three crucial votes to implement an austerity package.
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