CP left by the wayside

October 15, 2008 12:00 am

As bail-outs in various major economies improve sentiment, it’s business (or in the case of banks, no business) as usual in the European commercial paper market. The Fed has released more details about how its SPV for buying CP will work, including the tight spreads it will charge. However, this only helps US borrowers and the ECB seems unlikely to do something similar, despite rumours to the contrary over the weekend. Should market participants just wait for sentiment to feed through?

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