Investor shift in dollars favours cheaper credits
Investor appetite this week has switched from the typical flight to quality trade of the Washington supranationals to the cheaper credits, showing willingness to take a degree of headline risk to get some pick-up in spreads and yield. This shift in sentiment allowed Caisse d’Amortissement de la Dette Sociale (Cades) to print a $3bn RegS/144A three year bond on Tuesday when three or four weeks ago, it had little or no market access in dollars.
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