Europe feels heat, but US powers on

Europe’s primary corporate bond market has been shut this week as the eurozone sovereign debt crisis forces borrowers to hold back deals. Concerns have spread to the secondary market. The iTraxx Crossover, which ended last week at 485bp, widened to 525bp on Tuesday, although it at 510bp on Wednesday morning. But the US market remains in good health, with Hewlett-Packard printing $2bn on Monday and Apache Corp and AIG selling $3bn between them on Tuesday. Read more in EuroWeek on Friday.