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Issuance grinds to a halt as tensions resurface

Public sector bond issuance has almost evaporated as the sovereign crisis took yet another turn for the worse this week. Greece’s downgrade to junk status and renewed worries about Spain have driven spreads higher as volatility and lack of liquidity continue. Among this mayhem however, one issuer has bitten the bullet and is planning a 10 year deal. Caisse de dépôt et placement du Quebec will price a Eu500m deal later on Wednesday. To find out how the deal is received and how the rest of the market feels, read EuroWeek on Friday.

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