PMM: Investors more selective in crowded market

The primary market was lively last week ahead of last Thursday’s European Central Bank meeting. Total issuance across the four markets that PMM reports on — SSA, covered bonds, FIG and corporate bonds — was double the previous week's total at almost $60bn-equivalent. The glut of supply afforded investors the ability to be picky and widening spreads in GlobalCapital’s data suggests that they are drawn to higher yields and green labels.