Europe’s corporate bond market could be read two ways this week. On one hand, conditions were superb for issuers — many large deals were brought and spreads were usually rammed tighter by 20bp or even 30bp during bookbuild, to fine or negligible new issue premiums.
On the other, spreads soon started to widen in secondary. A weaker tone was detectable as early as Monday evening, and became more apparent on Tuesday, when Telefonica and Heathrow, the main deals of the day, both widened, getting up to between 6bp and 10bp wider than reoffer
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