Dollar market pauses, then decides not to fret about Trump

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By David Rothnie
16 May 2019

The dollar corporate bond market showed its resilience this week as issuance rebounded, despite the US-China trade turmoil. “Trump, Trump, Trump,” was how one syndicate manager explained the reasons for the return of volatility as high grade credit markets see-sawed with the President’s mood swings.

According to Bank of America Merrill Lynch, average high grade spreads have widened by 7bp since President Trump threatened new tariffs on China nearly two weeks ago, prompting borrowers to postpone deal announcements on Monday. But sentiment improved somewhat after tweets from the President signalling that tariffs on ...

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