Widening spreads make August IG issuance spree repeat unlikely
Widening spreads in the investment grade corporate bond market are making the chance of a repeat of last year's heavy issuance in the first week of August look slim.
"We have seen quite a bit of widening in the secondaries", said one corporate bond syndicate banker. Pointing to last week’s trades, she noted that Daimlers €3bn four tranche has widened by 10bp, and the three tranches of Philip Morris’s €2bn deal by between 12bp-25bp.The trade ...
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