An extraordinary week in global rates markets has left primary capital markets bankers eyeing widening bond spreads with worry. While absolute yields are roughly stable over the past week, gapped out credit spreads will mean a tricky road full of pot-holes for issuers lower down the credit spectrum when summer ends.
The hunt for yield is still pushing investors from developed markets to seek out better returns in EM, but they are likely to remain confined to the upper echelons of the asset class when the primary market returns, aiding execution for quality EM credits in September, but doing
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