Unlike in 2016, investment grade bond buyers reaching for yield after the European Central Bank started buying eurozone corporate bonds have been heading first for longer-dated investment grade and subordinated bonds, rather than dipping down into high yield territory.
While tourist money from the investment grade market is still present towards the top end of the high yield market, syndicate bankers said it was less significant than in 2016, and recent tight double B-rated issues like Crown and Ball's had been driven more by high yield technicals
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