Primary markets shut as coronavirus wreaks havoc in rates, equities

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By Francesca Young, Lewis McLellan, Mike Turner, Sam Kerr, Tyler Davies
27 Feb 2020

The worsening of the Covid-19 outbreak has battered equity prices and sent investors scurrying for the safety of core government bonds. Most primary markets are all but shuttered, and investors are praying for central banks to provide a glimmer of hope.

With outbreaks in Italy, Iran and South Korea, the spread of the Covid-19 coronavirus stepped up by notches this week. Although the threat has been building for weeks, this was the start of what one SSA DCM banker called the “European chapter”.

The sudden dash for safe havens ...

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