Roaring reopening for corp bonds as players believe in salvation

By Jon Hay, Mike Turner
26 Mar 2020

As the dust settles on a thunderous week in the European corporate bond market that saw enormous order books and fat new premiums squeezed to nothing in one case, investors and bankers united in joy that the market was not just open again, but bursting with vigour. Central banks and governments had saved the day, they argued. Only a few are worrying about another lurch downwards, though this is more than likely.

As this week began, the market was barely open. Engie and Unilever had issued successfully on Friday but the mood was weak and no deals came on Monday. Tuesday brought exactly the kind of high quality names needed to reopen the market: Nestlé and Sanofi, as well as ...

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