Credit ratings take second place for corporate bond investors

By Aidan Gregory, Mike Turner
02 Apr 2020

There was little let up in the high grade corporate bond market on Thursday, but the growing importance that investors are putting on individual borrowers' perceived exposure to corona risk over more traditional measures of creditworthiness like credit ratings was on full display.

French electrical equipment maker Schneider brought a €500m no-grow seven year trade that started marketing at 185bp over mid-swaps. By launch, this was whittled down to 125bp over — a 60bp tightening, one of the largest moves from initial price thoughts seen in the latest burst of issuance. ...

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