European markets resilient but it’s safety first in primary

By Jasper Cox
19 Apr 2020

European capital markets have continued to function well during the coronavirus crisis, according to a report released on Monday by the Association for Financial Markets in Europe (Afme). However, in terms of primary market activity, the industry body’s data shows quite how sharply issuance has skewed towards investment grade, with riskier debt and IPO markets closed off.

“Overall, while prices and spreads have shifted considerably, European capital markets have continued to operate well following the outbreak of Covid-19, with liquidity ranging from very good to mixed, depending on the sector,” said Julio Suarez, director of research at Afme. “In fact, there have been record volumes ...

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