Empty primary drives IG corporate secondary surge

Interest rate trading venue adobe stock AS 230x150
By Mike Turner
07 Jul 2020

The secondary market for defensive European corporate bonds is on fire, now that new issuance has slowed, but there are growing fears that the rampant rise of coronavirus cases in the US will lead to a correction.

Pharmaceutical company Takeda’s €3.6bn new multi-tranche bond has traded around 11bp-18bp tighter on all tranches since it was priced on Monday, while the four year tranche of life sciences company Bayer’s €6bn multi-tranche issue on Wednesday has tightened by 16bp. 

At the same time, the iTraxx Europe Main printed ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial