Investors see opportunity as hybrid spreads lag senior

By Mike Turner
16 Dec 2020

European high grade corporate bond investors and analysts have spotted an area that might be ripe for performance next year, as senior notes inch towards pre-coronavirus pandemic levels but subordinated spreads have yet to catch up.

The European Central Bank’s bond buying programmes have sent corporate spreads rattling in since the March wides. The Europe Main has bounced off pre-pandemic levels and is only a few basis points wide of that on Wednesday – despite increased lockdowns in UK and Europe and almost 3,000 ...

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