Secondary ‘leakage’ as sentiment begins to outweigh technicals

30 Aug 2012

Secondary cash prices may not have moved much, but Markit’s iTraxx Europe index fell from a high of 179 at the end of July to just 148 on Thursday this week.

"There’s been some leakage in secondary spreads, and it seems that sentiment is starting to outweigh technicals," said a corporate bond banker. "Investors still have doubts about the eurozone, and there’s an expectation that there will be a decent pipeline of supply in September. Some people have started ...

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