Russian induced turmoil threatens core markets

27 Aug 1998

SHELL-SHOCKED issuers, investors and investment bankers were left yearning for a return to stability after seven days of almost unprecedented turmoil in the world's financial markets threatened the usual September rush to issue across all sectors.

The effects of the deepening Russian crisis finally spread from the emerging markets to savage developed bond and equity markets. The major stockmarkets tumbled and Eurobond spreads spiralled. There was no hiding place from the carnage as investors poured into government bonds, propelling the US long bond ...

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