Froth as far as the eye can see — and it’ll continue

By Bill Thornhill
21 Apr 2016

Mario Draghi, European Central Bank president, is known for playing with his bazooka. Right now, it feels more like his Badedas. The capital markets are swimming in froth, as surely as if Draghi had doused them with revitalising bath goo.

Emerging markets, long in the dog house, are glowing with health and cleanliness. Argentina made a record breaking return to the bond market this week, raising $16.5bn and hauling in $69bn of orders, ensuring a superb secondary performance.

The financial institutions bond market looked better than ever after ...

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