BP and Philip Morris lead US market romp

Cigarette
By David Rothnie
28 Apr 2016

BP and Philip Morris ensured a strong end to the month for the US high grade bond market with benchmark trades as they caught a market crying out for supply following quarterly earnings blackout and the April meeting of the Federal Reserve.

The earnings season pause led a chronic lack of supply and that, along with a benign market backdrop, pushed average high grade spreads 66bp inside the wides of February 11, according to Bank of America Merrill Lynch. 

“A combination of investors being risk on and a lack of supply ...

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