European IG spectrum likely to shrink, EM outlook dour
The investment grade and emerging market loan markets have had a difficult time already this year, but the outlook has undoubtedly grown bleaker. Britain’s decision to leave the European Union has sent a shockwave through the markets that was simply too large to quickly comprehend.
“I am just shocked,” said one senior loan banker in London. “I have no idea on the pipeline and how this will affect it. No one knows what is going on frankly.”
Capital markets 'breather'
European investment grade issuance is already down around 54% year-to-date at $148bn, according to