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Disruptive US economic policy has not yet dented credit appetite
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Global high yield funds recorded the largest outflows of 2011 this week, with some $6.71bn leaving the sector in the seven days ending August 10.
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It was another bleak day for European high yield on Thursday, with the Markit iTraxx Crossover moving to its widest level this year. The CDS index rose to a bid price of 686.8bp at 1.20pm London time, a rise of more than 79bp on Wednesday’s close. The spread between bid and offer price also widened sharply — to 8.6bp (686.8bp/695.4bp).
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Global high yield fund outflows are surging, with data provider EPFR reporting about $2bn leaving the sector in the first two days of this week alone. Bankers and investors had already been expecting bigger outflows than previous weeks. In the seven days to August 3, EPFR had shown outflows of $1.13bn, while Lipper had reported $804.3m of outflow.
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Asian companies hoping to raise money in the bond market had better be patient — and ready to strike at a moment’s notice, said bankers on Monday. The region’s stock markets plummeted en masse as investors dumped their holdings or took out new short positions following Standard & Poor’s downgrade of the US last week, and bankers think the psychological effect of such prolonged and violent falls will make any new bond activity unlikely.
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The Markit iTraxx Crossover had widened another 20bp by 3pm on Tuesday, as concerns in the credit markets persisted. Wall Street, however, opened sharply higher, largely credited to bargain hunters piling in after days of losses.