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Disruptive US economic policy has not yet dented credit appetite
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The European high yield bond market is getting ready for a final spurt before the summer break, with several deals expected to enter the primary market as early as Monday next week.
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The European high yield market is set for a new flow of deals next week, as equity and credit markets recover after the Greek government won three crucial votes to implement an austerity package, allowing the EU and IMF bailout to continue.
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Both the primary and secondary parts of the European high yield market were blessed with good news on Wednesday. Brenntag, the German chemicals distribution group rated Ba1/BBB-, could lead the way for more issues as soon as next week. Meanwhile, both bonds and credit default swaps traded up in sympathy with equities as the Greek parliament passed the second of three crucial votes to implement an austerity package.
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Deutsche Bank has rehired Vassilis Paschopolous as head of investment grade credit trading in London, and promoted one of its senior high yield traders to head of high yield credit trading.
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The European high yield bond market is on rocky ground, as fund outflows are reaching record highs and the Markit iTraxx Crossover index moved above 440bp intraday, before recovering to around 435bp.