Profit taking by a few institutions precipitated a sharp sell-off in Eurosterling corporate bonds in...
Profit taking by a few institutions precipitated a sharp sell-off in Eurosterling corporate bonds in March. This was exacerbated by the simultaneous rise in investor and bank risk-aversion, fuelled by S&P's junking of General Motors' and Ford's bonds. The focus of cash investors in credit markets is now directed more towards the primary markets. There has been a resurgence in new issuance due to the EU Prospectus Directive on 1 July. This has meant that issuers took advantage of recent stable credit spreads and brought deals forward into June. Recent sterling issues have all been well su...
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