The European Corporate Bond Market
Expert bond market daily comment from independent credit strategist Dr Suki Mann PLUS free issuance, spread and performance data charts. For access to subscription-only premium insights direct to your email inbox, sign up here.
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The storm has passed
BASF was back, in sterling with a 7 year deal for £250m while Cabot Financial (£350m) and Jerrold Finco (£375m) were looking at the sterling HY market (likely today). There is now little doubt that the announcement of sterling corporate bond QE by the Bank of England has stirred issuance from the corporate sector, and while the level of issuance is running at close to th [...]
Unleashing a spiral of contagion
There is rarely any smoke without fire, but we don't believe the demise of Deutsche Bank is imminent. They might need more capital - lots of it, but they're big enough and tough enough to handle it. Should "it" go awry, then that institution's collapse - or otherwise - would unleash an unprecedented spiral of contagion through risk assets which would see previous crises pa [...]
Surely, they’re too big to fail
That's an increased average of €1.86bn per week since operations began, or a mighty €2.45bn per week if we look at just the last three. The ECB has upped it's game of late and it means business. The impact of their buying power doesn't seem to have been felt too much in the sense that IG spreads have been weaker in the past week, not by way of a crowding-out impact bein [...]
Nothing’s gonna stop us now
The first Presidential wannabe debate kicks off this evening and might serve up a jittery session come tomorrow depending on how Trump fares. Other than that, there is little by way of data, while a whole host of Fed policymakers are due to speak although we think it is too soon after the last meeting and too long before the next one for their thoughts to make much differen [...]