December 2004
A way in for European smaller issuers
Corporate bonds
Pimco, the world's largest bond investor, switched out of lower-rated corporate paper in favour of higher-rated bonds last month, amid fears that the corporate bond market bubble might be about to burst. But there's a counter-argument: in Europe, buy-side demand for credit means that smaller, even unrated, corporates might be able to come to the market for the first time next year.
“Some companies are too small to be listed yet corporate lending cannot finance all their growth,” says Christian Dinesen, head of European credit research at Merrill Lynch. “Given the bid for credit at the moment, it seems that these sorts of high-quality companies, perhaps even those that don't have a...
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