The appearance of two rare 100-year corporate bonds within 10 days of each other in May suggested that the rush to extend duration before the end of QE2 and the summer slowdown had already peaked. “Will US corporate borrowers be able to go long duration a year from now?” asks Justin D’Ercole, head of investment-grade debt syndicate, Americas, at Barclays Capital in New York. “Probably not. The signs are that we are at the end of a bull market that started in the early 1990s.
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