The primary debt capital markets threatened to seize up, as the European fixed-income markets suffered renewed volatility in May amid growing fears of the possible severe contagion effects on sovereign and bank bonds from a Greek exit from the euro.
On May 9, one of the busiest corporate issuers, German auto-maker Volkswagen, which has completed several deals in niche currencies and the larger bond markets in 2012, prepared to test the market with a five-year euro-denominated benchmark offering.
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