Although everyone in the market grumbles about the chase for yield, most of them seem to be joining in. “People are desperate to buy credit,” says one banker. “€20 million to €40 million MTNs for Italian companies that no one has ever heard of are going through.”
There is a strong sense that the market is becoming irrational, but buyers are caught up in the need to find yield and put money to work. “There is only high risk now, not high yield,” says a DCM head.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
