The near shutdown of the investment-grade corporate bond market during the past few weeks has led to much discussion of whether the market is witnessing a credit crunch. The reality appears to be something more benign. Although there is less liquidity, amid difficult primary market conditions new issues can still be sold – at the right price.
“The main story in the primary market is one of a very fast deterioration of liquidity,” says Geert Vinken, global head of syndicate at Barclays Capital.
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