Bond Outlook [by bridport & cie, March 11th 2009]
We recently alluded to the bond market fulfilling the needs of major corporations as banks have abdicated their responsibility as basic lenders (e.g. via commercial paper). We have also remarked how easy it has been for corporations in non-discretionary consumer goods to place new issues. Initially this phenomenon weighed heavily on the secondary bond market, but, as of this month, the latter has returned to normal (so long as we are talking about high-quality corporates), and we believe it now offers opportunities for investors. |
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