Bond Outlook [by bridport & cie, March 25th 2009]
A certain optimism has appeared this week, as manifested by the rally in stock markets, a drop in CDS rates across the board, and declines in emerging market (and even high-yield) bond spreads. The enthusiasm for new corporate bond issues also continues unabated; that a beer company can easily place new bonds is understandable, but when a steel company is able to do the same really is an indication that investors are anticipating an economic recovery. |
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