The European Central Bank moved towards joining the Federal Reserve as a buyer of last resort for high-yield debt on Wednesday April 22, with a relaxation of the quality of collateral it will accept for loans.
This gave another push to a recovery in credit spreads over government benchmarks from the highs seen in March, which has helped to keep the market for new issuance of corporate bonds open for borrowers of different types.
Netflix, the online screening firm that has seen demand for its output soar during the coronavirus lockdown, was one beneficiary of the move by central banks to support credit markets.
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