New year, new hope for euro corporate bonds
Now that issuers have woken up to the unpalatable truth that wide spreads are here to stay - for the short term at least - a mini-rally in European bond issuance has ensued. Laurence Neville looks at how the corporate bond market is adjusting to its new realities
After a torrid year, the investment grade corporate bond market showed signs of life in November with a flurry of issuance. The spate of deals from the likes of German energy producer RWE and carmaker BMW was welcome news for all market participants. But opinion remains divided over whether the market is set to strengthen in 2009; some observers believe liquidity and spreads are unlikely to improve dramatically in the foreseeable future.
The reappearance of issuance - it's too early to call it a
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