Market OK after Kmart fall


US and European corporate bond markets remained composed despite the mid-January collapse of one of America’s largest retailers, Kmart.

The bankruptcy in late January led to Kmart defaulting on $4.7 billion worth of outstanding debt. The debt was all dollar-denominated, which Neil McLeish, head of credit strategy at Morgan Stanley says helped keep euro and sterling investors insulated. And while many European investors buy into the dollar market, this is unlikely to have any impact on European

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