Sovereign risk shakes confidence in high yield new issues

Trading talk: June 2011


Despite the almost unbroken period of heightened sovereign risk in Europe over the past year, the credit market has generally been able to brush off bad news emanating from the periphery. Trading in May suggested that credit remains strong, although the high yield market finally saw some negative pressure after its lengthy rally.

More broadly, sentiment was knocked by continuing speculation over a Greek sovereign debt restructuring, yet the impact on credit spreads was relatively contained

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