Last week was rather quiet on the Nordic markets due to Easter.
The week started on an upbeat note, reflected in a 9bp tightening in the iTraxx Crossover.
According to S&P the issuance of European HY bonds is some 31% higher YTD 2015 vs. same period in 2014.
Germany has today sold 10Y inflation-linked bonds at a deeper negative yield than in the last auction (-1.09% vs. -0.89%), which illustrates how investors' appetite to follow the ECB into purchasing high-quality debt has increased lately.
This development with negative rates underscores the strange (but HY supportive) environment we are currently experiencing in some European countries.
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