US Investment Grade Corps: Overwhelming Interest
The US high-grade primary market had another blockbuster week when a number of new records were set for size, spread progression and book coverage in a bond issuance frenzy that seems to show no signs of stopping in the near term.
The EUR Week – Bias is Neutral-Bearish
Eur/Usd traded under pressure for much of last week as risk aversion continued to drive demand for dollars, and while bright spots emerged on Friday on reports that a drug trial is going well and Trump outlining his plan to reopen the domestic US economy, we suspect selling Eur/Usd strength will persist while below 1.1000.
Euro Corp Comment: Pricing Power Shifting Back to Issuers?
Corporate supply slowed considerably in the latest week as a European holiday (Easter Monday) and earnings enforced blackout periods stymied supply, but there were signs that pricing power was shifting back to issuers following the turbulent period in late March amid the COVID-19 outbreak.