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After a long mute, over Greek debt drama, European corporate bond market has started to rattle again.
With Greece gone focus now turning on to monetary policy once more. With assurance that European Central Bank (ECB) will be keeping rates at very low level in foreseeable future has kicked of the rally in corporate bonds once more.
- Center Parcs has announced a £560m bond today with roadshows taking place over the next few days.
- Belgian textile floor producer Balta is selling a €260m seven-year bond.
- Spanish telecoms infrastructure firm Cellnex is launching an inaugural €500m seven-year bond this week.
June was a terrible month for European bond funds as they experience massive outflows of around € 0.6 billion per week, however moving into July and closing in on Greek debt drama, Outflows have fallen to € 0.15 billion per week. Tide might even turn to positive over coming week.
Average European corporate bond yield has dropped more than 15 basis points to 1.215%, since Greek crisis started settling.
However volatility in the interest rates market is likely to persist as FED hike approaches.
