At the beginning of last year, few people predicted just how radically different a year 2018 would turn out be compared to 2017, which had broken all records in terms of issuance volumes and continuous market access.
Last year was an exceptionally difficult one as the world came to terms with rising US interest rates and trade tensions. Asian credit spreads blew out as the number of dollars contracted and returned home, while the Chinese investor base shrivelled under the withering glare of the country’s de-leveraging campaign.
As market participants return to their desks...
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