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After a pre-summer frenzy in junk loans, the market has started to overheat, prompting investors to get a bit more picky about deals.
“Moments like these only happen once every 100 or 200 years. Europe is back on the map.”
The extra yield investors demand to own junk bonds instead of Treasuries widened by 45 bps yesterday, to 386 bps.
These are the events that led up to the bank's $3.25 billion government-driven sale to UBS Group AG.
Despite the geopolitical tensions, the Russian government is making payments on its sovereign debt and Western governments are allowing circuitous transfers to get those funds to the debt holders.
