Anticipating wider credit spreads (TT Sep04 p20-22)

Since the expansion of the European Union (EU), there has been an increase in issuance from Eastern European countries – both in the euro and US dollars. Deals here come to market from corporates that would have found it impossible to execute the same deals prior to the inception of the euro in 1999. The common currency has increased liquidity in the market, making it possible to issue in greater size. It has also enabled lower-rated credits to issue.

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