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1.Market Observations, 8.Was Sticky

28 Jan 2016 (AFR) – Credit market turmoil crimps bond sales in worst start since 2005

(28 January 2016, AFR, p29, by Aleksandra Gjorgievska and Sally Bakewell)

‘Bond sales by companies worldwide slowed to an 11-year low in January as investors shunned risk amid a meltdown in capital and commodities markets. About $US329 billion ($472 billion) of debt has been issued so far this month, the least for a January since 2005, when $US299 billion of securities were sold, according to data compiled by Bloomberg. That’s despite the biggest day ever for bond sales in the US on January 13 when Anheuser-Busch InBev sold $US46 billion of bonds to fund its takeover of SABMiller. The transaction was the second-largest dollar-denominated debt deal on record.’

“It’s like the emperor has no clothes – the world is not as rich as it thought it was,” said Eden Riche, the London-based global head of high-yield and emerging-markets syndicate at ING Bank.’

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