DECRYPTION – Large groups are slowly starting to issue debt on the bond market again. But the situation remains very fragile.
Finally, the summer went better than expected on the financial markets. The rebound in global stock markets was accompanied by a sharp drop in interest rates. The rate of the French 10-year government bond, the OAT, for example fell from 2.40% in mid-June to 1.35% on 1er August, before rising in recent days (2% Friday). This new deal has brought a breath of fresh air to the bond market dedicated to corporate financing. It had been very inactive since the end of February and the start of the war in Ukraine for the large groups with the highest ratings by the rating agencies. And downright closed for the most indebted and poorly rated companies (“High Yield” category). As a result, European bond issues fell by 30% on average in the first half.
“The summer break was shorter than usual and the market reopened on August 16 with new issues, notes Jérôme Pellet, origination manager for the corporate debt market…
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