Financial Times
July 12, 2011
European debt markets have virtually shut for corporate bond sales due to mounting concerns that Greece’s debt crisis is starting to affect larger southern European countries such as Spain and Italy.
Bonds sold last week by Enel, Italy’s largest power operator, and Fiat, were the last significant debt issues in Europe before a downgrade of Portugal’s credit rating, poor non-farm payroll statistics from the US and fears over the debt crisis killed off a brief rally in bond markets.
“The credit markets are feeling awful, and for the moment have pretty much shut down,” said Marco Baldini, head of European corporate syndicate at Barclays Capital. “There was a big pipeline of potential new issues, but for now no one is going to come to the market in this sort of environment.”
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