Bond Sales Make Comeback as Swap Spreads Narrow: Credit Markets
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Corporate bond sales are back to levels not seen since April as interest-rate swap spreads show investors are gaining confidence that Europe’s debt crisis is contained.
Total SA, Europe’s third-largest oil producer, and Petah Tikvah, Israel-based Teva Pharmaceutical Industries Ltd. led $36.1 billion of global sales last week, the most since the period ended April 23, according to data compiled by Bloomberg. Even the riskiest debt is staging a comeback, with cognac maker Remy Cointreau SA raising 205 million euros ($254 million) from the first European junk bond offering in a month.