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2020/07/02 / Erste Group Research

Cue 2nd half 2020: definitely no V-shaped recovery

The notion that SARS-CoV-2 might “vanish into thin air” during the first days of summer like influenza viruses has turned out to be wishful thinking of the naïve kind.

Central bank policies and relief measures such as the additional German aid package passed this week are successfully bridging the “reality gap”.

On the primary market, we have seen a record issue volume from non-financial corporate bonds. And the sovereign/sub-sovereign segment should provide fertile soil for a strong second half after a short summer break.

The trend of stronger differentiation by segment for secondary market spreads remains in place, whereas the divergencies in the European periphery keep narrowing.
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General information

AuthorErste Group Research
Date2020/07/02
Languageen
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusAustria, Eurozone
Currency in focusEuro
Sector in focus-
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