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2020/06/18 / Erste Group Research

Volatility Dominates the Markets

The end of the first half of 2020 is approaching and no time period in the recent past seems remotely comparable. Last week the quite strong performance of the stock market in defiance of economic data was briefly taken down a peg. Still, it appears as though hopes for more support from a number of central banks and new economic stimulus packages by various countries suffice to sustain optimistic sentiment at present.

2020 seems to be well on the way to becoming a record year for primary market issuance of EUR-denominated corporate as well as sub-sovereign and agency bonds. The time windows available to issuers of individual asset classes are to some extent subject to volatility in line with prevailing market sentiment.

Volatility will continue to accompany credit spreads across most asset classes. A renewed tightening of spreads could primarily be triggered by further signs of central bank support, while weak fundamental data and the prevailing fears of a strong resurgence of corona virus infections could cause spreads to widen.

Special topics of the week:
- Issuer in focus: MFB Hungarian Development Bank

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General information

AuthorErste Group Research
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusAustria, Eurozone, Hungary
Currency in focusEuro, Hungarian Forint
Sector in focus-


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