The EUR iTraxx Crossover widened moderately during recent trading sessions but remained flat over the week.
Despite strong YTD performance (TR: +8.1%), the Nordic high-yield market was a bit softer towards the end of last week as witnessed in a spread widening of DBM's HY index last week by some 21bps.
The weakness of the EUR bodes well for Nordic corporates, as strengthening exports should give an additional boost on top of the wave of liquidity provided by the ECB. However, the WTI oil price has tumbled to a six-year low, which could signal further spread widening for bonds in the Nordic E&P sector.
Finnish construction company YIT Oyj (HEL:YTY1V) issued a 5Y 6.25% EUR100m bond in a private placement (DBM 'B' shadow rating with negative outlook).
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