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CROSSOVER NAMES DRAW EURO MARKET'S ATTENTION -- MARKET TALK
26 September 2016, 09:45
0945 GMT Crossover names are the focal point, both in the primary and secondary markets, for euro corporate bonds Monday. German carrier Lufthansa is offering a seven-year benchmark euro bond, taking the baton from fellow crossover issuer Telecom Italia, which issued nine-year paper last week. This fresh Telecom Italia bond is the most actively traded issue in the secondary market Monday, as over EUR70 million has changed hands in more than 110 transactions, according to Trax, a MarketAxess subsidiary. Crossover names are issuers with both investment grade and high yield ratings. The ECB is allowed to buy crossovers as part of its QE program and has already purchased Lufthansa and Telecom Italia bonds. (tasos.vossos@wsj.com, @tasosvos)
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(END) Dow Jones Newswires
September 26, 2016 05:45 ET (09:45 GMT)
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