Credit markets end year bruised

摘要

Fear is dominating sentiment in credit markets on both sides of the Atlantic with only one meaningful deal priced in US dollars or euros since December 3. While bankers are hopeful that the new year will bring a fresh start they are also wary about volatility continuing through January, stymieing new issuance in the process. In Europe, lack of clarity around the UK's Brexit deal, lack of detail about a potential third TLTRO and lack of resolution of Italy's 2019 budget all threaten to undermine primary market activity.