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In March, corporate spreads continued to tighten. Indeed, the picture remains very positive for risky assets and corporate debt securities: resilient economic growth and anticipation of a rate cut. According to the Purchasing Managers' Survey, economic activity in the euro zone showed signs of recovery last month as the services sector recorded growth for the first time since July.
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The markets are, also, very confident in the ECB's rate cut in June. During its last meeting, the ECB kept the door open to a rate cut in June. However, Christine Lagarde reiterated the call for patience in matters of monetary policy. The ECB remains cautious about the pace of disinflation, particularly in the services sector, and continues to monitor developments in the labor market, which has shown great resilience.
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Activity on the primary market remains strong and investor demand remains strong.
Investors want to fix in higher rates before the ECB starts cutting them.
In a nutshell
Primary market Investment Grade
Past performance is no quarantee of future yield. An investment might appreciate or depreciate depending on market fluctuations.
Market data
Past performance is no quarantee of future yield. An investment might appreciate or depreciate depending on market fluctuations.
Authors
Sandrine ROUGERON
Global Head of Corporate Clients and Corporate Pension Funds
Valentine AINOUZ, CFA
Head of Global Fixed Income Strategy Amundi Investment Institute
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