The Mumble: The benefits of the rates sell-off

With sentiment turning against new issues this week after a prolonged rates sell-off, the benefit of front-loading issuance programmes is there for all to see. There has been nothing as drastic as markets shutting down to contend with, but a spate of weak deals this week has proven that the relentless bid that had sustained the new issue market for over six months was not indefatigable.