SECONDARY market spreads tightened this week, but the improvement in credit spreads offered scant consolation for borrowers and investors as bond markets continued to be buffeted by events outside the Euromarkets. Any hopes that the global financial turmoil might abate this week were swept aside when the Dow fell 6.5% on Monday, wiping out the year's gains and taking the index to levels not seen since the Asian crisis erupted last autumn.
September 04, 1998